10-1006. Sinking fund used to purchase bonds.
10-1006
10-1006. Sinking fund used to purchase bonds.
Whenever any county, city, township or school district in this state
shall owe any outstanding and unmatured bonds, and at the same time shall
have in its treasury any sinking funds raised to pay such bonds, the proper
officers of such county, city, township or school district may use such
funds to purchase or pay any of such bonds and cancel the same, whenever
they can be so purchased or paid at or below par, or at such reasonable
price above par as may be requested by a majority of the resident taxpayers
of such county, city, township or school district, and which request may be
made by a written petition to that effect, directed to such officers.
History: L. 1905, ch. 72, § 1; March 21; R.S. 1923, § 10-1006.