establish a system of public instruction for the state of Nebraska," approved February 15, 1869. [G. S. § 1, 883.]

SEC. 7. [Fees.]-It shall be the duty of the county clerk, in a book prepared for that purpose, to record the question of submission, notice and proof of publication, return of votes for and against; and the fee for so doing, to be paid by the precinct or township, or school district board, or officers, as the case may be, shall be the same as charged for the recording of deeds and mortgages. [Id. § 2.]

SEC. 8. [Registration-Fees.]-It shall be the duty of the county clerk on presentatation of any precinct or township, or school district bonds for registry, to register the same in a book prepared for that purpose, which register shall contain: First. The number, or name of the precinct or township, or school district. Second. The number of the bond. Third. The date of the bond. Fourth. To whom payable. Fifth. Where payable. Sixth. When due. Seventh. When interest is due. Eighth. Amount of bond. Ninth. Reference by page to the book provided for in section two, giving history of the bond. The county clerk shall receive a fee of twenty-five cents for every bond so registered. [Id. § 3.]

SEC. 9. [Duties of officers.]-It shall be the duty of all precinct or township, and school district boards, or officers, immediately after the passage of this act, to furnish the county clerks of their respective counties, with a statement of the amount of bonds heretofore issued by their precincts, townships, or school districts, and not already paid, the date of each bond, when, where, and to whom payable, the amount, the rate of interest, and when and where it is payable; which bonds shall be registered by the county clerk, in conformity with section three of this act; and the fee for registering under this section shall be twenty-five cents for each bond. [Id. § 4.]

COUNTY BONDS.

SEC. 10. [Registration and redemption of county bonds.]-That the officers of any county in this state, issuing bonds, shall make registration in a book kept for that purpose, of the notice of election, manner and time of publication, questions of submission, and adoption of the proposition on account of which such bonds were issued; also of the date, amount, number, maturity, when payable, and where payable, and the rate of interest, and when and where payable, of such bonds; and shall, at the time of issuing the same, make out and transmit to the auditor of state, a certified statement of such registry, which shall be attested by the county clerk, under his official seal. Then the auditor of state, upon the receipt of such statement, shall, in a book kept by him for that purpose, make a faithful record of the same. [1875, § 1, 169.]

SEC. 11. [Statement of bonded indebtedness.]-It shall be the duty of the clerk of each county in this state, within sixty days from the taking effect of this act, and at such other times as the auditor of state may request, to make out, certify, and transmit to such auditor, a full and complete statement of the bonded indebtedness of every description, of such county, at the date of such statement, particularly setting forth the nature of such bonds, and for what the same were issued, which shall be entered of record by the auditor of state, in the same manner as provided for in section one of this act. The county clerk shall receive the same compensation for his service rendered under the provision of section one and two of this act, as are allowed by law for a copy of like records, to be paid by said county. [Id. § 2.]

SEC. 12. [County bonds-Registration by auditor.]-Whenever the holder of county bonds shall present the same to the auditor of the state for registration, the auditor, upon being satisfied that such bonds have been issued according to law, shall register the same in his office, in a book to be kept for that purpose, in the same manner that such bonds are registered by the officers issuing the same, and shall, under his seal of office, certify upon such bonds the fact that they have been regularly and legally

SECS. 10-19. "An act to authorize the registration, collection, and redemption of county bonds." Laws 1875, 169. Took effect Feb. 25, 1875.

issued, and that such bonds have been registered in his office in accordance with the provisions of this act, the data filed in his office being the basis of such certificate. [Id. $3. Amended 1887, chap. 8. Took effect July 1, 1887.]

SEC. 13. [Auditor's certificate to clerk.]—When bonds of any county shall be so registered, the auditor of state shall, annually, on or before the second Monday of June in each year, ascertain the amount of sinking fund and interest accrued, and to accrue before the tax for the next succeeding year shall be levied, upon all bonds registered in his office, and shall certify the amount thereof to the clerk of the county in which such bonds were issued, specifically setting forth the amount thus due, and to become due for such year. [1875, § 4, 169.]

SEC. 14. [County bonds-Taxes.]-The clerk and recorder of any county, upon receiving such certified statement from the auditor of state, shall proceed to ascertain from the assessment roll of the county, the amount of taxable property in such county, and what per centage is required to be levied thereon to pay the said interest and to create a sinking fund, in compliance with the certificate of said auditor; and when so ascertained, shall levy such per centage upon the taxable property of such county, and shall place the same upon the tax roll of the county, in a separate column or columns designating the purposes for which said taxes are levied, and the said taxes shall be collected by the county treasurer in the same manner that other taxes are collected. [Id. § 5.]

