The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1905-04-06
notice..
A Special Election for
Road Bonds.

A n ACT TO AUTHORIZE THE CoMMIs-
"A sioners of Vance County to issue bonds
for road purposes:
The General Assembly OF North Carolina do
enact:
SECTION 1. That for the purpose OF con-
structing and improving public roads in the
county of Vance. the Board of County Com
missioners OF said county are hereby author
lied and empowered TO issue the bonds of
that county from time tn time us the same
may be needed to an amount not exceeding
twenty thousand dollars in the aggregate of
such denominations form and tenor. executed
and transferable in such manner, payable at
such time or times not exceeding twenty-five
years from the date thereof and at such place
or places as they may determine, bearing in
terest at rate not exceeding five per centum
per annum; with semi-annualin interest coupons
attached payable at such times and places as
may he stated on the face thereof: Provided.
however. that said bonds shall be numbered
consecutiyely and shall be redeemabie at the
option OF said Board of County Commission
eis. after five years from the date thereof, at
the rate OF one thousand dollars per year,
beginning with number one and continuing
in regular order according to number until
the whole shall be redeemed
SECTION 2. That none of the bonds author
lied by this act shall be sold orhypothecated
for less than their par value nor shall the
same or their proceeds be used for any other
purpose than those provided herein.
SECTION 3. That for the purpose of provid-
ing for the payment OF said bonds and of the
interest thereon, the said Board of County
Commissioners shall annually at the time of
levying other taxes levy special tax on all
persons and subjects of taxation on which
the said Board may be authorized to levy
taxes for any other purpose. which shall
raise a fund sufficient to pay the interest
upon the bonds and provide for the payment
OF the interest thereon at maturity or i'll an
nuaI installments as provided in section one
of this act, and such fund shall be kept separ-
ate from other taxes and applied exclusively
to the purposes herein prescribed.
SECTION +. That before any of the bonds
herein provided for shall be issued, the same
shall be approved by the qualified voters of
the county OF Vance at n special election to
be called and held by order of the said Board
of County Commissioners, under the rules and
regulations prescribed for the election OF
members Of the General Assembly. Those in
favor of such bond issue to vote a ballot upon
which shall be written or printed For
Bonds" Those opposed thereto shall vote a
ballot upon which shall be written or printed
Against Bonds" The result of such cleo
ton shall be reported to the said Board of
County Commissioners and entered upon
their records. Ii a ma ority of the votes cast
shall be in favor OF bonds, then said Board
OF County Commissioners shall issue said
ponds as herein provided, and the same shall
be legal investment for savings banks, trust
companies and other fiduciaries, and shall be
exempt from county taxation. If a ma ority
of the votes cast shall be against bonds the
said Board of County Commissioners may
again submit the question of the issue OF such
bonds to the qualified voters of said county
at any other time or times under the same
rules and regulations. but at least six months
shall elapse between the time of holding such
elections.
SECTION ). That the funds arising from the
sale of such bonds shall go into the county
treasury and be paid out as other road funds
for the construction and Improvement of the
main public roads Of the county leading into
Henderson. The county treasurer shall have
no commissions for receiving the same and
shall have one per cent. for disbursing.
SECTION 6. That the bonds and coupons
herein authorized shall not bear interest after
maturity, unless payment thereof be refused
SECTION Z. That this act shall he i'll force
from and after its ratification.
IL the General Assembly read three times
and ratified this 2Sth day of February A. d.,
1905.
In pursuance of the foregoing act an cleo
ton will be held at the -;irious voting pre-
cincts in Vance COuntv on