The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-03-30

of maturity, which registry shall at all times
be open to the inspection of any corporator,
taxpayer or bondholder, and, at any time,
upon the written demand of the holder or
holders of bonds to the amount of fifty thous-
and dollars, or of corporators to the number
of twenty, the said mayor aud aldermen shall
publish detailed statement Of the city In
debtedness 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 gov
ernment, the said mayor and aldermen shall
levy, annually, 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 authority of law: ProVi-
ded, however, That said bonds shall not be
subject to q taxation by the said city council Of
Columbia And provided, further, That the
taxes hereby authorized to be levied and col
lected, for the payment OF the semi-annual In
terest on the said bonds, shall be levied and
collected from such sources, upon such prop.
erty, and at such rates, as are established and
designated by law as sources of revenue, sub
jects, or objects Of taxation, aud as rates for
the support of the said city government.
SEQ. G. That the said mayor and aldermen
are hereby authorized and directed to apply
the proceeds of the sale OF said bonds; first, to
the payment OF any debts heretofore contract
ed, or which may hereafter be contracted for
the construction Of the new city hall and the
new market; and, secondly, for the improve
ment OF the streets, the extension of the
water works, and for any other improvements
which shall be judged advisable by the said
mayor and aldermen: Provided, That no part
of said bonds shall be used for the purchase of
any franchise or corporation.
SEC. Z. That the said mayor and aldermen
are hereby prohibited from increasing the
debt Of the City OF Columbia, beyond the sum
mentioned in the first section Of this act, and
upon any attempt being made 80 to do, any
bondholder or corporate taxpayer shall have
his action to eujoIn the said mayor aud alder
men from so doing.
SEC. 8. The 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 1t
shall be expressed that the sameis Issued un-
der the authority of this act.
SEC. g. That If the mayor, any alderman OF
the City OF Columbia, or any officer thereof,
shall privately or fraudulently issue any OF
said bonds, he shall be adjudged guilty OF
felony, and upon conviction shall be punished
by fine and Imprisonment OF the discretion of
the court.
SEC. 10. That upon the completion and oc-
cupallon of the said City Hall, the said mayor
and aldermen shall at once, by ordinance,
make provision for sinking fund, to be
based upon the net annual income derived
from such parts of the said City Hall as 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, 1t shall be
lawful for any ten citizens of Columbia, being
taxpayers of the said city, to compel the
said mayor and aldermen to establish such
sinking fund, and to restrain them from uslr!
or approprlallng the eaId income In any otaer
way or to any other purpose than that herein
declared.
SEC. IL. That all acts or parts of acts hereto
fore passed and now of force, authorizing the
Mayor and Aldermen of the City OF Columbia
to borrow money upon the bonds thereof, OF
by Issuing the stock thereof: be, and the same
are hereby, repealed.
Approved March l3, 1872.