Sinking fund. of sinking fund. in paying off the current debts and expenses of the county as they fall due and are allowed by the court. 9. That there is hereby created and established for said county a sinking fund, to be made up of the dividends which may accrue to said county on stock owned by her, or which she may hereafter own in turnpikes and railroads; of balances of ad valorem taxes which may remain in the hands of the treas urer after paying off the appropriation or subscription for which the tax was levied; of a tax of not exceeding twenty cents on each one hundred dollars' worth of taxable property, which the court of claims may, and is hereby, authorized to levy in any year, or in different years, to meet any deficit or probable deficit in the county levy for the payment of the current expenses of the county; and in addition to these sources of revenue devoted to the sinking fund, if hereafter, under the provisions of any law or laws, bonds of the county shall be issued, bearing interest, and under the provisions of such law or laws a tax is levied to pay the interest on said bonds, said tax, when collected, shall constitute a portion of said sinking fund; and in addition thereto, when such bonds are issued and outstanding, the court of claims and levy of said county shall have power annually to levy a further tax on all the property in said county subject to taxation sufficient to raise a sum, not exceeding ten thousand dollars, which, when collected, shall constitute and be a part of the sinking fund. But the last named tax shall not be levied or collected unless the court shall deem it necessary in order to raise a fund to purchase or redeem outstanding bonds of the county. 10. The presiding judge of the Nicholas county Commissioners court, the county clerk of said county, and the county attorney of said county, shall, by virtue of their respective offices, be, and they are hereby, constituted a board of commissioners of the sinking fund for Nicholas county. The county judge shall be presi dent of the board, and the county clerk secretary thereof. The county treasurer shall be treasurer of the board; but before entering upon the discharge of his duties he shall execute a bond before the clerk of the Nicholas county court, with one or more good and sufficient sureties, to be approved by the judge of said court, conditioned for the faithful discharge of his duties as treasurer for said board, and that he will account to said board of commissioners, and pay ľ upon their order the whole or any part of the funds in his hands; said bond to be lodged and kept in the clerk's office of said county court; and upon I same, for a violation of any of its provisions, the county may sue and recover, and the amount of recovery, when collected, shall be paid into and constitute a part of the sinking fund. The said board of commissioners shall be a body-politic, and shall have perpetual succession; may sue and be sued, and may do all and singular every act which may be done by a body-corporate, and they shall be known and designated by the name and style of "The Commissioners of the Sinking Fund for Nicholas county." All the sources of income provided for by this act, and made part of the sinking fund, shall be under their management and control, and they may from time to time invest the surplus money belonging to said sinking fund in safe and profitable stocks, bonds or real estate securities, in order that said fund may be made both profitable and available. The board shall report in writing to the county court, at each January term, their proceedings for the past year, which report shall show fully the condition of the resources of the sinking fund, which report shall be filed and entered of record on the order-book of said court. sinking fund. § 11. The resources of the sinking fund shall be Purposes of used, set apart and held sacred for the following purposes, and none other, to wit: To pay interest on county bonds as it may fall due; to purchase or re deem such bonds, and to supply and deficit that may occur, by reason of the county levy being insufficient to pay the claims against the county allowed by the Nicholas county court of claims, to be paid out of the county levy, and appropriations made by the county court, under the provisions of section 1, article 3, chapter 27, General Statutes. But the same shall only be paid out by the treasurer upon the order of the board, signed by the president; and when county bonds are purchased or redeemed, the same shall be canceled by burning, in the presence of the board, and the fact of the burning, with a description of the bonds so canceled, shall be entered of record on the order-book of said court. 12. This act shall take effect from and after its passage. Approved May 3, 1888. Preamble. Levy of tax. CHAPTER 1495. AN ACT for the benefit of Lagrange precinct, in Oldham county, and to submit to the voters the levy of a tax to build a turnpike, and authorize commissioners to issue bonds. WHEREAS, The citizens of Lagrange precinct, in Oldham county, Kentucky, are desirous of constructing a turnpike road from Lagrange to the Henry county line: Be it enacted by the General Assembly of the Commonwealth of Kentucky: § 1. The county court of Oldham county, a majority of the justices being present, are hereby authorized and directed to levy a tax each year of ten cents on the one hundred dollars' worth of real and personal property, of every description, within the limits of the Lagrange precinct, in Oldham county, Kentucky, until ten thousand ($10,000) dollars and inter est is raised, which shall be collected by the sheriff in the regular course of his duties as such, for the purpose of constructing a turnpike from Lagrange to the Henry county line, to intersect with the Lagrang› and - Jericho pike; also from Lagrange to Brownsboro, so far as the Lagrange precinct extends: Provided, That before the said county court and justices shall make an order directing said levy to be made, they shall submit to the qualified voters of said precinct the question whether they are for or against the levy of said tax of ten cents on the one hundred ($100) dollars, for the purpose of building said turnpike; the vote to be taken on the first Saturday in August and February of each year for two years, unless sooner carried, due notice to be given by publication in at least one newspaper for twenty days before said vote is taken. missioners and § 2. George W. Irvin, Joseph Sauer, John S. Buck- Names of comner, are hereby appointed commissioners under this their duties. act, and they are hereby empowered and authorized to issue, negotiate and deliver twenty bonds, of the denomination of five hundred dollars each, to be paid by the sheriff out of the tax collected under the provisions of this act; said bonds not to exceed ten thousand. dollars, and to bear interest at the rate of not exceeding six per cent. per annum, payable annually; and said tax shall be annually levied and collected until said bonds are paid; said bonds to be signed by the said parties as commissioners; and they will fix the dates of said bonds, so as to enable them to be paid by the sheriff, as they respectively fall due, out of the tax as collected. 3. The said commissioners are authorized to locate Location of road said road, and have the same built as economically as possible. § 4. This act shall not conflict with any other tax authorized to be voted on Oldham county or the precincts by the citizens. § 5. This act shall take effect from and after its passage. Approved May 3, 1888. CHAPTER 1496. AN ACT authorizing the Women's Educational and Industrial Union, of Covington, to convey the real estate of which it now holds the title to the Home for Aged and Indigent Women of Covington. WHEREAS, The persons named as incorporators in the act passed at the present session of the General Assembly incorporating the Home for Aged and Indigent Women of Covington, Kentucky, did, before the passage of said act, purchase certain real estate situate in Covington, Kentucky, for the uses and purposes of said institution, which was conveyed to the Women's Educational and Industrial Union of Covington, Kentucky, a corporation created by an act of the General Assembly, approved February 26, 1886, in trust for said first named corporation, in pursuance of an agreement that said real estate should be conveyed to said first named corporation as soon as the same should be created; and whereas, there is some doubt as to the power of the said The Women's Educational and Industrial Union of Covington, Kentucky, under the terms of its charter, to make said conveyance; and whereas, said real estate is the only real estate to which said last named corporation holds the title; therefore, Be it enacted by the General Assembly of the Commonwealth of Kentucky: 1. That the said The Women's Educational and Industrial Union of Covington, Kentucky, be, and is hereby, authorized and empowered to convey the real estate, of which it now holds the title, to the said The Home for Aged and Indigent Women of Covington, Kentucky. § 2. This act shall be in force from its passage. Approved May 3, 1888. |