The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1882-03-30
AN ORDINANCE

10 -Authorize the issuing Of Bonds to the
amount Of $4,000, 10 raise sum OF
money to be subscribed by the City Coun-
Gil Of anderson, s. c., in the name of
the City of anderson, s. c., to the Cap
tai Stoc. of the ,Sardnnah HaNcy Rail
road Company, and to proridc for an
Election to Approre the same as required
by the Charter Of said City:
DE IT ORDAINED by the Mayor and
I'D Aldermen of the City of Anderson.
S. c., in Council assembled, and BY the au.
thority of the same:
SECTION 1. That, for the purpose of ra:s-
ing sum OF money to be subscribed to the
Capital Stock of the Savannah Valley Rail-
road Company by the said City Council of
Anderson. S. c., to be used in the grading
and building of said road, which is now
deemed to he of the greatest public impor-
tance, and which said road, il is anticipa-
ted, will greatly increase the trade and
greatly benefit the citizens of said City,
Of Anderson, s. c., be issued in the man.
ner and form hereinafter set forth.
Sec. 2. That there shall be twenty Of said
bonds OF the DEL animation of $500 each.
and one hundre,. of the denomination Of
800 each, and one hundred of the denom-
ination of $50 each, and that said bonds
shall be written or printed on good bond
paper and shall be signed by the Mayor.
and be attested by the Clerk of said City
Council, and the seal of the Corporation Of
said City affixed to each bondaby the Clerk
in open Council. The said bonds shall be-
come due and payable in twenty years from
their date, and shall bear interest from their
date at the rate Of seven per centum per
annum, to be paid semi-annually, and each
and every of the said bonds shall have as
many interest coupons attached MS there
shall be payments of interest to be paid on
the bond, with the amount of the Interest
falling due, and the date when it falls due,
said coupons to be signed by the City Clerk
and Treasurer; and that said coupons shall
be receivable in payment Of any and all
taxes and debts that may be due or levied
by the City Council OF Anderson, 8. C.:
and said bonds shall at all times be exempt
from taxation by the City authorities Of
said City of Anderson.
Sec 8. That the City Council Of Ander-
son shall, every year during the said twen-
ty years, levy and assess an annual tax
sufficient for the payment of the interest
on the aforesaid bonds as it shall fall due,
and as the coupons are presented for pay.
| ment; and the said City Council shall also
every year during the said twenty years
sum of seven hundred and fifty dollars, to
be kept as a sinking fund, TO be used for
the payment of said bonds when they shall
fail due, and for no other purpose what
sonNcr, except that 1t may be invested in
soma good interest-bearing security, so as
to increase it as much as possible.
SFc. 4. Ard be it further ordained, That
for the purpose of ratifying and confirming
the foregoing, and also for the purpose oi
carrying out the provisions of the Charter
of said City relative to the issue Of bonds
| by the City Council an election shall be
| held on Tuesday, the End day Of May
| a. D., 1882, III the manner and form here
matter provided, thirty days previous pub
| lie notice having been first given of the
| time and place of holding s1id election in
one or more of the newspapers published
| in the City.
SEc..5. That there shall be three Mana.
| gers of election, who shall be appointed by
the City Council to conduct said election
| and who shall take the oath prescribed in
tie Constitution of the State Of South Car
olina before entering upon the discharge o.
their duties; and said election shall be held
in the Court House building, and the poll:
kept open from o'clock q. m. to O'Clock
| p. IN.
SIC. g. That all persons voting at sale
election, IL they are in favor OF the issuing
of the aforesaid bonds, shall have writer
or printed on their ballots the words. "Fol
Bonds and Subscription" and if they ar,
opposed 10 the issuing of the aforesaiC