The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1905-04-13
NOTICE.!
A Special Election for
Road Bonds.

A ACT TO AUTHORIZE THE CoMMIS-
"A sioners Of Nnnce County To issue bonds
for road purposes:
The General Assembly of North Carolina do
enact:
SECTION I. That for the purpose Of CON
structing and improving public roads in the
county of Vance the Board of County Com
mssioners OF said county are hereby author
lied and empowered to Issue the bonds of
that county from time to time 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 sGch manner, payable at
such time or times not exceeding twenty-five
years from the date thereof and al such place
or places AZ they may determine bearing in
terest at rate not exceeding five per ccntum
per annum; with semi-annual interest coupons
attached payable at such times and places
may be stated on the lace thereof: Provided,
however. that said bonds shall be numbered
consecutively and shall be redeemabe at the
option OF said Board oil County Commission
ers after five years from the date thereof, ut
the rate of one thousand dollars per year,
beginning with number one and continuing
in regular order according 10 number until
the whole shall he redeemed.
SECTION ,. That none of the bonds author
lied by this act shall be sold orhypothecated
for less than their par value, nor rhnll the
same or their proceeds he used for any other
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 IA 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 n fund sufficient To pay the interest
upon the bonds and provide for the pny ment
of the interest thereon at maturity or in an
nual instalments 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 tn
be called and held by order Of the said Board
of County Commissioners, under the rules aud
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 n
ballot upon which shall be written or printed
Against Bonds" The result Of such elec-
ton shall be reported to the said Board of
County Commissioners and entered upon
their records. II amalority Of the votes cast
shall be in favor of bonds, then said Board
of County Commissioners shall issue said
bonds ar herein provided and the same shall
be "a legal invest ment for savings banks, trust
companies and other fduciares, and shall be
| exempt from county taxation. II n majority
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 0f said county
at any other time or times under the same
rules and regnlat tlons but at least six months
| shall elapse bet tween 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 disbnrring
| SECTION q. That the bonds and coupons
| herein authorized shall not bear interest after
| maturity, unless payment thereof i've refused
SECTION T. That this act sbali ie in force
| from and after it's ratification.
| In the General Assembly read three times
| and ratified this 2Sth day Of February. A. d.,
| 1905.
In pursnauee of the foregoing ncf mn -Irr-
| ton win bs held at the various voting pre-
| cincts in Vance County on