The Charlotte Democrat., 1891-04-24

and bear interest at the rate of seven per
cent per annum, interest payable semi.
annually on the first day Of January and
the first of July each year by the Treas
urer of Mecklenburg county, but the
bonds aforesaid may be redeemed at any
time after the expiration of one year from
the date of their issue.
Sec. g. That to provide for the pay
ment of interest on the bonds issued as
aforesaid and for their redemption at
maturity the hoard of commissioners of
Mecklenburg county shall in addition to
other taxes compute and levy upon the
proper subjects of taxation in such town.
ship, city or town sufficient tax to pay
the interest on said bonds and one twen-
tieth amount of the principal thereof,
which taxes shall be collected by the
tax collector of said county under the
same rules and regulations as are pro-
vided for collecting other taxes, and he
and his sureties ehall bs liable to the
same penalties and subject to the same
remedies as now prescribed by law for the
faithfully collecting and paying over the
State and county taxes. The tax col.
lector shall pay said taxes when collected,
| to the Treasurer of said county, who shall
| first pay the interest on said bonds, and
| the coupons shall be his voucher and
evidence of such payment, and the
balance of the money shall be invested in
the purchase Of said bonds at rate not
above par.
Sec. 9. The bonds issued under the pro.
visions of this act to secure subscriptions
| to the capital stock of said railroad by any
township, city or town shall be signed by
the chairman of the board of county COM
missioners of said county and by the clerk
| of said boards. and the coupons shall be
signed by clerk only.
Sec. 10. That said company shall have
the right to have land condemned for the
right of way and necessary warehouses
and buildings according to existing laws,
and shall have full power and authority
to sell or lease its road bed property and
franchises to any other corporation or
persons and to purchase or lease and hold
| the bonds or stocks of any other railroad
in the State, or to consolidate with any
connecting line of railroads.
Sec. II. That said company shall be au-
thorized to begin the construction of said
railroad at any point, on the line projected
for it and may operate any portion of it
| when completed and shall have the exclu-
sive right of transportation over the same.
Sec. IL. That said railroad company
| shall have the right to build branch roads
connecting with it and for this purpose
shall have the rights and privileges con-
ferred by this act.
| 13. That said company shall have,
possess and use all the powers and rights
and enjoy all the privileges and immuni-
ties conferred by its charter upon any
other railroads in this state. Provided, that
the provisions of this section shall not be
construed to exempt the property Of said
corporation from being taxed as the pro-
perty of other railroads in this State is
taxed.
Sec. Ia. The said company shall be au,
thorized to borrow money for the con-
struction and operation of said railroad
and for the purposes of this act, and to
issue coupons for the amount so borrowed,
and to mortgage said railroads and the
other property of said railroad company
to secure the payment of said bonds, prin-
cipal and interest.
Sec. Is. That all laws and clauses of
laws in conflict with the provisions of
this act are hereby repealed.
| Sec. 16. This act shall take effect from
and after its ratification.
Ratified this the 9Th day of February,
A. d. 1891.
STATE OF NORTH CAROLINA
Office of Secretary of State,
| Raleigh, 23rd March, 1891.
I, William L. Saunders, Secretary of
the State of North Carolina, do hereby
certify the foregoing( eleven sheets)to be
true copy from the records of this city.
! Witness my hand in Office at Raleigh, this
23rd day of March 1891.
| WILLIAM l.. SAUNDERS.
| Secretary of State.