SEC. 15. [Payment-Investment-Sinking fund.]-Upon the receipt of such moneys by the county treasurer, he shall, out of the same, at once proceed to pay off the interest accrued upon such registered bonds, at the place where such interest is made payable. The county treasurer shall cause to be surrendered the coupons for all interest thus paid, which coupons shall be filed with and cancelled by the county clerk, and his receipt taken therefor and retained by said treasurer. The moneys thus collected and remaining in the hands of the county treasurer, after the payment of the said interest as herein provided, except a sufficient amount to pay the accruing interst upon such bonds for the current year, shall be retained as a sinking fund for the final redemption of such bonds, and shall be, by the county treasurer, when so ordered by the county commissioners, invested as follows, to-wit: First. In redeeming the bonds of the county issuing the same. Second. In the bonds of the state of Nebraska. Third. In the bonds of the United States, provided that the bonds thus purchased, shall in all cases be purchased at the lowest market price, after twenty days' notice by publication in at least one newspaper published and in general circulation at the capital city or town of the state; the cost of which advertising at legal rates, shall be paid out of the sinking fund for the redemption of such bonds. [Id. § 6.]

SEC. 16. [Payment.]-When the interest and principal, or interest only, of such registered bonds are payable in New York city, or elsewhere out of the state, payment shall be then made at the place so designated in such bond or coupon, or at the financial agency of the state for such purposes, and in order that the funds may not be misapplied, the county treasurer shall procure a draft for the amount, to be transmitted by drawing his check on some bank in this state, and both check and draft shall be so endorsed as to show upon what bond or bonds the funds shall be applied; or at the request of the party holding or owning said bonds, payment may be made at the office of said treasurer. [Id. § 7.]

SEC. 17. [Liability of treasurer.]-The tax and funds so collected shall be deemed pledged and appropriated to the payment of the interest and principal of the registered bonds herein provided for, until fully satisfied, and the county treasurer shall be liable on his official bond, for the faithful disbursements of all moneys so collected or received by him. [Id. § 8.]

SECS. 13-14. Cited 7 Neb., 492. See sec. 77, chap. 77, passed subsequent and secs. 20-22 this chapter. Prior to amendment of sec. 12 auditor was entitled to receive one-fourth of one per cent. upon the dollar for each bond registered. 16 Neb., 111. Duty of auditor to first satisfy himself that bonds have been legally issued. 20 Neb.,618.

SEC. 18. [Cancelation-Treasurer's fee for payment.]-That when any registered bonds shall mature, the same shall be paid off by the county treasurer, at the place where the same are payablę, out of any money in his hands or under his control for that purpose, and when so paid the same shall be endorsed by the county treas urer on the face thereof, "Canceled," together with the date of such payment; and thereupon be filed with the county clerk, who shall enter satisfaction of such bonds in the record where the same are registered. In case said bonds are payable out of the state, an allowance of one-fourth of one per cent. shall be made to the county treasurer for the expense attendant in making such payment, to be deducted from any money in his hands remaining after payment of such matured bonds. [Id. § 9.]

SEC. 19. [Published statement.]-The county treasurer and county clerk shall when ordered by the county commissioners, publish a detailed statement of the business transacted by them under the provisions of this act. [Id. § 10.]

BONDS VOTED, BUT NOT ISSUED.

SEC. 20. [Registration of bonds voted but not issued-Statement.]-It shall be the duty of the proper officers of any county, township, precinct, city, or school district in which any bonds, issued for work of internal improve ment, have been heretofore voted under the authority of any law of this state, before the issuance of such bonds, to make a written statement of all proceedings relative to the vote upon the issuance of such bonds, the notice of the election, manner and time of publication, questions of submission, results of a canvass of the vote on the proposition on account of which it is proposed to issue such bonds, together with a full statement of the assessed valuation and total bonded indebtedness of the county, as well as the assessed valuation and total bonded indebted tness of the township, precinct, city, or school district voting such bonds. Such statement shall be certified to under oath, by the proper board or city council, and be transmitted with the bonds proposed to be issued to the auditor of public accounts. [1879, § 1, 177.]

