The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1873-03-27
AN ACT

TO AUTHORIZE CERTAIN COUNTIES TO ISSUE BONDS
AND LOAN THE SAME TO AID THE CHARLESTON
GEORGETOWN AND ooNwAYsoao' RAILROAD COM,
PANY.
SECTION /. Be it enacted by the Senate and
House Of Representatives Of the State Of South
Carolina, now met and sitting In General As
sembly. and by the authority Of the same:
That tho several counties Of this State,
through which the Charleston, Georgetown
and Conwsyboro' Railroad Company shall build
and operate its railroad, or any branch thereof,
be, and they are hereby, authorized and em-
powered to issue bonds and loan the same to
the Charleston, Georgetown and Conwayboro'
Railroad Company, subject to such conditions
and provisions as hereinafter mentioned.
SEQ. 2. That the commissioners of election
OF the several counties through which the
Charleston, Georgetown and Conwsyboro' Rail-
road Company propose to build their railroad,
shall order, and cause an election to be held
within ninety days after receiving q request In
writing from the board Of directors of the
Charleston, Georgetown snd ConWayborc' Bail
road Company, asking that such an election be
held, thirty ldays' notice OF the same shall be
given for The purpose Of giving to the voters
Of the county an opportunity OF voting for the
granting of such aid, or against the same. The
voting shall be by ballot, either written or
printed, or partly written and partly printed,
and shall contain the words, said to the
Charleston, Georgetown and Conwayboro Rail-
road Company-Yes;" or the words, said TO the
Charleston, Georgetown and ConwayDoro' Rail-
road Company-No." The election shall be
held, and the managers shall make their re-
turns in the Same manner as is now provided
by law for general elections. The commission
ers of election shall, within ten days from the
time of receiving the returns, forward to the
board OF county commissioners q return set
ting forth the entire number Of votes cast, the
votes for, and the votes against, granting aid
to said company, II . majority of the. votes
cast shall be in favor Of granting aid, the
county commissioners shall Immediately cause
bonds to be printed, the same not to exceed
the sum Of two Thousand dollars, for every
mile the road is 10 be constructed in the coun-
ty, and payable in thirty years; and upon the
county commissioners receiving the same, they
shall sign, and the clerk Of the board shall
countersign and seal the same with the seal OF
the board OF county commissioners. The
bonds shall then be numbered and registered
in the Office Of the clerk Of the county. The
county commissioners shall then cause the
bonds to be deposited with come banking or
trust company. ~
SEQ. s. Wherever the said company shall
actually commence the construction OF aaid
railroad within the limits and confines OF any
county voting aid as provided in Section 2. and
shall deposit with the treasurer OF sHch county
a boud duly executed, with good and sufficient
sureties, and approvsd by the circuit Judge in
q sum sufficient to guarantee the payment Of
the interest on said bonds, during the time the
said railroad shall be under construction, the
county commissioners shall transfer the bonds
to the Charleston, Georgetown and Conway
boro' Railroad Company, and shall publish
such transfer In the official paper OF the county,
and the bonds shall commence to draw interest
from the date Of such Official commencement.
Upon the completion Of said railroad the
county commissioners shall receive from the
Charleston, Georgetown and Conwsyboro' Rail-
road Company, an amount Of preferred stock
Of the said company equal to the amonnt OF
county bonds issued in aid OF said company,
the preferred stock to bear interest at one per
cent. per annum more than the county bonds,
The bonds Of the county shall bear interest at
the rate of six per cent. per annum.
SEQ. 4. The county commissioners shall in
vesL the additional one per cent. received from
the preferred stock, in securities, or in any
safe manner whereby the same shall draw in
teresr semi-annually, and shall continue to In
vest the one per cent. 30 received, together
with the interest on the same, until sum shall
have accumulated sufficient to pay and cance
the bonds of the county issued in aid Of said
company, when the bonds shall be paid and
All moneys received as interest on
said bonds and preferred stock, shall be held
by the county treasurer, and paid out on the
order of the county commissioners.
Approved February 26, a. D. 1873. ~-