The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-07-06
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
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 qualined 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 "An Act to authorize the
City of Raleigh to Issue Bonds for Pub
lie improvements and to Levy a Special
Tax" Section / and of said Act being
as follows:
"Sec. /. That for the purpose Of paw
ing macadamizing 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 Ndermen
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
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 OK
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
ity of this Act, the Board of Aldermen oil
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
particular tax to be not less than sis
nor more than eight cents on the One
Hundred Dollars ($100) assessed valuation
on property, and not less than eighteer
nor more than twenty-four cents on eacf
taxable poll The taxes provided for II
this section shall be collected in the man
ner and at the times other city taxes
are collected, and shall be accounted fo
and kept separate from other city taxes
and shall be applied exclusively to thu
purpose for which they are collected. 81
much of said taxes as may be required
to nav the interest on the bonds ISSUED
by authority of this act, as it falls du
and cannot be applied to the purchase
or discharge of the bonds for which sait
taxes are levied and collected shall b.
invested so as to secure the payment a
maturity of the principal of the sait
bonds and to insure the due investmen
| of the amount collected, from year t
year in excess of that required to pa,
| the said interest the Board of Alder
men shall cause the said excess to b.
turned over to the commissioner of thu
| 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 mucl
of the taxes collected and turned owe