The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-07-30
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 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 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 Adermen
may determine to make, the City or Raj
eigh is hereby authorized and empowered
to issue it's bonds to an amount not eX-
ceeding Che Hundred Thousand Dollars,
of such denomination and in such proper
ton Ms the Board of Aldermen may deem
advisable bearing interest from the date
thereof at a rate not exceeding 1--we 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-
decmable 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-
yiding 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
aud 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 $1,000 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
Nor 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. 30
much OF said taxes as may be required
| to pay the interest on the bonds issued
| bv authority of this act. as 1T 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 &c
! wear IA 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 SO mucf
of the taxes collected and turned over