The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1902-03-07
GRADED SCHOOL BUILDING FOR
PROSPERITY.
The Act Passed by Last Legislature Author
lzing Vote in Prosperity on Erection
New School Building and Sup
port Of School.

An act to enable and authorize
school district No. II in Newberry
county to issue bonds for the purpose
of building and erecting a school house
therein,
Section l. Be it enacted by the Gen.
eral Assembly of the State OF South
Carolina: That the school trustees, or
their successors of school district No.
ID in Newberry county, embracing the
town of Prosperity, are hereby author
lied and required to issue coupon bonds
to the amount of five thousand dollars
for the purpose of erecting, building
and equipping public school house to
be located in the town of Prosperity
Provided, That q majority Of the quail
iied electors of said school district, vot-
ing, shall be in favor of such issue IS
may be expressed at an election here
after to be held for that purpose. Pro-
vided, That said trustees shall not Or
der said election, except upon petit
tion of majority of the freeholders of
said school district. Provided, further,
At the same election there shall be
elected an advisory board of said trus-
tees who shall serve in the event Of the
freeholders of said district who shall
have equal power with said trustees and
shall serve as said advisory board until
all funds therein voted shall have been
exhausted.
Sec 2 That the trustees of said
school district are hereby required to
give three weeks previous notice IN one
or more of the newspapers published
in the county of Newberry, OF the time
and place of such election, appointsthe
managers, prescribe the form of ballots,
receive the returns and declare the re-
suit.
Sec. 8. That said school district is
hereby declared body corporate, for
the purpose of executing and issuing
said bonds and other powers herein
given in case their issue be authorized
by certain election. The said bonds
shall be issued in such denominations
as the trustees of said school district
shall deem best, and shall be payable
twenty years from the Gate Of their is
sue, with interest payable annually, at
a rate not to exceed six per cent. per
annum. The said bonds shall be signed
by the Chairman of the board of trus-
tees of said school. district and counter
signed by it's secretary, and their cou.
| pons shall be received in payment OF
any taxes in said school district, and
said bonds shall constitute first lien
on the said school house and the lot
upon which it is built. The said bonds
shall be exempt from taxation, for
State, or municipal purposes.
Sec. 4. That for the purpose OF pay
| ing the interest accruing on said bonds,
the Auditor of Newberry county or
such other officer as may be charged
with the assessment of taxes, shall levy
annually tax of one and one balf mills
on all taxable real and personal prop
erty in said school district, as will
raise sum sufficient for said purpose
and the amount 20 levied shall be COL
lected by the treasurer of Newberry
county, as State and county taxes are
collected, TO be held and applied by hin
solely to the payment of the said inter-
est and shall be used for no other pur-
pose whatsoever.
Sac. 5 That the said board of trus-
tees are authorized and empowered to
sell said bonds at their par value, and
shall deposit all moneys coming to
them from such sales in bank 10 the
credit of said board, to be drawn on
checks signed by majority OF said
board and they shall use the said mon-
eys exclusively for the purpose set out
in Section l, of this Act, and should
any of said bonds DE not used they
shall be cancelled by the said board Of
trustees.
Sec. 6. The Auditor of Newberry
county shall annually levy on the tax
able property of said school district q
tax of three fourths of mill for the
purpose of creating sinking fund for
the payment of said bonds, which tax
shall be collected by the treasurer of
Newberry county and shall be held by
him for the purpose aforesaid; Pro-
vided, however, That said trustees at
the end of every five years shall have
the right to order such sinking fund
then accumulated paid pro rata on the
bonds then out standing.
Sec. 7. This Act shall take effect i'm
mediately upon its approval.
Approved the 26th day OF February,
A. D. 1902.