43-412. REDEMPTION OF BONDS. Upon the presentation of the coupons due to the treasurer, he shall pay the same from the bond fund. Whenever, after ten (10) years from the issuance of said bonds, said fund shall amount to the sum of $10,000, the board of directors may direct the treasurer to pay such an amount of said bonds not due as the money in said fund will redeem, at the lowest value at which they may be offered for liquidation, after advertising for at least four (4) weeks in some newspaper published in the county, and in other newspapers which said board may deem advisable, for sealed proposals for the redemption of said bonds. Said proposals shall be opened by the board in open meeting, at a time to be named in the notice, and the lowest bids for said bonds must be accepted: provided, that no bond shall be redeemed at a rate above par. In case the bids are equal, the lowest numbered bond shall have the preference. In case none of the holders of said bonds shall desire to have the same redeemed, as herein provided for, said money shall be invested by the treasurer under the direction of the board, in United States bonds or the bonds or warrants of the state, or municipal or school bonds, which shall be kept in said bond fund and may be used to redeem said district bonds whenever the holders thereof may desire.
History:
[(43-412) 1903, p. 150, sec. 32; reen. R.C. & C.L., sec. 2406; C.S., sec. 4370; I.C.A., sec. 42-412.]
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