The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1873-03-29
"a Isl J .IosriorAh.l
The Laws Of South Carolina.

ISSUE BONDS AND LOAN TIE SAME TO AID
THE oHARLEsToN, GEORGETOWN AND CON.
WAYBoRo RAILROAD COMPANY.
Be.is enacted by tho Senate and House of
Representatives Of Use State OF South Caro-.
tina. moso saes and sitting in General As.
sembiy, and 6y Nse authority Of The same:
SECTION !. That the several Counties
OF this State, through which the Charles
ton. Georgetown ami Conwayboro Rail-
Ensa uom pany ahaA build and operate its
railroad, or any branch thereof, be, and
they are hereby, authorized and empow-
cred to issue bonds and loan the same to
the Charleston, Georgetown and Con
wayboro Railroad Company, subject to
III, ,h conditions and provisions as here
matter mentioned. - t.
SEQ. 2. That the Commissioners OF
Election OF the several Counties through
whioh' thes CharlestonT .9eorgetowuy and
Oonwsyboro Railroad Company proroee
to build their railroad shall order and
cause an election to be held within nine.
" days after receiving q request, in
writing, from the Board OF Directors of
the charleston, Georgetown and Con.
|: WAY horo Railroad Company, asking that
such an election be held; thirty days'
notice OF the SAME shall be given, for the
purpose Of giving to the voters of the
County an opportunity OF voting for Tia o
granting otsueh aid os against the same.
The voting shall be- by .ballot, either
written or printed, or paftly written and
partly printed. aud shall contain the
nords: "Aid to the Charleston, George
town and Conwayboro Railroad Com
pany-Yes;" or,the words: 'Aid to the
Charleston, Georgetown and Conway
ooro RAILROAD Oompany-No." The
a}pokSnn a ohol En l,ol.1
shall make their returns, in the same
manner as is now provided by law for
general elections. The Commissioners
Of Election shall, within ten days from
the time of receiving the returns. for
ward to the Board Of County Commis-
sloners return, setting forth the entire
number of votes cast, the votes for and
the votes against granting aid to said
| company. If majority Of the votes
cast shall be in favor of granting 6{d, the
County Commissioners shall Immediately
cause bonds to be printed, the same not
to exceed the fum of two thousand dol
lars for every mile the road is to be con-
| struoted in the County, and payable in
thirty years; and upon the County Com
mlssioners receiving the same, they shall
sign, aud the Clerk of the Board ehall
conntersign and seal the same with tho
seal of the Board of County Commission
ers. The bonds sEall then be numbered
and registered in the Office of the Clerk
OF the County. The County Commis-
sioners shall then cause the bonds to be
| deposited with some banking or trust
company.
| SEC. 3. Whenever the said company
shall actually commence the construc-
tlon of said railroad within the limits
and confines of any County voting aid,
az provided in Section 2. and shall demo-
sit with the Treasurer of such County a
pond duly executed, with good and sufi-
clent sureties, and approved by the Cir
cunt Judge, III sum sufficient to guaran-
tee the payment of the interest on said
bonds, during the time the said railroad
| snail DC under construction, the County
Commissioners shall transfer the bonds
TO the Charleston, Georgetown and Con-
| wayboro Railroad COMPANY, and shall
publish such transfer in the official paper
OF the County; and the bouds. shall com
mence to draw interest from the date of
such ot1ieial announcement Upon the
completion Of said railroad, the County
Commissioners shall receive from the
Charleston, Georgetown and Conway
boro Railrond Company an amount Of
preferred stock of the said compnnv
equal to the amount Of County bonds
issued III aid OF said company, the pre-.
ferred stock to bear interest ut ono per
cent. per annum moro than the County
bonds. The bonds of the company
shall bear interest at tho rate of ak per
cent. per anuum.
SEC 4. Tho County Commissioners
shall invest the additional ono per cent.
received from the preferred stock in Sc
ourities. or III any safe manner whereby
the same shall draw interest semi annn.
ally, and shall continue to invest tho one
per cent. so received, together with the
interest on the same, until n sum shnll
have accumulated sufficient to pay and
cancel the bonds OF tho County Issued
IN aid OF suid company, when the bonds
shall be pnid md Cancelled. All moneys
received rs interest Oh snid bonds aud
preferred stock shall be held bv the
County Treasurer and paid out on the
order OF the County Commissioners.
APPROVED February 2G, A. d. 1878.
AN ACT CEDING THE JURISDICTION OF TIE
STATE OF SOUTH CAROLINA TO THE
UNITED STATES OF AMERICA OVER GER.
TAIN I,ANDS