The herald and news. [volume] (Newberry S.C.) 1903-1937, 1909-06-22

live. active. and intelligent business
men. Study the list carefully. Note
that the commission fills its vacancies.
This will keep the whole matter out
of politics. Let us call this safe
guard number one. Do YOU realize
how important this is? A business
proposition must be run on business
lines. The entire commission is un-
der bond for the largest amount of
money that can be on hand at any one
time. Safeguard No. two.)
"Sec. 8 In case said election re-
suits in favor of issuing bonds as
aforesaid, then the commission provid-
ed for in Sec. 2 of this act shall offer
said bonds for sale in blocks of $780,
900, as the same may be needed, to
the highest responsible bidder, re-
serving the right to reject any or all
bids; said bonds to be in such de-
nominations as said commission may
determine, to bear interest at rate
of not exceeding four and one-half
per cent. per annum, payable semi
annual, on the first day Of January
and the 1rst day of July Of each year,
and maturing one-half in thirty years
and one-half in forty years from the
date of issue. Said bonds to be sign
ed by the chairman and treasurer of
the said commission and countersign-
ed by the clerk, provided that the
signature of such officers may be lth-
ographed or engraved upon the cou-
pons of said bonds. Said bonds are
to be made payable at such places as
! the commission shall determine. The
proceeds from the sale Of said bonds
shall be deposited in one Or more Of
the chartered banks Of the county Of
Newberry, and held subject to the
warrant of the commission named Ii
this act. said warrant to be signed by
the chairman and treasurer and at
least five other members of ire COM
mission and countersigned by the
clerk and to be drawn as needed to
pay for the permanent work upon the
public roads Of the county Of New
berry, as the said work is done and
approved by the engineer hereinaf-
ter provided for. The said fund to
receive interest at a rate Of not less
than four per cent. per annum from
the banks for the average time it Is
on deposit.'
(The county will get the use Of the
money for long term Of years at not
exceeding 4 l-2 per cent. Note that
we'll. The banks must pay at least 4
ner cent on every dollar left with
them even for a short while. Only
S5O,OOO.00 worth of bonds can be sold
at any one time, and that must be
spent before the others can be sold.
Note this fact, it is safeguard No. 3.
Each check must be signed by at least
six members Of the commission and
countersigned by the clerk. Safeguard
No. 4. This explains why five mem
bers of the commission reside in the
town of Newberry.)
"Sec. 4. The said commission here
in provided for is hereby authorized
to levy an annual tax of two mills on
the dollar on all the taxable property
in the county of Newberry to be as
| sessed by the county auditor of New
berry county and collected by the
county treasurer as other taxes are
now levied and collected, which said
tax shall be paid to the said commits
sion upon warrant drawn upon the
county treasurer and signed by the
chairman and treasurer and at
least five of the other members and
b. the c!...r!z. Said funds are to be
kept deposited in one or more Of the
banks Of the county OF AeWberry at
interest not less than four per cent.
per annum whom not otherwise invest
ed as hereinafter provided. y
(Here YOU have two mill proper
ty tax. This is sufficient to pay the
interest and principal in 40 years, IT
tie valre Of the taxable property in
creases two mills will pay the debt IN
less time.)
"Sec. ). From the proceeds Of the
tax levy above provided for saad
commission shall pay the interest due
on said bonds and the balance shall
constitute in the hands Of said COM
mission 4 sinking fund for the pur-
pose Of retiring said bonds at matur-
itv. The said comm ission shall have