The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-08-01
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 14th, 1901, notice is hereby given
that an election has been ordered by. the
Board of Aldermen to be held. on August
18th, 1884,. at the polling PLACES of the
various, wards :, or :, elections districts as
hereinafter described, fromt eight O'Clock
a. m. TIL sunsetS to, obtain the. consent
of "a ma ority.of 'therqdaliffed 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 o: 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 l and Of said Act being
as follows:
"Sec. 1. 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 Idermen
may determine to make, the City OF Raj
o1E0 Is nGTGOY dulHOItHGu anu ShpO"CACu
to issue it's bonds to an amount not ex-
ceeding One Hundred Thousand Dollars,
of such denomination and in such proper
ton 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 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. s: That for the purpose of pro-
viding for the payment Of the interest
accrulng 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 wha tsoever, said
particular tax to be not less than six
nor more than eight cents on the One
Hundred Dollars $4,000 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 ether city taxes
are collected, and shall be accounted tor
AMI 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
nv 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 the taxes collected and turned ovei