of said license tax shall be placed to the credit of the general fund. Sec. 9[8]. It is hereby made the duty of the board of county commissioners of said county to require the treasurer-elect of said county, before entering upon the duties of his office, to execute a penal bond to the said board of county commissioners of said county, in a sum not less than the total revenues of said county for the preceding year, said bond to be approved by said board of county commissioners of said county at their regular March session of each year.

Sec. 10[9]. Sections numbered 1, 2, 3, 4, 5, 6, 7, 8 and 9, inclusive, of "An act in relation to the collection and disbursements of the revenue of Missoula county, and for other purposes," approved February 16th, 1877, and all other acts, or parts of acts, in conflict with the provisions of this act, are hereby repealed.

Approved February 21, 1879.

AN ACT for the redemption of the funded debt of Gallatin county, Montana. Be it enacted by the Legislative Assembly of the Territory of Montana: Section I. That the county commissioners of Gallatin county are hereby authorized and empowered to issue, on the credit of said county, coupon bonds to an amount sufficient to enable them to redeem all outstanding bonds of said county falling due in the years A. D. 1879, and A. D. 1880, which said bonds shall be redeemable at the pleasure of said county, after seven years from their date, and shall be dated at the time of their issue, and shall become due and payable fifteen years from their date; and the faith of the county of Gallatin is hereby pledged for the payment of the interest and the redemption of the principal of said bonds.

Sec. 2. Said bonds shall be lithographed, and shall be of the denominations of fifty, one hundred, five hundred, and one thousand dollars each, and shall bear interest at a rate not exceeding eight per cent. per annum. They shall be in such form as the commissioners may direct, and they shall be signed by the chairman of the board of county commissioners, and the treasurer of said

county. They shall also be sealed with the county seal of said county, and countersigned by the clerk of said county. The coupons attached to the bonds shall be signed by the chairman of said board, the treasurer of the county, and the county clerk. Each bond issued shall be registered by the said county treasurer, in a book provided for that purpose, and such registration shall show the number, and amount of each bond, and when and to whom issued.

Sec. 3. When it shall appear to said board of county commissioners, at any regular meeting thereof, that there is not a sufficient sum in the sinking fund to meet any outstanding bonds maturing, and falling due, before their next regular session, they shall order a sale of a sufficient number of the bonds provided for in this act to meet such deficiency.

Sec. 4. Such sale of bonds shall be by public auction to the highest bidder for cash, but, for not less than their par value, and shall be made at the front door of the court house in said Gallatin county. Notice of the time and place of such sale shall be given by advertisement in one or more newspapers, published in this Territory, for a period of not less than four weeks prior to the time of such sale, and in like manner by giving notice in one or more weekly newspapers published in the city of New York, State of New York, for a period of not less than four weeks, said notice to be given in said weekly newspaper, or newspapers, sixty days prior to the time of such sale.

Sec. 5. The treasurer of said county shall pay, in lawful money of the United States, at the expiration of six months from the date of the issue of each bond, the interest due thereon, and semiannually thereafter, upon presentation at his office of the proper coupon, which shall show the amount due, and the number of the bond to which it belonged. All coupons so paid shall be reported to the said commissioners at their first meeting thereafter. Should the holder, or holders, of said bonds to an amount of not less than one thousand dollars, give the said treasurer notice in writing that they desire the bonds so held by them, and the interest accruing thereon, to be paid at a designated national bank in the city of New York, then the said bonds and coupons so held by such person or persons, shall be payable at such bank in the city of

New York; otherwise said bonds and coupons shall be payable at the office of said treasurer.

Sec. 6. The proceeds of the sale of such bonds shall be paid into the county treasury of said county and shall be applied to the sinking fund.

Sec. 7. The treasurer shall register, in a book to be kept by him. for that purpose, all bonds redeemed by him, which book shall show the amount of the bond, its number and date, when and to whom issued, and when and from whom redeemed. Said treasurer shall also write across the face of said bond in red ink the word "Redeemed," with the date of such redemption, and shall subscribe his name thereto. He shall also cancel said bonds with a cancelling stamp.

Sec. 8. The county clerk shall receive, in full compensation for his services in making out and signing and affixing the county seal to the bonds and coupons, contemplated in this act, the sum of fifty cents for each bond issued, anything in the law regulating the fees of county clerks to the contrary notwithstanding.

Sec. 9. This act shall not be so construed as to entitle the county treasurer to any other or further compensation than he is now allowed by law.

Sec. 10. All acts, and parts of acts, in conflict with this act, are hereby repealed.

