The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-03-11

and 81 900, 100000 Registered Bonds of
the State of North Carolina in denomina-
ton of $50 each.
All bearing per cent interest payable
semi-annually, dated January 1st., 1908.
PAYABLE ten years after date and exempt
from all taxation.
Sealed bids received until ~ o'clock M,
April End, 1903. Right reserved to reject
any and all bids. Address
B. r. LACY, State Treasurer.
These bonds are just as good as United
States bonds, and ought to float just as
easily and as readily. If you have any
money put away in old stockings or hid
away in chimney corners, here is a
splendid place to put that boarded
wealth; into a safer place. Already the
Governor and State Treasurer have re-
ceived letters from far Northern States
asking about the bond issue, showing
that investors are interested.
THE BOND BILL.
The legislation authorizing this bond
issue is embodied in House Bill 773, Sen
ate Bill 1440, and is as follows:
The General Assembly of North Carolina
do enact:
Section /. That for the purpose of pay
ing off the indebtedness of the State of
North Carolina arising out of appro-
priations heretofore made for educational
charitable and other purposes, and for
the purpose of continuing the good work
already commenced. for the upbuilding
of the State, the State Treasurer is here
by authorized and directed to issue bonds
Of the State of North Carolina, payable
ten years after the first day of January
1903. to an amount not to exceed the sum
of three hundred thousand dollars.
Sec g. All of said bonds shall bear
interest at rate not exceeding four per
cent, from the 1st day of January, 1903
until paid, which said interest shall be
payable semi annually on the 1st days of
January and July of each and every year
so long as any portion of the said bonds
shall remain due and unpaid
Sec 8. That the bonds authorized and
directed to be issued by the preceding
section shall be coupon bonds of the de-
nominations of 800, $500, and 81 900, each
as may be determined by the said State
Treasurer, and shall be signed by the
Governor and the State Treasurer, and
The coupons thereon may be signed by
the State Treasurer alone, or may have
a fac-s sfmile of his signature printed, en-
graved, or Autographed thereon, and the
said bonds shall in all other respects be
in such form as the said State Treasurer
may direct; and the coupons thereon
SHALL after maturity, be receivable in
payment of all taxes, debts, dues, licen-
taxes, debts, dues, licenses, fines and de-
taxes, debts dues, dicenses, fines and de-
mands due the State of North Carolina
of any kind whatsoever, which shall be
expressed on the face of said bonds.
The Treasurer may, in his discretion, in
stead of coupon bonds of the denomina-
tions named. issue as many as one hun
dred thousand dollars of registered bonds
of the denomination of $50 each, as part
of the amount mentioned in section one
of this act. Before selling the coupon
bonds herein authorized TO be issued, the
Treasurer shall advertise the sale, ard
invite sealed bids, in such manner as in
his judgment may seem to be effectual
to secure the best price. He is authoriz-
ed to accept bids for the entire issue,
or any portion thereof, ard where the
conditions are equal, he shall give the
preference of purchase to the citizens OF
North Carolina. And he is authorized
to sell the registered bonds herein author
ized, in such manner as in his judgment
will produce the best price
Sec f. The said bonds and coupons
shall be exempt from all State, county,
or municipal taxation, or assessment di-
rect or indirect, general or special,
whether imposed for purposes of general
revenue or otherwise and the interest
paid thereon shall not be subject to tax
alton as for income
See 5. 1t shall be lawful for all exec
utors, administrators. guardians and
fiduciaries generally to invest in said
bonds.
Sec 6. That this act shall be in force
from and after it's ratification.
In the General Assembly read three
times and ratified this 9Th day of March,
A. D.. 1903