The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-07-02
NOTICE OF BOND ELECTION.

Pursuant to an ordinance duly passed
by the Board OF Aldermen Of the City Of
Raleigh at their meeting on the night
of une 18th 1901 notice is hereby given
that an election has been ordered by the
Board Of Aldermen to be held on August
10Th, 1861 ut the polling places of the
various wards or election districts as
hereinafter described, from eight o'clock
a. m till sunset. TO obtain the consent
of q majority Of the qualihed voters of
the City Of Raleigh to the issuance of
Fifty Thousand Dollars of Bonds for
public improvements as. authorized by an
Act Of the General Assembly CO North
Carolina. ratified on the 7th day of March,
1901 entitled IAN Act to authorize the
City of Raleigh to Issue Bonds for Pub
lie improvements and to Levy a Special
Tax" Section / and of said Act being
as follows:
"Sec. /. That for the purpose Of paw
rg macadamiZing and otherwise improv-
ing 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 public improve
ments as the said Board of Aldermen
may determine to make, the City OF Raj
eigh is hereby authorized and empowered
to issue its bonds to an amount not ex-
ceeding One Hundred Thousand Dollars,
OF such denOminatio and in such proper
tion as the Board of Aldermen may deem
advisable, bearing interest from the date
thereof at rate not exceeding five per
centum per annum, with interest 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 transferable IN such way,
and the principal thereof payable to re-
deemable at such time or times not ex-
ceeding thirty years from the date there
of and at such place or places as the
Board of Aldermen may determine"
"Sec 5. That for the purpose of pro-
viding for the payment OF the interest
accruing on, and the principal at ma
turity of the bonds issued under author
ity of this Act the Board of Aldermen of
said city shall annually and at the
time of levying other city taxes, levy
and lay particular tax on all persons
and subjects 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
nor more than eight cents on the One
Hundred Dollars ($100) assessed valuation
on property, and not less than eighteen
nor more than twenty-fou, cents on each
taxable poll The taxes provided for in
this section shall be collected in the man.
ner and at the times other city taxes
are collected, and shall be accounted for
and kept separate from other city taxes,
and shall be. applied exclusively to the
purpose for which they are collected. So
much of said taxes as may be required
to pay the interest on the bonds issued
by authority Of this act as it falls due
and cannot be applied to the purchase
or discharge Of the bonds for which said
taxes are levied and collected shall be
invested so as to secure the payment at
maturity of the principal of the said
bonds; and to insure the due investment
of the amount collected, from year to
year In excess of that required to pay
the said interest, the Board OF Alder
men 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 pre-
scribe. to make investments OF SO much
of the taxes collected and turned over