Western sentinel. [volume] (Winston [i.e. Winston-Salem], N.C.) 1856-1886, 1879-02-27

scribed bonds SO consumed and
destroyed.
SEC. 8. That the Treasurer shall
provide well bound book in which
shall be kept an accurate ac-
count and descriptive list of the
new bonds to be issued, and such
descriptive list shall embrace the
date, number and amount of such
bond or bonds, for which the same
issued and the name of the person
to whom issued.
SEC. 10 That it shall be lawful
Tor any executor, admins traitor,
guardian, trustee, director of any
cosP+ertts'.1 $50 '.1isse>--,saLd any and all other
=taesessons acilng D a uuucTaTyca-
paclty, holding bonds of the State,
to make the exchange provided in
this act, and'they shall DO absolved
from all liability on account of said
exchange.
SEC II. The provisions of this
acl for the exchange and issue of
bonds shall continue in force until
the 1st day OF January, A. D..s1882.
SEC. II. That as a further pro~
vision for the purpose of paying the
interest on these said new bonds, it
the taxes for any one year upon the
subjects of taxation hereinbefore
mentioned, shall be Insufficient to
pay said interest, then anG in that
case the Public Treasurer shall be
authorized to apply any funds in
the treasury not otherwise appro-
priated to that purpose.
Sec. 13. That in the event that
the taxes collected in any one year,
upon the aforesaid subjects of tax
alton, and the funds not otherwise
appropriated In the treasury when
added together shall be inadequate
to pay said interst, then and in that
case, and in order to provide for
/ the deficiency, the 4}ublic Trcasnr-
er be and be is hereby authorized to
issue cupon bonds of this State Of
the denomination of five hundred
dollars, bearing date of the first
day OF October or April of the year
Of the issue, according as the one
or the other of said dates shall be
nearest in point of time to the date
OF the issue. Said bonds shall be
payable forty years after date, but
redeemable after ten years, at the
the rate OF six per cent. per aHtum
; payable semi-annually on the frst
> days of April and October. Sale
hcn1s shall bear upon their face il
y red letters the words "Contingcn
|, Bond" and shall be numbered iron
one upwards in accordance with tin,
: order Of their Issue. They shall b'
!. signed by the Governor and Treas
$ urer, apd sealed with the Grea
Seal of the State; but the cnpon
! thereon may be signed by thu
: Treasurer alone, or have fa'
! simaaIe of his signature printed, en-
! graved or. Autographed thereon
The said bonds and cupons shall b.
exempt from all State, county O
= corporation taxtion or assessment
direct or indirect, general or special
;, whether imposed for purposes O
: general revenue or otherwise, am
they shall be lawful investments b,
all executors, administrators, guar
u dians and fduciries generally. Tn
. cupons or said bonds shall bear tn
same number as the bonds TO whic
= they are attached, and shall in ad
: dition be numbered from Ole mp
= wards in accordance with the dat
of their matarity, and they shall bt
and shall so express upon their tac'
i, that they are receivable al and al
Il ter maturity in pa. ment of a
b taxes, debts, demands and dues I
y the State, OF every nature and kin
/ whatsoever. ~ oQ
d SKo. IA. That the Public Treas
~ urer shall be authorized to sell {
~ many of said bonds at par as sha
IN be necessary TO provide for the dc
Of ffciences aforesaid pg0Uide,
OF hoaoever, That the Public Treasure
10 shall not issue and sell in the ag
J. gregate more than six hundred
al these honds. a
ss SEC. Is. That all the provisio
: of this act for paying the intercs
- - on the consolidated bonds shall al
ply as we'll to The payment of Il
y interest GA these said coutinge
~ bonds.
All SEC. 16. That for tbe purpo
of Of carrying ont the provisions
ch this act in relation to the furnishil
to of proper bank bonds and cupol
Ir- the Public Treasurer is anthoEize
is With the approval of the Govern.
ed TO nse any funds not Other wise a
II propriated IN the treasury, not G
ch ceeding the SUM Of Eve thousa
II dollars. HA sfn
ne IS SEC. II. That the Public Tres
70 Iuer is aathofized to give pub
.,' notice of shis plan for q settlens
- OF tho States idehtedaess by adv,
or tising in such newspapers as he n
oh select.