[The foregoing act, having been presented to the governor of Montana Territory, on the thirteenth day of February, 1879, for approval, and not having been returned by him to that House of the Legislative Assembly in which it originated within the time prescribed by section 1842, chap. 1, title XXIII, revised statues of the United States, has become a law without his approval.]

AN ACT to provide for the funding of the outstanding twelve per cent. bonds of Jefferson county, Montana Territory.

Be it enacted by the Legislative Assembly of the Territory of Montana: Section I. That the commissioners of Jefferson county, Montana Territory, are hereby authorized and empowered to issue, on the credit of said county, coupon bonds to an amount not exceeding forty thousand dollars, or so much thereof as may be necessary, to redeem all of the outstanding twelve per cent. bonds heretofore issued by said county, together with the interest remaining unpaid

thereon, which bonds shall be redeemable at the pleasure of said. county after five years from their date, and shall become due and payable twenty years from their date, and bear interest at a rate not exceeding ten per cent. per annum.

Sec. 2. The bonds authorized to be issued by this act shall be in such form as said commissioners may direct, and shall bear the signature of the chairman of the board of county commissioners of said county, and the Treasurer of said county, and shall be sealed with the county seal, and countersigned by the clerk of said county; and the coupons attached to said bonds shall be signed by the chairman of said board, the treasurer of said county, and the county clerk; and each bond issued shall be registered by the county treasurer, in a book provided for that purpose, and it shall show the number and amount of each bond, and to whom issued; and the said bonds shall be sold by said county commissioners, or their authorized agent, or agents, at not less than ninety-eight cents on the dollar of the face thereof as hereinafter provided.

Sec. 3. The said county commissioners shall, as soon as practicable after the passage of this act, give notice in not less than two weekly newspapers, published in this Territory, for a period of not less than four weeks, to the effect that said county commissioners will sell said bonds, (briefly describing the same) and stating the time when said sale shall take place. But said county commissioners may in their discretion at any time, and without previous notice, negotiate and sell said bonds at private sale if, in their opinion, the interest of said county is best subserved thereby : Provided, Said bonds shall not be sold at private sale for less than 98 per cent. All moneys arising from the sale of said bonds shall be paid into the treasury of said county to the credit of the sinking fund, and shall immediately thereafter be applied to the payment of the outstanding twelve per cent. bonds of said county and the unpaid interest thereon.

Sec. 4. All bonds authorized to be issued by this act shall be of the denomination of five hundred dollars, and the faith of said county of Jefferson is hereby pledged for the payment of the interest and the redemption of the principal of said bonds.

Sec. 5. The treasurer of said county shall pay in lawful money of the United States, at the expiration of six months from the date

of the issue of each bond, the interest due thereon, and semiannually thereafter, upon presentation at his office of the proper coupon, which shall show the amount due and the number of the bond to which it belonged; but, in case the holder, or holders, of the said bonds shall give the treasurer notice in writing that they wish the bonds so held by them, and the interest accruing thereon, to be paid at a designated bank in the city of New York, then the said bonds and coupons shall be payable in said city of New York: Otherwise the said bonds and coupons shall be payable at the office of said county treasurer; and all bonds and coupons so paid by said county treasurer shall be returned by said treasurer to the board of county commissioners at his next settlement with them after such payment, and the said commissioners shall cancel said bonds and coupons in the manner now provided by law for the cancellation of county warrants.

Sec. 6. It shall be the duty of said county commissioners to cause to be set aside forty per cent. of all moneys collected by said county, or received into the treasury thereof, for the purpose of paying the interest accruing on the bonds issued and sold under the provisions of this act; and all surplus of said forty per cent. received into the treasury, after the payment of the interest aforesaid, shall constitute a sinking fund and be applied to the redemption of the principal of said bonds as hereinafter provided.

Sec. 7. Whenever, at any time, the sum in said sinking fund shall exceed the sum of five hundred dollars, and from time to time thereafter when it may so occur, the said treasurer shall cause a notice to be published in one newspaper of Montana Territory that he will, in thirty days from the date of such notice, redeem said amount of bonds, which may then be payable, giving the numbers thereof, preference being given to the oldest issue; and if at the expiration of said thirty days, the holder, or holders, of said bonds shall fail or neglect to present the same for payment, interest thereon shall cease; but the treasurer shall at all times thereafter be ready to redeem the same on presentation. Such notice shall be sent by mail to such places in New York city of which the treasurer shall have knowledge by virtue of section 5 of this act, with like effect.

Sec. 8. If at any time before the expiration of five years from the date of said coupon bonds, there shall accumulate in the sinking