SEC. 21. [Duties of auditor.]-The auditor shall examine the statement and bonds so submitted to him, and if he be satisfied that such bonds have been voted in conformity to law, and are in all respects in due form, he shall record the statement and register the bonds in his office, and no such bonds shall be issued or be valid unless they shall be so registered and have endorsed thereon a certificate of said auditor and secretary of state, showing that such bonds are issued pursuant to law, the data filed in the office of said auditor being the basis of such certificate. [Id. § 2.]

SEC. 22. [Registration-Taxes.]-Upon the registration of such bonds aforesaid, the auditor of public accounts shall certify the fact to the proper officers of such county, city, township, or school, or school district, whose duty it shall be to enter the same upon the records of the county, city, or township, as the case may be, and taxes for the payment of such bonds and the interest thereon shall be levied in the manner provided by law. [Id. § 3.]

PRECINCT BONDS.

SEC. 23. [Registration of precinct bonds.]-Whenever the holder of precinct bonds, issued under any law of this state for the purpose of the erection of bridges wholly within the limits of a county, shall present the same to the auditor and secretary of state, together with duplicate statements of the question of submission, notice and proof of publication, return of votes for and against, duly certified by the county clerk, it shall be the duty of said officers to examine said bonds and statements, and if they be satisfied that such bonds are in all respects in due form and been properly issued, to enter that fact upon the records of their respective offices, together with SECS. 20-23. "An act to provide for the registration of county, precinct, city, or school district bonds heretofore voted, but not issued." Took effect June 1, 1879. "An act to provide for the certification, registration, and payment of precinct bonds." Passed and took effect Mar. 4, 1885.

SECS. 23-24.

said statements, and thereupon the secretary and auditor shall place their joint certificate upon said bonds, and the auditor shall register the same in his office, such certificate showing that such bonds were issued pursuant to law, the data filed with such officers being the basis of such certificate. [1885, chap. 8, § 1.]

SEC. 24. [Same-Taxes to pay.]-Upon the registration of such bonds it shall be the duty of the auditor to certify that fact to the proper county board, and thereupon said board shall, at the usual time of levying taxes in each year, levy a tax upon all the property of the proper precinct, sufficient to pay the annual interest on said bonds, and the principal thereof in accordance with the terms of the proposition under which said bonds were issued. Taxes so levied shall be collected by the county treasurer as other taxes are collected, and the amounts due on said bonds paid to the holder thereof. [Id. § 2.]

REFUNDING BONDS OF PRECINCT.

SEC. 25. [Refunding bonded indebtedness of precincts.]-That when the county commissioners of any county issue coupon bonds to refund the bonded indebtedness of any precinct in the state of Nebraska, and in case an exchange of said refunding bonds can not be effected, the county commissioners are hereby authorized to sell said refunding bonds from time to time, at not less than their face value, in such sums as may be necessary to create a fund for the redemption of the outstanding bonds aforesaid, and the money realized from the sale of said refunding bonds shall not be expended or used for any other purpose than for refunding said outstanding bonds. [1885, chap. 9, § 1.]

SEC. 26. [Registration.]—It shall be the duty of the auditor of state to register such substituted bonds, and of the secretary and auditor of state to certify the same, and a tax to pay the interest and principal thereof shall be levied in the same manner as is now provided by law or the constitution in the case of other precinct bonds. § 2.]

[Id.

SEC. 27. [Duty of county clerk.]-That the county clerk of each county shall certify under the seal of the county to the auditor, the number, amount, and description of each bond canceled, or to be canceled and refunded, and the amount due thereon for principal and unpaid interest, and thereupon the auditor is authorized to register a similar amount of refunding bonds. But in no case shall the auditor register any refunding bonds in excess of the amount so certified to him by the county clerk as aforesaid; and that said bonds shall be entitled to registration as aforesaid, in the order that they are presented to the auditor. [Id. § 3.]

SEC. 28. [Applicability of act.]-That the registration provided for in this act shall apply to all refunding bonds already issued, or to be issued in conformity with the provisions of this act, and all other precinct bonds that are, or have been legally issued, and are not now in litigation. [Id. § 4.]

CITY AND VILLAGE BONDS.

