The herald and news. [volume] (Newberry S.C.) 1903-1937, 1909-03-05
THE RAILROAD DEBT.
Sinking Fund Commission Authorized
to Borrow from State Sinking
Fund Commission.

commission which is compose.' Of tie
county supervisor and The 1la:"or ard
intendants Of the towns u Nc~berry,
Helena, and Prosperity, tie le&lsla-
ture passed four acts f:oVldlf9 or
funding the debt for rail ads in these
three twonships.
The acts authorize the State sink
ing fund commission to lead the town
ships the money to take up the
amounts that are still due for railroad
Indebtedness.
+ The Herald and News prints a copy
of one of these acts and the others
are the same except that they relate
to different townships or to different
roads.
The Indebtedness in these townships
is as follows:
In township No. 8 for the Augusta,
Edgefeld, and Newberry railroad a
balance Of $1,000; in No. l township
for the Augusta, Edgefeld, and New
berry railroad a balance of $4,000
and for the c., N. & L. railroad
balance Of $2.500; in No. 9 township
balance for the c., n. & L. RAILROAD
of $4,000.
These acts only authorize the COM
mission to borrow this money from
the State sinking fund commission.
The following is copy of one of
them, and as stated the others are in
the same language and for the same
purpose:
Section /. That the commissioners
of the sinking fund Of this State are
hereby authorized to lend to pi.e om-
missioners Of sinking fund, town
ships Numbers one, eight and nine OF
Newberry county, out of the founds
in their hands, an amount not exceed
ing twenty-five hundred dollars, to
be used in paying the issue by Stony
Battery township, or township Num-
Der nine. of twenty-five hundred dol
lars worth Of matured bonds out
standing, in and of the Columbia,
Newberry and Laurens railroad.
Sec. 2. That said loan shall be for
the space Of six year payable IN an
nual instalments from date, and shall
hear interest at a rate not exceeding
five per centum per annum, payable
annually, and for the purpose of re-
paying the said loan and in lieu Of
the special tax now levied for the pay
ment of the principal and interest on
the said bonds, there is hereby levied
a special tax Of two mills on the dol
lar of all taxable property in Stony
Battery township, or twonship Num-
Der nine, for the said period of SIX
years, or until the said loan is paid;
that the proceeds of said levy shall be
paid each year until the total sum IS
paid, both interest and princapl, and
the balance of said special levy, if any
remains, shall be applied to the road
fund of the said township.
Sec. 8. That the supervisor and
treasurer of Newbery county are
hereby authorized to execute note
to the said commissioners Of the sink
ing fund of this State for the amount
of said loan, and to pledge the said
levy for the payment Of same.
Sec. 4. That Immediately upon the
approval Of this Act, the said the
commissioners of the sinking fund,
townships Numbers one, eight and
nine of Newbery county, shall pro-
cure said loan from said commission
ers, which shall be receipted for by
the treasurer Of Newberry county and
forthwith applied to the payment Of
the said bonds.
The tax levy in each township IN
order to retire the loan in six Years,
of course, is different. In No. l town.
ship the levy for the c., N. & L. rail-
road bonds is one half of one mill,
and for the Augusta, Edgefeld and
Newberry road the levy is one and a
half mills. In No. 8 township the
levy is three mills and in No. 9 it is
two mills. These levies are the same
that have been made for number OF
years for this purpose, and therefore,
this plan does not increase the taxes.