The herald and news. [volume] (Newberry S.C.) 1903-1937, 1909-02-02

commissioners shall give a joint bond
in some surety company in the sum
of $4,000 which bond shall be ap-
proved by the Judge of the eighth judi
cfal circuit. The clerk shall give
bond in some surety company in the
sum Of two thousand dollars condi-
toned for the faithful performance
of his duty, to be approved by the
commission. The premiums on the
bonds Of the commissioners and clerk
shall be paid from the funds derived
from the special tax levy herein NAM
ed.
Sec. 3. In case said election results
in favor of issuing bonds as aforesaid
then the commission provided for in
Sec. 2 of this Act shall offer said
bonds for sale in blocks of $4,000,
as the same may be needed, to the
highest responsible bidder, reserving
the right to reject any Or all bids;
said bonds to be in such denomlna-
tions as said commission may deter
mine, to bear interest at rate OF not
exceeding four and one-half per cent.
per annum, payable semi-annually, on
the first day of January and the first
day of July of each year, and matur-
ing one-half in thirty years and one
half in forty years from the date of
issue. Said bonds to be signed by
the chairman and treasurer of the
said commission and countersigned by
the clerk, provided that the sigma
lures Of such officers may be litho-
graphed 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 IN
this Act. said warrant to be signed by
the chairman and treasurer and a.
least five Of the other members OF
the commission 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
Newberry, as the said work is done
and approved by the engineer herein
after provided for. The said fund to
receive interest at rate of not less
than four per cent. per annum from
the banks for the average time it IS
on deposit.
Sec. i. 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 commls-
sion upon warrant drawn upon the
county treasurer and signed by the
chairman and treasurer and at
least five of the other members
and bv the clerk. Said. funds are to be
kept deposited in one or more Of the
banks of the county Of Newberry at
interest not less than four per cent.
per annum when not otherwise invest
ed as hereinafter provided.
Sec. 5. From the proceeds Of the
tax levy above provided for said
commission shall pay the interest due
on said bonds and the balance shall
constitute in the hands Of said COM
mission a sinking fund for the pur-
pose of retiring said bonds at matur-
itv. The said commission shall have
; the right to invest any or all OF SAID
sinking fund in real estate security
in the said county Of Newberry on
such terms as they may deem advls-
able. interest payable annually No
loan to be made in excess Of fifty per
cent. Of the value of said real estate,
said valuation to be fixed by the COM
mission.
See. E. Said commission Is hereby
authorized, empowered, and directed,
upon the sale of the bonds herein pro-
vided for, to use the proceeds of said