The Durham recorder. [volume] (Durham, N.C.) 1879-19??, 1907-01-18
FOR BOND ISSUE OF 100000.
Proposed New Road Law Creating a
Highway Commission.

"A
Board Of Commissioners of Durham
County to issue Bonds in the sum of
Three Hundred Thousand ($300,000)
Dollars to build, macadamize and
improve the public roads of said
County.
The Generally Assembly of North
Carolina do Enact:
Section !. That for the purpose of
building, grading macadamizng and
otherwise improving the pubic roads
of Durham county the board Of com.
missioners Of said county is hereby
authorized, empowered and directed
to issue bonds Of the said county to an
amount not exceeding three hundred
thousand ($H00000) dollars in denOm-
nations nor exceeding one thousand
($1 .000) dollars, bearing interest from
date thereof at not exceeding the rate
of four and One-half per centum per
annum with the interest coupons at.
tached payable semi-annual,y at such
time and place as may be directed
by said board of county commission
ers, snch bonds to be of such form
and tenor and transferable in such
way, and the principal thereof paya-
BILE at such time or times. not exceed |
ing thirty days from the date thereof
and at such place or p aces as the
said board Of county commissioners
may determine and the said board of
county commissioners may divide the
said issue into three series. provided
that none Of the bonds authorized by
this act shall be disposed Of either
by sale, exchange. hypothecation or
otherwise for less price than their
face value.
Section > Such boLds shall be sign.
ed by the chairman of the said board
Of commissioners and attested by the
treasurer Of said county and shall
bear the corporate seal Of said cOun-
~. And the coupons attached to each
bond shall bear the number of the
bond as well as the number of the
coupon and shall be executed either
by the signing by the chairman of the
board of county commissioners and
treasurer Of the county or with their
| lithograph signatures.
I Se"tion 3. record shall be kept by
the said board OF commissioners in a
separate book for that purpose Of all
bonds sold and to whom. the amount
and date Of sale and the issuing OF
each bond and its number.
/ Section g. In order to pay the in
tercst on said bonds. create a sinking
fund for taking up said bonds at ma
/ tnrity and support chain-gang and
convict force. and establish. alter. re.
! pai" and maintain the public roads
and highways Of said county in good
condition, the board Of commissioners
for the county Of Durham, or other
authorities vested with the power of
J ing taxes for said county. shall
""Hnally compute and levy at the time
n I"yying other county taxes. a sufi.
q. ~ special tax on ali polls all real
~ .to aud personal property and all
4 n'h"r subjects Of taxation which said
commissioners or other authVvitics
n'~ or hereafter may be allowed 10
''}- taxes upon for aDv purpose what.
c'.~ always observing the cOnstitu-
tis NJ equation between the taxes on
pr :"'rty and the taxes on polls: Pro
yi3rd there shall not b. NJ any time
i levied in the county Of Durham for
th' purpose Of road Improvement. and
/ inc" ling all expenditures made necos.
say by this act. or any act Of statute
/ uow existing. a tax greater than TWEEN.
tv."s" cents upon the hundred dollars
of property and seventy five cents on
each poll.
section :. That said taxes when
collected shall be kept separate and
apart from all other taxes and shalt
be- used only for the purposes for
which they were collected.
Section G. That It shall be the duty
of the board of commissioners for the
county Of Durham to annually invest
an, and all moneys received from the
special tax for sinking fund In the
purchase Of any Of said bonds at a
price deemed advantageous to said
county by said board of commission.
ers. and 10 be agreed upon by them
and the owners thereof. But in case
said county bonds cannot be purchas.
ed at a satisfactory price. then the
said commissioners are authorized and
directed 10 invest said sinking fund
upon security approved By them and
upon terms advantageous 10 said coun.
ty Aud any money Of said sinking
fund so loaned and invested shall bear
the legal rate Of interest In North
Carolina and any interest from the
said fund shall be annually invested
in the same way. And the notes TAX.
en for said loans shalt express on their
face that the money borrowed belongs
10 saId sinking fund.
Section :. That the money received
from the sale Of said bonds and de.
rived from the special tax herein au.
thorized 10 be levied. except a sum. |
cient amount TO pay the interest on
said bonds and the sum set apart for
the sinking fund to pay the principal