The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1908-03-04
Srurnerton School Bill,

of Clarendon County, to Issue Bonds
for the Purpose of Finishing and
Eouipping School Building at Sum-
merton, in Said School District.
Whereas. the General Assembly OF
said State, by an Act approved tho list
day of February, A. D. 1906, authorized
the trustees OF Summerton School Dis
trict, No. %, of Clarendon County, to
issue and sell coupon bonds OF said
School District. in an amount not eH-
ceeding twelve thousand dollars, as
they may deem necessary, for purchas-
ing a lot and building and equlpplnl:;
school building at Summerton, in sad
district: said bonds TO be OF the denoln-
ination of one thousand dollars eacn,
bearing interest at not more than SIN
per cent. per annum from the GATE OF
issue aud running for series OF twenty
years, and providing for an electlon TO
determine whether such bonds should
be issued, and such election having
been held and such bonds having been
issued and sold and disposedlof, and from
proceeds thereof the Trustees having
commenced the erection Of building
anS expended the entire sum OF money
upon the same, and it is now found that
in order to finish and equip the said
building it will take the sum OF SIX
thousand dollars in addition TO the sum
already expended, as aforesaid: and
Whereas, it is provided in the Act
of the General Assembly that for the
purpose OF paying the said bonds and
the interest thereon an annual tax OF
FIVE mills on the dollar shall be levied
upon the taxable property Of said
School District, which annual tax shall
continue until the General Assembly
shall otherwise provide; and
Whereas, an annual tax of FIVE mills
on the dollar will be sufficient 10 pay
the twelve thousand dollars of bonds
already issued long before the time OF
their maturity; and said annual tax
will be amply sufficient also to pay the
interest and to retire the addltloaal
sum of six thousand dollars OF bonds
necessary to complete and equip the
said school building
Be it enacted by the General Assem-
bly, OF the State OF South Carolina:
Section l. That Trustees of Summer
ton School District, No. p, OF C!aren-
don County, are hereby authorized and
empowered to issue and sell coupon
bonds of said School District, in sum
not exceeding six thousand dollars, as
they may deem necessary for the puc-
pose of finishing the said school butid-
ing and equipping the same; the said
bonds to be OF the denomination OF one
thousand dollars each, bearing interest
at not more than six per cent. per an
mum from the date of issue, and run
ming twenty years from the date OF
issue of said bonds: said bonds and in
terest coupons to be signed by the
Chairman of the Board of Trustees OF
said Schoo! District, and countersigned
by the Clerk of said Board: Provided,
That the signatures of said officers may
be Autographed upon the bonds and
coupons of said bonds; and such lltho-
graphing shall be sufficient signing OF
same: Provided, That the question OF
issuing the oUads authorized in this
section shall first be submitted to the
qualified voters OF said School District,
at an election to be held to determine
whether said bonds shall be issued or
not, as hereinafter provided.
Sec. 2. That for the purpose of de-
termining the issue of bonds author..7ed
in Section one ~ of this Act, the said
Trustees shall order an election to be
held at Summerton, in the said School
District, on the question OF whether
the said bonds shall be issued or not,
in which election only the qualified
voters residing in said district shall be
allowed to vote; and said Trustees shall
give notice of said election for three
weeks in some newspaper published IN
Clarendon County; and shall also put
said notices in three public places in
said School District, shall designate
the time and place and appoint the
managers of such election and receive
the returns of the managers and de-
clare the result.
Sec. 3. The said Trustees shall have
printed for the use of the voters in said
election two sets of ballots, which shall
be placed, an equal number of each, al
the polling place, on one set Of which
shall be printed the words For the
issuing of bonds," and on the other OF
which shall be printed the words
Against the issuing Of bonds" II a
majority of the votes cast at said cleo
ton shall be for the issuing OF the
coupon bonds provided for in Section
one ~ hereof, the said Trustees may
issue said bonds, or such amount, not
exceeding six thousand dollars (S6, ,00O)
as they may deem requisite for the
purpose set forth ir Section one ~ OF
this Act, payable to bearer, to run
twenty wears from the date OF issue OF
said bonds.
Sec. 1. That the interest upon said
bonds shall be paid out OF the annual
tax levy already directed to be made
under Section of the Act Of the Cen
eral Assembly approved February 2lss.
A. D. 1906, and the principal OF the
said bonds shall be paid out of the
balance OF the proceeds Of the tax levy,
and the interest that may accrue there
on, in pursuance of the requirements
OF said Act, and which shall be put
aside as sinking fund for the purpose
of retiring the bonds Preferred to IN
said Act, and of the bonds herein pro-
vided for: and that tile annual tax levy
provided for in said Act shall continue
until the General Assembly shall
otherwise provide, and until a sufficient
sum has been raised to pay the interest
and the principal of all Of the bonds
referred TO in said Act, and herein re-
ferred to.
Sec. 5. That this Act shall take
effect upon its approval by the Gov
ernor.