The Durham recorder. [volume] (Durham, N.C.) 1879-19??, 1891-04-22
GRADED SCHOOL BILL.
THE ACT THAT AUTHORIZES DUR
HAM TO ISSUE BONDS.

Inc Generai Assembly Oh Nurth Nsh
Dina do enact
SECTION /. That the Commissioners
of the town of Durham be and the
same are hereby authorized to issue
coupon bonds Of the townbf Durham
not 10 exceed in amount the sum Of |
(S25, O00) twenty-five thousand dol
lars, and in denominations of not less
than one hundred dollars nor more |
than one thousand dollars, bearing
interest from date Of bonds at rate
not to exceed the rate of interest al
lowed by general law, and payable
semi-annually on the first day OF
january and the first day Of July OF
each year, until the said bonds are
paid; that the said bonds shall be
made PAYABLE at time to be fixed by
said Commissioners and named there
in; not to be less than ten nor more
than thirty years from the date there
Of: Provided. however, that the said
Board of Commissioners Of the town
of Durham may divide said bonds in
to classes as they may determine and
have them mature at different conye-
nient dates between the limits afore-
said.
It isfurther enacted that said bonds
and their coupons shall be numbered,
and the bonds shall be signed by the
Mayor Of the town Of Durham and
counter signed by Clerk of the Board
Of Commissioners az said town, and
have the corporate seal Of said town
affixed thereto, and the coupons
thereto attached shall be signed by
the Mayor of said town; that a rec
ord shall be kept of said bonds show
ing the numbers and denominations
thereof, and to whom sold, the dates
of issuing thereof, and when the
same will mature, and the interest
bearing rate thereof, the amount re-
ceived from the sale Of the same, and
the date Of paying the proceeds into
the treasury of said town and such
other data in relation to the same as
said Board Of Commissioners may
direct TO be kept.
SIC. =. That the bonds hereby au-
thorized to be issued shall not be sold
for less than their face value. and
the Mayor of said town shall not de-
liver said bonds or any Of them e
the purchaser thereof rntil the pur-
chase money thereof shall be paid q
the treasurer of said town and his
receipt to the purchaser produced be
fore the Mayor as evidence OF such
payment. and the treasurer Of said
town shall receive all such moneys
paid in the purchase Of bonds in his
official capacity as treasurer Of said
town. and he and the snreties on his
official bond shall be liable 70 account
for and pay over the same as Is pro.
vided in this act, or as may be other
wise provided by the laws relating Il
the treasurer Of said town of Dur.
ham: and il shall be the duty Of tbs
Board Of Commissioners Of said town
II Durham To see 70 it that the bond
* said treasurer shall az all times By
sufficient IN amount and with salts
factory sr,reties TO provide agains
any lrS IF money arising from tn
sale Of said bonds, and 70 that ems
may at any time require said treasu
rer 70 renew his official bond in suci
sum and with satisfactory sureties a
they may require, and in defaul
thereof remove him from his offic
as treasurer.
SIC. 3. That the treasurer Of tn
town u Durham shall keep separat
from all other public moneys comm
into his hands the moneys arising a
proceeds from the sale Of said bonds
and the same shall be expended b,
the school Committee Of the town 0
Durham in Durham County, Ii
body corporate created BY and exist
ing under chapter Sc. laws Of 1851
entitled an act In relation 20 the pull
H. schools in the town Of Durham
and said moneys shall be expendc
in the purchase Of lands In the tow
IL Durham and the erection thereo
# suitable buildings and improve
meuis and furnishing the same wit
necessary equipments and furnitur
FIR the accommodation Of the publ
hoo.s IL the town Of Durham: Pr,
yided. however. this net shall be sui
initied % the qualified voters 81 sal
town II Durham for their ratifica
ton Or rejection at an election 20 }
held In said town az the ZANE tim
aud places Of holding the next gel
t. efal election for Mayor and Commits
toners IL said town. The said Gle,
ton shall BE advertised BY the sai
B0afd u Commissioners Of said tow
u Durham for thirty days prior I
the day II election IN one or MOI
newspapers published IN s1id tow
aud said elfafi0n shall BE- held ufds
the supervision u inspectors and %
holders or judges Of election appOin
~ b. said Board u Commissioner
and returns u the result Of said ele
tiOn he made and certified IN lh
manner a. al other elections IN sai
town, and in like manner the return
If said election and the result there's
b. canyassed by said Board u Con
miSigness and the result declared.
AZ said election Those who are !
favor 81 issuing said bonds shall yOi
For School bonds" and those wt
are opposed shall vote No Scho
bonds, =" on written Or printed ballot
that the number u ballots cast Il
and aeainst said bonds and depOsits
in the ballot boxes provided for thi
purpose shall b. counted and the i
suit u said election certified and n
turned b. the said Bard u Comrli
sioleTs II the town u Durham. an
the niIne when canyaEyd and u
clared as aforesaid shall b. csrtiht
under The hands II the Mayor
said town, and the said Clerk ~ sai