The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-07-18
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, 1901, at 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 a majority of the qualified 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 % North
Carolina, ratified on the 18th 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 5 of said Act being
as follows:
See. 1. That for the purpose Of paw
ing. 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 tldermen
may determine to make, the City Of Raj
eigh is hereby authorized and empowered
to issue its bonds to an amount not ex-
ceedng One Hundred Thousand Dollars,
OF such denomination 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-
ceedng 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 a 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 (s100) assessed valuation
on property, 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 in the man
ner and at the times other city taxes
are collected, and shall be accounted toT
and kept separate from other city taxes
and shall be applied exclusively to the
l -. c.
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 al
maturity Of the principal of the said
bonds; and to insure the due investment
of the amount collected. from year tC
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 genera
rules and regulations as said Board o.
| Aldermen shall from time to time pre-.
| scribe, to make investn ents OF so much
| of tho taxes collected and turned over
| to him as aforesaid as shall be appli-
cable as aforesaid to the payment OF the
| principal Of said bonds issued under this
| act and to do or perform all such Other
services in connection with said bonds
| as said Board of Aldermen may prescribe
and such Commissioner shall give bono
| and receive such compensation for hi!
| said services as said Board of Aldermen
| may determine"
| That for the purposes OF saio election
| the City OF Raleigh Is divided into foul
wards or voting precincts, the boundaries
| of which are as follows
The area included between the centreI