The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-07-31
NOTICE OF ELECTION.

Under and by virtue of a resolution
of the Board of Aldermen of the City
of Raleigh, passed July 15th 1897, in
pursuance of the authority given in
Chapter 129, Private Laws of 1893, emit
tied AN Act to authorize the City of
Raleigh to issue bonds for public i'm
provements, and to levy a special tax"
notice is hereby given that special cleo
ton Will be held at the various polling
places in the wards of said city on the
1th day of September, 1897, for the pur-
pose of obtaining the consent of a ma
jority of the qualified voters of said city
to the issuance of the bonds provided
for in Sections | and of said Act, as
follows:
Section 1. That for the purpose of
paving, macadamizing and otherwise
improving such of the public streets of
the City of Raleigh as the Board of
Aldermen of said city may determine to
improve, and for making such other pub
lie improvements as the said board of
aldermen may determine to make, the
city of Raleigh is hereby authorized and
empowered to issue its bonds to an a.
mount not exceeding fifty thousand dol
lars, of such denominations and in such
proportions as the Board of Aldermen
may deem advisable, bearing interest from
the date thereof at rate not exceeding
five per centum per annum, with in
terest coupons attached, payable half
yearly, at such times and at such place
or places as may be deemed advisable
by said Board of Aldermen: said bonds
to be of such form and tenor and trans
ferable in such way, and the principal
thereof payable or redeemable at such
time or times, not exceeding thirty years
from the date thereof, and at such place
or places as the Board of Aldermen may
determine.
Sec. 5. That for the purpose of provid-
ing for the payment of the interest ac-
cruing on and the principal at maturity
of the bonds issued under authority of
this act the Board of Aldermen of said
city shall annually, and at the time of
levying other city taxes, levy and lay
q particular tax on all persons and sub
jects of taxation on which the said
Board of Aldermen now are or may
hereafter be authorized to lay and levy
taxes for any purpose whatsoever, said
particular tax to be not less than six
or more than eight cents on the one hun
dred dollars assessed valuation on prop
erty, and not less than eighteen nor
more than twenty-four cents on each
taxable poll. The taxes provided for in
this section shall be collected, and shall
be accounted for and kept separate from
other city taxes, and shall be applied
exclusively to the purposes for which
they are collected. So much of said
taxes as may be required to pay the
interest on the bonds issued by authori-
ty of this act, as it falls due, and can
not be applied to the purchase or dis
charge of the bonds for which said taxes
are levied and collected, shall be invest
ed so as to secure the payment at ma
turity of the principal of the said bonds;
and to insure the due investment of the
amounts collected from year to year in
excess of that required to pay the said
interest the Board of Aldermen shall
cause the said excess to be turned over
to the commissioner of the sinking fund
of the city of Raleigh, whose duty it
shall be, under such general rules and
regulations as said Board of Aldermen
shall from time to time prescribe, to
make investments of so much Of the tax
es collected and turned over to him as
aforesaid to the payment of the principal
of said bonds issued under this act, and
to do or perform all such other services
in connection with said bonds as said
Board of Aldermen may prescribe, and
such commissioner shall give bond and
receive such compensation for his said
services as said Board of Aldermen may
determine. F"
That for the purpose of holding said
election, a new registration has been
July ordered, to be held at the usual
in said city at the times,
md in the manner and between the
hours as provided for in the general cleo
lion law, beginning Saturday, July 31st.
1897.
VIM. NJ. RUSS,
Mayor.
Fl. T SMITH,
City Clerk.