The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-07-05
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
18th, 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 "An 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, 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 Aldermen
may determine to make, the City of Raj
eigh is hereby authorized and empowered
tn issue it's bonds to an amount not ex-
ceeding One 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 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-
deemabIe 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-
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 Of
said city shall annually, and at the
| time of lcvying 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, sale
| particular LON w NC hOb 1858 ~hNi 90
| nor more than eight cents on the Ont
Hundred Dollars ($100) assessed valuation
| on property, and not less than eighteen
| nor more than twenty -four cents on eacl
| 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 TO
| and kept separate from other city taxes
| and shall be applied exclusively to thu
| purpose for which they are collected. s.
| much of said taxes as may be required
| to pay the interest on the bonds issuet
| by authority of this act, as 1t falls du
| and cannot be applied to the purchas
| or discharge of the bonds for which sal
taxes are levied and collected shall b
/ invested so as to secure the payment a
| maturity of the principal of the sal
| 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
| turned over to the commissioner of tn
| Sinking Fund of the City of Raleigh
| whose duty it shall be under such genera
rules and regulations as said Board c
Aldermen shall from time to time pre-
scribe, to make investn ents of so niue
of the taxes collected and turned owe