Beaufort Republican. [volume] (Beaufort, S.C.) 1871-1873, 1872-04-25
THE BEAUFORT REPUBLICAN, APRIL 25, 1877

ana the QdUe Oi uudCuTlly, WHICH TeglSDTy
snail at all times be opened to the Inspection
of any corporator, tax payer or bond holder,
and, at any time, upon the written demand
OF the holder or holders of bonds to the
amount os fifty thousand dollars, or of cor
porators to the number of twenty the said
Mayor and Aldermen shall publish detail
ei statement Of the city Indebtedness and
the character Of the same, verified by the
oaths of the Mayor and of the City Clerk
and Treasurer.
Sec. s. That, in addition to the levy of
the annual taxes for the support of the city
government, the said Mayor and Aldermen
shall levy, annually, a special tax for the
payment of the semi-annual interest upon
the bonds which shall be issued under the
authority of this act. and, also, the interest
upon the bonds of the city of Columbia
which have been heretofore issued by the
authority of the law Provided, however,
That said bonds shall not be subject to tax
alton by the std City Council of Columbia.
And provided, further. ThaytRe taxes here
by authorized to lie kyied ahd collected, for
the payment of I'd Il semi- annual interest on
the said binds, SHAH be levied and collected
from such sources, upon spch property, and
at such rates, as are established and designed
by law as sources of revenue, subjects, or
Subjects of taxation, and as rates for the sup
port of the said city government.
Sec. 6. That the said Mayor and Alder
men are hereby authorized and directed to
apply the proceeds of the sale of said bonds;
first, to the payment of any debts heretofore
contracted, or which may hereafter be con-
tracted for the construction of the New City
Hall. and the New Market; and, secondly,
for the imp rovement of Che slr,ets, the ex-
tention of the water works, and for any other
improvements which shall be Judged advisa-
bic by the said Mayor and Aldermen: Pro.
vided. That no part of said bonds shall be
used for the purchase OF any franchise or
corporation.
Seer I. That the said Mayor and Alder
men are hereby prohibited from increasing
tn. debt of the City Of Columbia, beyond
the sum mentioned in the first section of
this act, and upon any attempt being made
so to do, any bond holder or corporate tax
payer shall have his action to elijoin the said
Mayor and Aldermen from 30 doing.
Sec. 8. That said Mayor and Aldermen
shall cause the provisions of this act or an
accurate abstract thereof. to be printed on
the back of each bond, and on the face of
each bond, it shall be expressed that the
same Is issued under the authority OF this
act.
Sec. 8. Tint if the Mayor, any Alderman
of the city of Columbia, or any officer there
Of, shall privately or fraudulently issue any
of said bonds, he shall be adjudged guilty of
fe,o y, and, upon conviction, shall be pun
ished by fine and imprisonment at the discre-
ton Of the court.
Sec. 10. That, upon the completion and
occupation of the said City Hall, the said
Mayor and Aldermen shall, at once, by Or
dinanec, make provision for sinking fund,
to be basel upon the net annual income de-
rived from such parts of the said City Hall
i,s may be leased from them, the proceeds of
which sinking fund shall be solemnly set
apart for the payment Of the debt and the
interest thereon contracted in the erection OF
the said City Hall. And in case the said
Mayor and Aldermen shall neglect so to do,
it shall be lawful for any ten citizens Of Co
lumbia. being tax payer, to have an action,
on behll,' of themselves and all other tax pay
ers of the said city, to comp;l the said May
or and Aldermen to establish such sinking
fund and to restrain them from using or ap-
nropriating the said income in any other
wac or to any other purpose than that here
in declared.
Sec II Tit all Acts or parts of Acts,
heretofore nas>cI and now of force, author
izing the Mayor and Aldermen of the city of
Columbia to borrow money upon the bonds
thereof. or by issuing the stock thereof, be,
and the same are hereby, repealed.
Approved March l3, 1872.