The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-07-09
IT WILL REQUIRE $Sl,165
THE ISSUE OF BONDS WILL BE
EXACTLY 100000.
DELAY CAUSED BY AN lRROR IN ORDER
Twas Go rc'ed Yesterday by the Executive
Board and the Treasurer WI Cree
Advertise for Bids for
the Bonds,

Another month and thre'l be another
bond issue.
State Treasurer Worth will tomorrow
advertise for bids for bonds to purchase
the Caledonia farms.
The amount of bonds issued will be
100000. but it is expected that not less
than $G4.165 will be realized on them,
that being the amount required to buy
the farms.
An order was served on the State
Treasurer Il month ago-on June 10Th
to issue these bonds, but he declined to
do so. the order simply reading, you
are hereby requested to issue and sell
bonds as provided for in section of
chapter GOT of the Laws of 1899, in an
amount sufficient to raise $64, 165, for
the purchase of the Caledonia farms,
and to cover the expenses of issuing
and selling said bonds
This order the Treasurer held was not
In such form that he could comply with
it; that the act authorizing the bond
issue required the executive board to
state in it's order, not what amount was
to be raised, but the amount to be is
sued.
Yesterday the executive board did
this, changing the order to read, ito the
amount of $4,000 in order to raise
$64, 1855, &c"
The order will be at once complied
with by the Treasurer. Advertisements
for bids will tomorrow be sent out and
thirty days thereafter the bonds will
be awarded to the successful bidder.
Under an act of the last Legislature
h., .,,.I S3n%r
Prison is authorized and empowered to
buy such of the farms upon which the
State now holds options as they may
deem best, and so soon as the board mott
fes the State Treasurer that it has de-
cided to purchase all or any of the State
farms. together with the amount neces-
sary to pay for them, the Treasurer is
required to Immediately advertise for
bids for Il sufficiency of the bonds to
make the intended purchase.
For this purpose the bond issue was
fixed at $4,000. For the present, how
ever, only $4,000 will be issued, that
amount bringing in enough revenue to
buy the Caledonia farms. If later it is
decided to buy others, there will be
another bond issue, not exceeding 500
600 in amount.
These bonds are payable in ten years.
They bear interest at the rate of 4 per
cent. per annum from the first day of
January. 1899. until paid, which interest
shall be payable semi-annually, on the
first days of January and July of each
and every year so long as any portion
of the principal or interest shall remain
due and unpaid.
The bonds and coupons. nray be made
payable TO bearer at the option of the
purchaser, and they shall be exempt
from all taxation whatsoever. State,
county, and municipal. general and spe-
cial. and the same shall be expressed on
the face thereof.
They shall be coupon bonds of the de-
nomination of 500, $500 and $1,000
each, as may be determined by the State
Treasurer, and shall be signed by the
Governor and State Treasurer. and shall
be sealed with the Great Seal of the
State. The State Treasurer has decid-
Cd to make the bonds in denominations
of $500 and $1,U0O-forty of each de-
nomination.
The State Treasurer must advertise
for thirty days for bids at a price not
less than 1O4 cents on the dollar. lie
shall hold the funds arising from the
sale of the bond as a separate and dis
tinct fund for buying State farms. This
fund shall be paid out by the Treasurer
only upon warrant of the executive board
of the States Prison, who are to audit,
and pass upon all claims and accounts
against it.