The Pickens sentinel. [volume] (Pickens, S.C.) 1871-1903, 1891-12-31
Our Railroad Law.
Our Railroad Law.
An Act to provide for the issuing and pay.
ment of township and town bonds in aid
Of fh,

of the Pickens railroad.
Whereas, A majority OF the owners OF
real estate in the townships of Pickcns,
Hurricane and EastatOc, in the county of
Pckcns did petition tho County Commits
Sioners of Pckcns county to submit TO tho
voters Of said townships tho question Of
subscription to the Pickcns Railroad Com
pany In bonds bearing interest at the rate
of seven per cent. per annum, but not to
be delivered 10 the said company till said
railroad is completed from the town Of
Easlcy to the town OF Pickcns, and trains
running on the same.
And Whereas, A majority of the land
owners of the town of Easlcy in said coun-
ty did at the same time petition the corpo-
rate authorities of said town to submit the
same question TO the voters of the town OF |
Eslsley under similar conditions.
And Whereas, Under and by virtue of |
an order of the said county commissioners
and Of the corporate authorities Of the town |
OF Easlcy, an election was held on the 18th
day of November, 1891, whereby the said
township Of Pickens by its vote expressed
it's Willingness TO subject itself to taxation
for the purpose of paying bonds to bc issll-
cd by it in aid OF said railroad in the sum
Of ten thousand dollars (flO, ,O0O. .OO, } and
the townships of hurricane and Easlatoe
for the same purpose and at the same time
by their vote expressed their willingness to
tax themselves in the SUN of three thous-
/ and and five hundred dollars ($3, 800. OU)
cach and nj the same time and in the same
Way the town of Easlcy expressed its will
!inyness to be taxed in aid of tho said rail
! road in the sum of three thousand dollars
($3,C00.00). Now, therefore, for the pur-
pose of carrying into effect the expressed
will Of tho people CT said townships and
| town:
SECTION I. BE it enacted by the Senate
and House of Representatives Of the State
of South Carolina, now met and sitting in
General Assembly, and by the authority Of
the same, That the chairman OF the board
or county commissioners for PiCkcns
county, or other officer discharging such
duties. hc and he is hereby authorized and
required 10 subscribe to the capital stock
OF said railroad company in behalf of
Pivkens township the sum 0f ten thousand
D,0uo.0m dollars, in behalf of hurricane
township the sum of three thousand and
, five hundred ($3, 800. O0} dollars, and i'm be-
half of Easatoc township the sum Of three
thousand and five hundred (s3,5Oo.0O)
dollars, and the town council of tho town
OF EaSiCy is hereby authorized and rrtnir-
, cd 70 subscribe to the capital stock of said
company the sum OF three thousand ($3
: 900. .0D dollars, which subscription shnll be
in seven per cent. coupon bonds, the inter
est payahle annually, said bonds to he
|
! thereof, and to be Of the denomination of
one hundred (tl0000) dollars, five hundred
(3j0O.00) dollars and one thousand ($l,-
600. 00) which shall be received by said
company nj par.
Sec. 2. That said bonds shall not be issu-
cd and delivered to the said railroad com
pany until the railroad is completed from
tho corporate limits of The town of Easlcy
10 and within the corporate limits OF the
TOWN IirEpnS
thereon, ut which time the said bonds shall
he delivered TO the treasurer Of said rail
road company.
Sec. 3. That tho said township and town
bonds when issued as aforesaid by the
county commissioners as agents for said
townships, and ny the town council OF the
town Of Easley for said town in aid Of the
said railroad, arc hereby declared to be
debts Of said townships and said town res
pcctively in the amounts which they have
authorized tho issuing of the same.
Sec. 4. That for tho payment OF the in
tcrest on said township bonds the county
Auditor. of PiCkens county or other officer
C dischnrging such duties is hereby auth0ri-
L XcI ana required 20 @"""Ss ""Mrnlly upnn
the property OF each Of said townships
such per CCntum as may be necessary to
D pay snid interest on said bonds, which shall
e be known and styled in the tax books as
r said rNidrOad tax, which shall be collected
- by the Treasurer Of said county under the
same regulations rs arc now or may here
after he provided by law for the collection
T Of taxes in said county, and which shall b:
paid over by the Treasurer 10 tho holders
of the coupons of said bonds as the said
4 interest shall hccomc due. And for the
payment OF the interest ON the hnnds sub
scrihcd by the town of Easlcy the town
y council Of said town are hereby authorised
/. and required to assess annually upon the
# property Of said town such per Ccntum as
may he necessary TO pay said interest on
=. said bonds, which shall be known as the
l. railroad tax, at the same time and manner
= as other municipal taxes are collected, and
, shall be applied to the payment of said in
tercst; Provided, That within ten years of
l. the time said bonds shall fall due the mon
=, cy to pay the same shall be raised by taxa
" tion ia the same manner, and paid out Ivy
l. the county Treasurer and town council as
Il provided above for the payment Of the an.
, nuAl interest.
Sec. S. That for period Of twenty
years from the date Of the issue Of said
/ bonds the county tax levied upon the said
: liCkrns Railroad Company shall be paid
by the county treasurer to the county com
miSSionCrS Of Iickcns county, or to any
:, person OF persons vino III; exercise the
powers now possessed hy the county COM
" ilisSioncrs. and shall be held by them as a
y sinking fund for the purpose OF meeting
The principal of said bonds at maturity,
said sinking fund to he invested in the pur-
chase Of such bonds from time to time
. Whenever such purchase shall bC practica-
.. .. bic. And if no such purchase can be
! made, or if to make such purchase too
- large premium be required, then the sum
= III said sinking fund be invested in State
stock, to be made ont in the name of the
county treasurer Of PiCkcns county for the
time being for the use OF the sinking fund
Of the Pckcns Railroad bonds," to I've held
L for the redemption Of the railroad bonds
! authorized by This Act.
Sec. 6. That this Act shall take effect
!-.mcdiateiy npon lis approval.
holiday Mates.
The Richmond IL Danvillc railroad viii
sell reduced rate round trip holiday tickets
. between all points on its lines within q RI
, dus of three hundred miles, at four cents