Beaufort Republican. [volume] (Beaufort, S.C.) 1871-1873, 1872-06-20
Approved March Il, 1872.
an Act R2Iating to the Bonds of the
State If South Carolina.

Whereas bonds or Obligations Of this
State have been issued, from time to
time, to Il large amount, in accordance,
a> was supposed by the ticers issuing
the same, with the authority and prOvis
ions of certain acts Of the General As
semb!y, including IAN act authorizing
loan to redeem the obligations known as
the Bills Receivable Of the State of
South C,rolina, approved August 20,
1865; also. IAN act to authorize State
loan to pay interest on the public debt"
approved Au2ust 2G, 1888; also. IAN act
to provide for the appointment Of a Land
Commissioner, and to deOne his powers
and dnties," app:ored March -, 1860:
also, IAN act to amend the last named
act and for other purposes approved
March, 1870; also. AN act Y authorize
approveafsSbruaYfl1,. .lSfjf|sSs. IAN
act to proyi Y for tie eonveA bpof State
securities, "/apprpvSd March %, 1869;
and IAN att .tsauthorizc the Financial
Agent of the State Of South Carolina, in
the city Of New York, to pc lge State
bonds as collateral ,ecurity, aud ror other
purposes" approved March 26, 1869;
which said bonds are full Y stated and set
forth in report made by the Treasurer
of the State to the General Assembly,
dated Ocrober 81; 1871; and whereas
doubS have arisen whether said issues
were in strict conformity to the provisions
of the said several acts under which they
were respectively issued; and whereas it
va the true intent and meang OF the
several acts above set forth that such is
sues of bonds or obligations should be
made in the manner in which the same
have been made, as aforesaid, and,
whereas, also, doubts have been raised
as to the validity ST some Of the bonds
mentioned in the said an nal report Of
the State Treasurer, for the fiscal year
ending with October 81. 1871, although
money has been borrowed by, or realized
ont of, said bonds on account of this
State; and whereas the credit of this
Safe has been affected thereby;
Section ]. BE it enacted by the Senate,
and House Of Representatives Of the
State Of Sruth Caro- ina, now met and
sitting in General Assembly, and by the
authority Of the same:
That the said bonds and obligations,
issued on behalf Of this State, as men
toned and set forth in the report of the
Treasurer of this State to the General
Assembly, dated October 81, 1871. were
duly and lawfully issued in conformity
with the true intent and meaning of the
several acts of the Gener ! Assembly,
hercinbefore set forth by their respective
titles.
Sec .. That the acts of the officers of
this State, authorized under the pro-
visions of the laws Of this State, and of
the several acts hereirbclore referred to,
to the extent Of all issues Of bonds or
obligations enumerated and set forth in
the said report of tn Treasurer, be. and
are hereby, in all things, ratified, con-
frmed anil established.
Sec. 3. That each and all of the bonds
named in said annual report of the Treas
urer Of this State for the fiscal year end
ing with October 81 Il, be, and the
same are hereby, declared to be leg | and
valid bonds of the State of South Caro-
lima, for the payment of which the faith,
credit and funds of the State have been;
provided, that no bonds be included
which are not registered in the Treasury
at the time of the passage Of this act. as
provided for in section IA, article of the
Constitution, relating to finances and
taxation.
Sec. 4. The section of each of the acts
under which said bonds purport to be is
sued, which provides for an annual tax
to pay the interest is hereby declared to
be part of this act and an annual tax,
in addition to all other taxes. ehall be
levied upon the property of the State
sufficient to pay the interest on the bonds
named in. or provided for by, this act,