The news & observer., 1897-09-04
NOTICE OF ELECTION


of the Board OF Aldermen of the City
Of Raleigh, passed July 18th, 1897, In
pursuance Of the authority given In
Chapter 100, Private Laws of 1893. enti-
tied An Act to authorize the City of
Raleigh to issue bonds for public Inn
provements, and to levy a special tax"
notice is hereby given that a special cleo
tiOn VIII be held at the various polling
places in the wards of said city on the
18th day of September, 1897, for the our
pose of obtaining the consent of ma
jority Of the qualified voters of said city
to the issuance of the bonds provided
for in Sections l and OF said Act, az
follows:
Section /. 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 a 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 provtd-
ing for the payment Of the interest &C
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
a 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 ~ the one hun
dred dollars assessed valration 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
he 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
chars- of the bonds for " hch 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 1t
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
III COHutClIUH WITH SdlU DCnOS as SAID
Board Of Aldermen may prescribe. and
such commissioner shall give bond and
receive such compensation for his said
services as said Roard OF Aldermen may
determine.
Those qualified voters approving the
ssue Of the bonds and the levy and collec-
ion Of the particular taxes as above pro-
ided for shall deposit in the ballot box a
slip containing the printed or written
yord, Approved; and those disapprov-
ng the same shall deposit like clip with
he printed or written word "Disapprov-
d."
That for the purpose Of holding said
election, new registration has been
duly ordered, to be held at the urual
voting-places In said city at the times,
and in the manner and between the
hours as provided for in the general cleo
ton law, beginning Saturday, July S1st
1897.
| VIM. NJ. RUSS.
Mayor.
H. r SMITH,
|