The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-03-20
/ AL[ICH BOND ACT
Law Submitting the Cues.
ton to a Vote.
The City to be Divided Into Four Wards, and
The City Clerk to Have The P,wers If
the County EIec ion Board.

the County EltC ion Board.
The bill passed by the last Legislature
authorizing Raleigh to vote on the bond
issue and to levy certain taxes for the
purpose of street Improvement is as fol-
lows:
The General Assembly of North Caro-
lima do enact:
Section l. That for the purpose of paw
ing, macadamizing and otherwise improy-
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
mcnts as the said board may determine
to make, the city of Raleigh is hereby
authorized and empowered to issue it's
bonds to an amount not exceeding one
hundred thousand dollars, of such denom-
nations and in such proportion as the
board of aldermen may deem advisable,
bearing interest from the date hereof
at rate not exceeding five per centum
per annum, with interest coupons attached
payable half yearly at such time and at
such place as may be deemed advisable
by said board of aldermen; such bonds
to be of such form and tenor, and trans
thereof payable or redeemable at such
time or times not exceeding thirty years
from the date thereof and at such place
or places as the board of aldermen may
determine.
That the board of aldermen shall set
apart for the special purpose Of paving
and otherwise Improving the streets OF
the city Of Raleigh the whole of the pro-
ceeds arising from the sale of the bonds
authorized by this act: Provided, that
not more than fifty thousand dollars, to-
gether with the premiums thereon, may
be expended or issued in any one year
from date of issue.
Sec 3. That none of the bonds author
lied by this act shall be disposed of
either by sale, exchange, by hypothecation
or otherwise for less price than their
par value Nor shall said bonds or their
proceeds be used for any other purpose
than those declared in said sections one
and two respectively, and any officer of
the said city Of Raleigh violating, aiding
or abetting any person in the violation of
this section shall be guilty of a misde-
meanor and upon conviction thereof shall
be fined not less than $500, and imprison-
ment less than six months, and shall be
liable to the city in double the amount
lost by the city by such violation.
Sec 4. That the bonds authorized to
be issued by this act and their coupons
shall not be subject to taxation by the
said city until after they become due
and tender of payment shall have been
made by the city and coupons shall
be receivable in payment of city tax
or other city dues for any fiscal year in
which such coupons become due, or here
after and if the holder CT my OF said
bonds or coupons shall fal. 10 present
the same for payment at the time or
times and at the place or places therein
named he shall not be entitled to any IN
terest thereon fer the time they have
been outstanding after maturity.
Sec. 5. That for the purpose of Hrovid-
ing fer the payment of the interest acc"u-
ing on and the principal at maturity OF
the bonds issued under authority OF tbs
act. the board of aldermen of SAID oi.y
shall annually and al the tina OF levy
ing other city taxes levy an lay BAR
ticular tax on all persons and subjects of
taxation on which the said board OF al
dermen now are or may hereafter be
authorized to lay and levy taxes for any
purpose whatsoever, said particular tax
to he not less than six nor more than
eight cents OH lhe one nuhulS gu uolioio 40
scsssed valuation on property and not
less than Is nor more than "a cents on
each taxable poll. The taxes provided
for in this section shall be collected in
the manner and at the times other city
taxes shall be collected and shall be ac-
counted for and reported separate from
the city taxes, and shall be applied ex-
clusively to the purposes 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 APP
piled to the purchase or discharge for
the bonds for which said taxes are levied
ami collected shall be invested so as