Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1838-06-14

| adjourned sane tlic. 5eeat.s.
AN ACT tg9a
For REBUILDING THE CITY orc CHARLES
TON. .s8fH~
he at enacted by the Senate and House OF
Representatives NOR met and siftinn. an Gem-
eraf assembly and by ihe authority ofMc
same, That the Governor of ffies Stale of
South Carolina he, and he is lsfeby author
iHcd a',d directed, in The name. of the said
State, to issue bonds or other contracts. to
bo coun,crsigncd by the Comptroller Gen
crnl. not exceeding in al, the sum of Two
| hiiitIons ri Dollars, one million of which
snail hrpnylblc M tie expiration of,wcnty
years. and tho other million at the expira-
ton %! Thirty years. AT Il rate of fin,ercs, no,
cXceedi"" . per cent, for the purpose of
| procuring n loan on the crcdi, Of The State,
TO rebuild that portion Of the cityof Chorlcs.
ton now lying IN ruins; that theisaid bonds
or contracts be issued in such form and
FOR such sums, aud tho principal and inter.
est be made payable at such times and pla
COS as shall he most clIrctual in procurinr r
the said loan, upon the best terms either
IN Europe or America;and that the faith and
funds of the State Of South Carolina be,
| and the same are hereby pledged to secure
the pnnctual payment of tho said bonds or
| contracts, with tho interests thereon.
SEC. :. That in order 10 effect the said
| loan, the Governor is authorized md d;
rcctcd To commission such agent or agents
| as the President and Directors of the Bunl;
oflhe State Of Sunth Carolina shall apnoint:
which said agent or agents shall be impo,y
cred to receive the said bonds on contr,c,s
from the Governor and Comptroller Cen
eral, aud TO make all such arrangements as
III his or their judgments maybe deemed
| cxpcdicnt for procuring the saidsdnoney and
placing il to the credit oriie St6fe; sub;.ct
to the draft or order of the PresiAeIt of the
State of South Carolina. tsSEs,;g
SEC. 3. The money when je.llizatl in
Charleston, shall hc deposited IL the Bank
of the State of South Carolina apd shall
become pnr of the rapitaf t7erSY 2.
SEc. i. The President and fPirectors of
the said Bank, arc authorized ard required
to loan to such applicants as willrebriId that
portion Of the city Of Charleston which has
hecn destroyed by the late fire. two millions
| OF dollars. II so much be required, under
the following rules and regulations, viz:
Clause |. AS soon as the said loan or
any part thereof, may he effected. any an
piirant desiring to build upon The said burn,
district, may avail himself of the bcnel;t
thereof by making an application to the
said Banh. setting forth the plan and es,i-
mated cost ofthc building he proposes 10
erect, together with the situation and di-
mcmsions ofthe lot whcrcon the building is
10 be placed, anu all abstract of his ti,l,.
therc'o; and upon the President and ,,ircc
tors of the said Bank being satisfied will,
the title, nn'l that it is free from incuuhrau
ccs, they shall direct the snid oL TO he val
ucd by the commissioners hereafter nnncd
who shall certify their valuation TO the said
President and Directors; whercupon the
said President and directors are authorized
and instructed to loan 10 The said apDlicant
one half the appraised value of his said Iot:
and all applications for The said loan. shall
be made within two years from, The pn,,np
ofths Act.
Clause .. The applicant shall enter in.o
bond in sufficient penalty, with condition
To pay TO the President and Directors of tI,c
said Bank of the Stale, the princ;pal sum of
whatever may be loaned him, in ten equal
annual instalmrns; ; the first of which shall
he payable within three years from the
date of the bond: also, will the further con-
ditinn that the money loaned, within one
year from It's receipt, be expended in the
erection of brick or stone building upon the
said lot ofland; and also, that the said an
plicant shall in all respects comply with the
provisions of this Act, aud the said bond
shall be secured by a mortgage of the lot of
land; and The form and nature of snch bond
and mortgage shall be prescibcL bv the
President and Directors of the said Bank,
under the nj, ice aud direction of the Auor-
ncv General; and if the said mortgage
should at any time become forfeited, either
by failure to pay any part Of the principal
or interest of the said debt at the times snc-
Gifted, or by Il breach of any of the con
tiitions of the suil bond, the President and
directors of tho said Bank shall and NAV,
after six months notice to the obliyor, his
heirs, executors. administrators, or assigns.
either personally served, or published in
one or more public Gazeltcs in the citv of
Charleston, proceed to sell The property
Inor'sagcd, by auction, tor ready money,
for the best price that can be o6taiucd for
the same. which said sale shall DC a.Ivcri-
sed for three weeks previously. in one or
more Of the public Gazeties Of the civ of
Charleston and The moneys arising from
such sale. shall be applied by the Prcsi-
dent and Directors Of the said Bank, in
satisfaction Of The said bond; any law, usage
or custom, 10 the contrary thereofin any wise
notwithstanding: And tho purchaser NJ such
sale. his heirs and assigns, shall he deemed
to he seized Of good and absolute legal
estate in fec simple, of,he premises pur-