Wyoming Reports Volume 9

Wyoming Reports Volume 9

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1902 edition. Excerpt: ...exhausted by the one issue of funding bonds in 1890. So far as the authority conferred upon a county to issue bonds is concerned, the act of 1888 was not changed by the amendment of 1890, except as to the amount thereof, and that change is not material to the present inquiry. Section 1 of the act of 1888, as originally enacted and also as amended in 1890, and carried into the late revision (Section 1209), and still in force, provides that "The board of county commissioners of any county may issue negotiable coupon bonds of their county for the purpose of paying, redeeming, funding or refunding the principal and interest of any indebtedness of their county when the same can be done at a lower rate of interest and to the profit and benefit of the county." We understand that the new or refunding bonds are issued at a lower rate of interest than that borne by the funding bonds proposed to be refunded, although the stip ulation is silent as to that matter. However, as no objection to the bonds is made upon any such ground, it may be assumed that the new bonds are issued at a lower rate of interest. It would seem that the statute upon its face clearly and unequivocally authorizes the issue of refunding bonds. County bonds may be issued for the purpose of paying, redeeming, funding or refunding " any indebtedness " of the county. The funding bonds constitute an indebtedness of the county, and are clearly included within the term "any indebtedness." The language of the section above quoted does not confine the county to a single issue of bonds, but evinees an intention by the use of the word "refunding," in addition to the word " funding," and in connection therewith, to authorize the...
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Product details

  • Paperback | 188 pages
  • 189 x 246 x 10mm | 345g
  • United States
  • English
  • black & white illustrations
  • 1236861809
  • 9781236861801