The Union times. [volume] (Union, S.C.) 1894-1918, 1897-03-26

Section 1. Be it enacted by the
general assembly of the State of South
Carolina, that the sinking fund com
mission is hereby authorized and re-
quired, when in the judgement of the
lid ".>n'"''Ss'"ners of the sin55 5'"" f1rd,
or obtainable ut reasonable price, to
lend the money of the sinking fund
commission both Cumulative and or
dinary'' for period of one year, ut
rate of interest of 5 per cent. per
annum.
Sec 9. That said loan shall be made
by said commission upon the valid
securities of the several States of the
United States giving preference thereto,
or upon the note of the county treasurer
and county supervisor of any OF the
counties Of this State who shall make
application for loan; provided, the
said loan be not more than one third OF
the tax levy for said county, and the
whole of the taxes of said county shall
be pledged for the repayment of the
money so borrowed of said sinking fund
| commission.
Sec. 3. That the county treasurers OF
| the respective counties borrowing funds
| of the sinking fund commission shall
pay the note so given out of the first
taxes collected for the fiscal year i'll
which said money is borrowed.
Sec I. That the sinking fund COM
mission shall receive applications for
various counties and file the same until
the first day of March of every subse-
| uuent wear hereafter: and if the nppli-
cations aggregate more than the entire
fund in the hands of the sinking fund
| commission, said commission shall pro-
rate the3ap ia he ~ M4Hs 4s,t tp 10 the s%yer%l
| ~ III = IS of onethird of the amount
OF tax levy for such county for county
| purposes; provided, further. that for
tins year the applications shall continuc
to be made until May lst.
Sec. .. That the sinking fund COM
mission shall forthwith call in all TOM
porary loans heretofore made bv il and
loan said fund under the provisions of
this act. Va
Sec; g: That any county treasurer,
VINO snail violate the provisions of this
act shall be fined, on conviction there.
of, sum not exceeding 81 900. and his
bond shall be liable to SAID sinkin~
fund commission for the amount of the
loss sustained by said commission. to-
gether with all costs and EXPENSES
thereof
Sec :. That all acts and PARTS of
acts inconsistent with this act be anl
the same are hereby repealed.
There being some question rs to tho
construction of the provisions of the
act, the Attorney-General was asked to
construe 1T for the commission. This
ne mas done and the following. issued
by the State Treasurer, has been print.
ed along with the act and is beinr sent
to the several counties, so that their Of.
hcials may inform themselves:
Office Of State Treasurer.
Department of SINKING FunJ
Coiumbia, >. g.. March II, 1897.
me foregoing copy Ofan act is trans
mitted Tor the information of those CON
cerned
The attorney general has construed
the act as follows: The sinking fund
commission Is authorized and rcuuired
10 lend money Mt ) per cent. interest
per anhum, when State of South Caro-
Ina bonds cannot be obtained ot q
reoasnable price. The money cunnot
be loaned for longer nor shorter per
od than one year. The money must
be loaned: First, upon the valid Sc
,nfitles OF the several States of the
United states, giving preference there.
lo' secondly, what money remains after
making loans upon such securities
offered as above stated is to be. ON thc
irst day of May, 1897, and on the first
lay OF March Of each year thereafter.
oaieu 10 the several counties applyinas
or loans and complying with terms Of
'ct; SAID balance loaned to counties
'eing. proratcd among the several
ouhticS In proportion to taxes pail
4hd no loan to any county shall Ec i'm |
Xcess OF one third of the tax levy for
uch county for county purposes the
ordinary county tax.
Applications for loans are to b.. for ,
iarded To the undersigned, I, whom
$50 apply for further information. .
W. II. TmNmEMAN,
tate treasurer and ex x-oflicio yrrns. 5
urer and Secretary Of the Sinl;iuo /
Fund Commission.
The commission had about Sl;3 pOo
ancd out IN 80 days time on February
These loans. it is said, will Inc M @
ice called in As will he scent the LnII. a
5 OF State bonds will still hnyc tho n
eierchcc on loans and the counties can :
PROV Whatever is left. 2
lhrnwcll has asked for n !onn of - L
- W Nlill&mSburg for -, 900: Gcorur- :
y" u Tor -, 900: and 0cOncc for - 500
'rk and ItichlGud wish to borrow
me- but have not yet stated how T.,
zen. AIKEN wants 10 lO.row s2 DJu "
ordinary county purposes and has -
Ntch asking ii She sill be allowed to >.
rlpW ~. 200 more, plcl%ing the spn :"
j Tax OF 9th Df y mill lryioJ f,r -;