The Greenville enterprise. [volume] (Greenville, S.C.) 1870-1873, 1871-03-29
an0 The 5mpropfment Of tbe statf an0 coanr
GREENVlLLE, SOUTH CAROLINA, MARCH 70. 1s7l.S {

me ,sxsoie property ~ ithin this Stats sns~
he'ent 70 psy the inieresi on the dsbl here,
hy authorized. at the time when snch inter.
est shall become due and payable, and such
interest shall be remiusd 10 said Financial
ci"l Agent IN London, and further similar
Tax shall be levied In the some manner .uf.
fieirntto provide for Sinking Fund Of two
per centum la gold per snnum ON the fu,,
amount of the deb, hereby created, which
Sinking Fund shalt he r-mittrd to the said
Financial Agent ofths State In London, To
he applied TO the redemption AID pa, men,
oft~o per csntum Of the prioeIpai Of the
said boDds at par. The bonds tius 10 he
paid shall be aooually drawn, by lot, q,
such time and place. SD under ,ueh regu,
lstions as the Governor Of the sists aud
said Financial sAgent may determine. aud
90 all saeh drawings the American Minister
to the Court Of 81. Jpmes In. England. or
The Secretary Of the American Legation In
London. or the American CopsuI at Lon
don. shsll be Invited 10 be present, sud To
certify TO such drawings.
SEC. 9. From time 10 iime, ,-snd when any
ofthe existing pnliie debt Of the State shai,
be redeemed. by the exchange Of tho oods
hereby authorized. or shall be paid from
the proceeds thereof, sush debt 90 redeemed
or paid, and the evidence thereof. sb.Il b.
forthwith absolutely cancelled, aud .hau
not be re.issn-d In any form and the total
amounts thus redeemed or paid shsli be An
nu~ily reported by the Comptroil-r General.
SEQ. z. That the faith. credit and fund.
OF the State Of South Carolina are hereby
so'emnly and itrevOcs,iy pledged for the
ponetus' payment oftbs principal . nd in
terest OF the debt hereby created, and for
the annual redemption OF that portion thers-
OF Tor which q sinking fund 10 authorized :
and the issue by the Governor Of any Of the
bonds her. by authorized shall be conclusive
evidence, in favor OF any bona fde holder
thereof. that the provisions OF this act have
been fully complied with by the State m,
Gers, and that such bopds are legally and
proper Iy created.
See. 8. The honor and credit Of the Stat,
s'slso hereby pledged TO the holder Of the
debt sutho,ized hy this set. ihs. tho Stat,
WITH not hereafter. by itself, officers or
agents. un'iI said debt is fully paid and
discharged, create any new debt or obIiys.
tion. or by the loan Of iIs credit, by guar.
a"y, endorsement or otherwise. excepting
TOR the rurpo'e Of meeting i,s existing oh.
iiga,ioss. or In and for The ordinary and
current b"sine's Of the State, without fret
submitting the question ss to the creation
OF any 'uch new debt. guaranty, endure.
meat or loan Of iis credit 20 the people of
this State at general State elect ion, and.
unless tw~thirds Of the qualified voters Of
the State voting on this question, shall be
in favor Of further debt. guaranty, en-.
dorsement sr loan Of It's credit, none suct
Fshall bs created or made.
Sec. .. The Commission herein sppointe
or q majority Of them. are hereby authori.
zed to pay such sums ss may be neee,,ary
Tor the purpose Of carrying this act into -f.
rect. out OF any funds Of the State not 9th.
srwise appropriated.
SEQ. 10. For the pu,posss Of thi. act.
and to carry out the came. all acts, or
Parts Of acts. inconsistent with thi. ae,
are hereby r-p.s ed.
Approved March 7th, 1871.