The herald and news. [volume] (Newberry S.C.) 1903-1937, 1908-05-26

and DC sued and plead and be in-
! pleaded in any and all courts in ref
crcncc to the matters embraced
! within the provisions Of this Act.
IN case OF a vacancy OH said COM
mission by death, resignation or
otherwise, the remaining members
shall fill such vacancy BY appoints.
mcnt: said Commissioners to hold
office until the provisions OF this
Net arc completely carried out. The
said commissioners shall meet as
soon after the election rcrcinbciorc
provided as practicable. in case said
J election shall be in favor of the is
suing OF bonds. and organize by
clcCtinG one of their members as
Chairman. and also elect 4 clerk.
who shall be the boolikcepcr for the
Commission. lie shall receive as
compensation for his service the
sum Of three hundred and fifty dol
lars per amum, payable from the
funds herein provided for. The
compensation OF the members of
the said Commission shall be fifty
dollars per annun. payable in the
same manner and from the same
fund as the Clerk the said Clerk
to give bond III some surety COM
pany IN the sum OF two thousand
dollars, conditioned for the faith
full performance Of his duty, to be
approved by the Commission. the
premium Of which shall be paid
from the funds derived from the
special tax levy herein made.
Sec. g. In case said election re-
suits in favor Of issuing bonds as
aforesaid, then the Commission
provided for in Section 2 Of this
Act shall offer said bonds for sale
and sell the same to the highest
responsible bidder ar not less than
par; said bonds to be in denomina-
tons Of five hundred or one thou
sand dollars, as said Commission
may determine. to bear interest at
4 rate not exceeding six 90 per
cent. per annum, payable annually
on the first day Of July Of each
year, and maturing in thirty years
from the date thereof: said bonds
to be signed by the Chairman OF
the said Commission and counter
signed by the Clerk; Provided,
That the signatures OF said officer,
may be Autographed or engraved
upon the coupons or said bonds.
SAID bonds are to be made pay
able at such place as the commission
shall determine and the said Com
mission is hereby authorized to
levy an annual tan, not exceeding
seven mills, on all taxable prop
crty i'll the said township, to be as
ScsScd by the County Auditor Of
| Ncwbcrry County and collected by
the County Treasurer as other
taxes are now levied and collected,
Which said tax shall be paid to
the said Commission upon Warrant
drawn upon the County Treasurer
by its Chairman and signed by all
the commissioners said funds to
be kept deposited III one or more
chartered banks in the city Of
Ncwbcrry, at interest, when not
otherwise invested as hereinafter
provided.
Sec. i. From the proceeds Of
the tax levy above provided for the
said Commission shall pay the in
tcrcst due on said bonds, and the
balance shall constitute, in the
hands Of said Commission, IA sink
ing fund for the purpose Of rctir-
ing said bonds at maturity. The
said Commission s:all have the
right to invest any part or all Of
said sinking fund in real estate
securities in said township, on such
terms as they may deem advisable
at seven per cent. interest payable
annually. No loan in excess Of fifty
per cent Of the value OF real estate
as fixed by the Commission to be
;nadc
Sec. ;. Said Commission is
hereby authorized and empowered,
upon the sale Of the bonds herein
provided for, to use the proceeds
Of said sale in macadamizing or
,OthcrWlsc permanently improving
thc following hiUn,vayc II, coifi