The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-07-26
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 thes qualihed voters of
the City of Raleigh to the issuance of
Fifty Thousand Dollars of Bonds for
nublic improvements as authorized by al
Act Of the General Assembly o. 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 Special
Tax" Section / and of said Act being
as follows:
"Sec l. That for the purpose OF paw
ing, macada MIXING 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 it's bonds to an amount not ex-
| ceeding 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 a 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 oil
| 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. s. 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
| lty of this Act the Board of Aldermen o
said city shall annually. and at the
time of levying other city taxes, levy
| and lay a particular tax on all person!
and subjects of taxation on which th'
said Board OF Aldermen now are or ma,
hereafter be authorized to lay and lev!
taxes for any purpose whatsoever, sait
particular tax to be not less than 81!
nor more than eight cents on the ON
Hundred Dollars ($100) assessed valuation
on property, and not less than eighteen
nor more than twenty four cents on eacl
taxable poll The taxes provided for u
this section shall be collected in the man
ner and at the times other city take
are collected. and shall be accounted TO
and kept separate from other city taxes
and shall be applied exclusively to tn
purpose for which they are collected. 5
much of said taxes as may be require
TO nav the interest on the bonds issue
nv authority of this act. as it falls du
and cannot be applied to the purchas
or discharge of the bonds for which sal
, taxes are levied and collected shall b
invested so as to secure the payment q
maturity of the principal of the sal
bonds; and to insure the due investmer
of the amount collected, from year
wear IN excess Of that required to pa
the said interest, the Board OF Alder
men shall cause the said excess to
turned over to the commissioner of tn
! Sinking Fund of the City OF Raleigl
whose duty it shall be under such generi
rules and regulations as said Board
Aldermen shall from time to time pre-
! | scribe. to make investn ents OF SO mue
of the taxes collected and turned owe