The Fairfield herald. [volume] (Winnsboro, S.C.) 1849-1876, 1873-05-21
orFlCrAL.]
ThC Laws OF South Carolina.
Acts and JOINT Resolutions Passed. Ey
tho General Assembly at the Session
of 1872 S73.

AN ACT TO AUTHORIZE CERTAIN CoUN-
TIES TO ISSUE BONDS AND LOAN THE
SAME TO AID THE CHARLESTON AND
GEoRGEroN AND CoNwAYBoKO RAIL-
ROAD COMPANY.
BE it enacted by the Senate and
House Of Representatives of the State
= Of South Carolina, row met and sit
ting in General Assembly, and by the
authority Of the satuo
8. Section |. That the several coun-
tics Of this State through which tho
iCharleston, Georgetown any Conway
boro Railroad Company shall bui Id
and operate its railroad, or" any
branch thereof, be, and the nre here.
by, authorized and empowered to
issue bonds and loan the same to the
Charleston, Georgetown and Conway.
boro Railroad Company, subject to
sach conditions and provisions as here.
after mentioned.
Section .. That tho commissioners
Of election of the several counties
through which the Charleston,
Georgetown and Conwayboro Railroad
Company propose to build their rail-
road shall order and cause an, claction
to be held within ninety days after
receiving request, in writing, from
the board Of directors Of the Charles
ton Georgetown and Conwayboro
Railroad Company, asking that such
an election be held thirty days
notice of the same snail be given, for
tho purpose of giving to tho voters of
the county an opportunity Of voting
for tho granting of such aid Or against
tho same. The voting shall be by
ballot, eithor urittvu plirrcd, ga
partly written and partly printed, and
shall contain tue words "Aid to
the Charleston, Georgetown and Con
wayboro Railio ioad Company )"
or The words; "Aid to th. Charleston,
GEORGETOWN and Cor"ayboro Railroad
Company-No" The election shall
bo held, a~d the managers shall make
,hc:r icturns, in the same manner as
is pow provided by lazy for general
,iections. The commissioners of elcc-
tiou shall, within ten days from the
timc of receiving the returns, forward
20 tho board oc County Commission ,
ers return, setting forth the cntire
number of votes cast, the votes for
and the votes against granting aid to
said company. If a majority of tho
votes cast shall be in favor Of grant.
ny aid, the County Commissioners
shall Immediately cause bonds to be
printcd, tho Same not to exceed the
sum Of two thousand dollars for every
mile the road is to be constructed in
tho county, and payable in thirty
years ; aud upon tho county commits
sioncrs receiving the same, they shall
eign and the clerk of the board shall
countersign and seal tho samo with
tho seal Of the board of county com.
missjonors. 1'ho bonds shall then be
numbered and registered in tbc Office
of the clerk of the county. The conn
ty commi missioners shall then GAUGE. the
bonds to BIO deposited with some
banking or trust company. i.
Section 3. Whenever the said COM
pany shall actually commence the
construction of said railroad within
tho limits and confines of any county
voting aid, as provided in section 2,
and shall deposit with the
treasurer of such county a bond duly
executed, with good and sufficient
saureties, and approved by the circuit
Judge in sum sufficient to guarantee
the payment Of the interest on said
ponds during tho time tho said rail
road shall bo under construction, the
ceuhty commissioners shall transfer
tho bonds to tho Charleston, George
town and Copwayboro Railroad Com.
pany, and shall publisG surE transfer
in the official paper of. the county
and the bonds shall commence to drau "
interest from tho date cf such official
commencement. Upon tho compile
tion OF, said railroad, tho county com;
missioners. shall receive from, Tho
Charleston, Georgetown and Conway
boro Railroad Company an amount o.
preferred stock of the said compan,
equal to the amount of county bond:
issued in aid of said company, the
preferred stock to bear interest al
ono por cent. por annum more
than the county bonds. The bond,
of the county shall bear interest a
the ratio of six per cent. per annum.
e.. Section d. The county commission
ers shall invest the additional cne
per cont. received from the prefcrret
stock in securities, or in any SAT
manner whereby the same shall draw
interest semi annually, and shall con
tinue to invest the ono por cont. g.
received, together with tho intcrcs
on the same, until sum shall hav
accumulated sufficient to pay an,
cancel tho bonds of tho county issue,
n aid of said comDany. whom TN