SEC. 29. [Village and city bonds-Registration.]—That all bonds hereafter issued by the corporate authorities of any village or city of the second class shall before such bonds or any of them are sold or negotiated, be presented to the auditor of public accounts, and he shall examine such bonds and all proceedings relative to their issue, and if he be satisfied that such bonds have been legally issued for a lawful purpose, register the same in his office in a book kept by him for such purpose, and shall under his seal of office certify upon such bonds the fact that they have been regularly and legally issued, and that such bonds have been registered in his office in accordance

SECS. 25-28. "An act to authorize the sale of refunding bonds of precinct, and to provide for registering and certifying the same, and all other precinct bonds that are or have been legally issued and are not now in litigation." Passed and took effect March 5, 1885.

SECS. 29-31 "An act to provide for the registration by the auditor of public accounts of bonds issued by villages and cities of the second class." Passed and took effect March 5, 1885. City may bring suit and compel reg istration. 19 Neb., 240. Duty of auditor. 25 Neb., 503.

with the provisions of this act, the data filed in his office being the basis of such certificate. [1885, chap. 7, § 1.]

SEC. 30. [Same.] Whenever the holder of any bond heretofore issued by any village or city of the second class shall present the same to the auditor of public accounts for registration, he shall examine such bonds and the proceedings under which the same were issued, and if he be satisfied that such bonds were legally issued for a lawful purpose, register the same in his office in a book to be kept for that purpose, and shall under his seal of office certify upon such bonds the fact that they have been regularly and legally issued, and that such bonds have been registered in his office in accordance with the provisions of this act, and the data filed in his office being the basis of such certificate. [Id. § 2.]

SEC. 31. [Duty of clerks.]-It shall be the duty of the clerk of any village or city of the second class in which any bonds may hereafter be issued, to transmit with such bonds to the auditor of public accounts, a duly certified transcript of all the proceedings had, previous to the issuance of such bonds relative thereto, for the information of said auditor, and it is hereby likewise made the duty of the clerks of villages and cities of the second class to furnish such transcript to the holder of any bond of any such village or city of the second class on demand of such holder. [Id. § 3.]

COMPROMISING INDEBTEDNESS.

SEC. 32. [Compromising indebtedness.]-That any county, precinct, township or town, city, village, or school district is hereby authorized and empowered to compromise its indebtedness in the manner hereinafter provided. [1887, chap. 9, § 1.]

SEC. 33. [Negotiations.]—Whenever the county commissioners of any county, the city council of any city, the board of trustees of any village, or school board of any school district shall be satisfied by petitions or otherwise that any such county, precinct, township or town, city, village, or school district, is unable to pay in full its indebtedness, and two-thirds (3) of the resident tax payers of such county, precinct, townships or towns, city, village, or school district shall by petition ask that such county, precinct, township, town, city or village or school district, to compromise such indebtedness, they are hereby empowered to enter into negotiations with the holder or holders of any such indebtedness of whatever form, scaling, discounting, or compromising the same. [Id. § 2.]

SEC. 34. [Bonds.] Whenever satisfactory arrangements are made with the holder or holders or any of them of such indebtedness and upon a surrender of the same for cancelation or satisfaction the county commissioners for and on behalf of any such county, precincts, townships, or towns, or the city council of any such city, or the board of trustees of any such village, or school board of any such school districts shall upon petition of two-thirds (3) of the resident tax payers of such county, precinct, township or town, city, village, or school district, have authority and they are hereby empowered to issue the bonds of such county, precinct, township or town, city, village, or school district to the holder or holders of the indebtedness so surrendered, canceled, or satisfied for the amount agreed upon, not exceeding the original indebtedness. [Id. § 3.]

SEC. 35. [Payment-Interest.]-Before issuing bonds under the provisions of this act the board issuing the same shall by resolution enter upon its records, recite the number and denomination of the bonds to be issued, the rate of interest and to whom and when payable. Such bonds shall be payable in not more than twenty (20) years from the date of their issue or at any time before maturity at the option of such municipality. They shall bear interest at a rate not exceeding seven (7) per cent. nor the rate borne by the bond surrendered, with interest coupons attached, payable annually or semi-annually, and said board may levy a tax on all the taxable property in such county, precinct, township or town, city, village, or school district in addition to other taxes to pay the interest and principal of said bonds as the same shall mature and such tax levy for interest may be paid in cash or in such coupons. [Id. § 4.]

SECS. 32-36. "An act to authorize counties, precincts, townships, or towns, cities, villages, and school districts to compromise their indebtedness and issue new bonds therefor." Took effect July 1, 1887.