The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-07-27
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 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 all
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 foE Pub
lie improvements andtto Levy a Snecial
Tax" Section / and of said AcLSbeing
as follows:
Sec 1. That for the purpose Of paw
ing. matchmaking 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 Cne 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 q 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 tn sIch 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
accrung 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 ($100) 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 he collected in the man
ner and at the times ether city taxes
are collected. and shall be accounted for
o0d I.opt sanarate from othar citv taxaS
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 ore 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 az said Board of
Aldermen shall from time to time pre-
scribe to make investn ents of Sc much
of the taxes collected and turned over