The Bolivar bulletin. (Bolivar, Tenn.) 1888-1946, 1899-05-26
House Bill No. 1872.

An act to enable the town of Bolivar, Tennessee,
to issue bonds for the purpose of purchasing sites
aud erecting and furnishing school buildings
thereon.
Section 1. Be it enacted by the General Assem-
bly, of the State of Tennessee, that the town of Boil
war, in Hardeman County, Tennessee be, and the
same is hereby authorized and enabled to issue
and sell coupon bonds in a not to exceed in
the aggregate, ten thousand dollars $4,000, the
proceeds of which shall be used for the purpose of
buying sites and erecting thereon school buildings
| in and for the town of Bolivar and in furnishing
! said buildings
Section 2. Be it further enacted, That said
| bonds shall be issued on the order of the Mayor
and Board of Aldermen of said town. shall be sign
ed by the Mayor and cOuntersigned by the Record
er, and that the bonds issued under this act shall
be OF such denomination, bear such rate of inter-
est per annum, not to exceed six (6) per cent, and
mature at such times and places as the corporate
; authorities may determine; said bonds and inter-
est shall be paid in lawful money of the United
| States.
Section g. Be it further enacted, That none Of
the bonds provided for in this act shall be sold for
| less than par, and the coupons, when due, shall
be receivable for all taxes and dues to the corpora
ton, except the school tax, and the sinking fund
hereinafter provided for.
! Section4 Be it further enacted, That before
! the Mayor and Board of Aldermen shall issue any
of the bonds contemplated by this act, they shall
first order election of the voters of said town.
prescribe rules and regulations therefor and shall
give notice OF said election by publication in some
newspaper published in said town, at least once
week for three consecutive week, or by hand
| bills publicly posted for at least twenty days
specifying in such notice the amount of the bonds
proposed to be issued, for what purpose and pro-
viding for ballot on the propositions and if a
jority of the persons voting at such election are in
favor of said proposition then the Mayor and Board
of Aldermen shall issue the bonds for that purpose
and said election may be held at any time, or as
many times, for said purpose, as said Mayor and
Board of Aldermen may determine
Section s. Be it further enacted, That sa id May
| or and Board of Aldermen shall each and every
year levy tax not to exceed thir'y (3O) cents on
one hundred dollars (S1OO), upon all taxable prop
erty and privileges of said town pay the inter-
est on such bonds as may be issued hereunder, and
to provide sinking fund to pay redeem said
bonds at or before maturity, the sinking fund to be
used exclusively for the purpose levied.
Section 6. Be it further enacted, That upon the
issuance of the bonds und this act the Treasurer
of said town all receipt for and receive them, and
proceed to dispose of them to the best interest of
| the town. under the direction CT the Mayor and
Board of Aldermen, and subject to their approval
and shall keep the funds arising therefrom as a
separate and sacred fund, to be used only for the
purpose of buying Sites erecting school buildings
and furnishing same; provided, he shall first enter
| into special bond, to be approved by the Mayor,
in double the amount likely to come into his hands,
of the funds collected under the provisions of this
act for the faithful handling, safe keeping proper
ly paying over and accounting for such funds
two
payable to the town of Bolivar
Section Z. Be it further enacted That it shall
also be the duty of the Treasurer of said town to
receive and hold the funds arising from the sink
ing fund tax a separate fund for the payment
OF matured bonds, and to- invest it from time to
time in such securities as may be to the best in
terest of the town, under the direction and sub
ect to the approval OF the board of special School
Commissioners of said town,
Section 8. Be it further enacted, That the said
sinking fund tax shall be collected by the regular
collecting officer of said town in the same way and
on the same terms other taxes now collected,
and he shall pay the same over to the Treasurer
of said town as other taxes are paid over by law,
provided, he shall first enter into bond with two
or good and solvent suretes in double the
amount of such tax ard conditioned for the faith
full collection and proper paying over of said tax
to be approved by the Mayor, and payable to the
town of Bolivar.
Section 9. Be it further enacted, That the spe-
cial school Com missioners of the town of Bolivar
shall have the sole power and it shall be their du-
ty to select and make all purchases of building
Sites to contract for all buildings, all repairs of
buildings and provide for furnishing all such
buildings as may be bought or built by the funds
arising from the issuance of bonds under this act.
Section 10. Be it further enacted, That the mon
ey arising from the sale of bonds issued under this
act shall be paid out by the Treasurer of the town
upon order of the special School Commissioners Of
said town.
Section H. Be it further enacted, That coupons
maturing for interest shall be paid by the Treasur
out of the general revenues of the town ON
presentation and matured bonds shall be paid by
him out of the sinking fund presentation and
all such coupons and bonds so paid off shall be can