The county record. [volume] (Kingstree, S.C.) 1885-1975, 1912-02-01
AO Ordinance

authorizing and Requiring the IS
sue and Sale of tonpOD Beads of
the Town Of kiRgS!rce. sc. 10
the Principal ,muunt Of Four
teen Thousand Dollars (Sli,00O .
the Proceeds Arising from such
>aIr 10 be USED in Constructing,
Establishing and Maintaining a
system Of Sewerage in and for
said TOwa.
Be it ordained by the Mayor and AL
dermen of the Town of Kingstree, : {,
in council assembled and by the au-
thority of the same:
l. That pursuant to the result of the
Special Election on the question of is
suing Bonds of said Town of Kingstree,
S G, to the principal amount of Four
teen Thousand Dollars (Sl4, ,00"D for the
purpose Of constructing, establishing
and maintaining system of sewerage
in and for the said Town, the result OF
which Special Election was duly de-
clared by an ordinance passed and rati-
fed on October 10. 1911, Coupon
Bonds of the said Town of Kingstree,
S G. to the principal amount of Four
teen Thousand Dollars (Sl4, 4,0O0.UD to
bear date November /, 1911, payable
at the Germania Savings Bank in the
city of Charleston in said State, in any
legal tender money of the United
States, forty years from date thereof,
with privilege of redemption after
twenty years from the date thereof,
bearing interest at the rate of Five Per
Centum go per annum, payable semi
annually on the first day of each May
and each November thereafter at the
said Germania Savings Bank, be isssed
by the Town Council of the said Town
of kingstree. S C,
II. That the said Coupon Bonds of
the said Town shall be issued in denom-
nations of One Thousand Dollars
Isl, ,GOO. .OO) each and shall be signed
and executed in the name of the Town
of Kingstree sc, by the Mayor thereof
and countersigned by the Clerk and
Treasurer thereof, under the Corporate
Seal of said Town. with interest Cou-
pons attached bearing the fac-simile
signatures of the said Mayor and said
Clerk and Treasurer engraved thereon.
III, That said Bonds. when issued as
herein provided for, shall be, by the
said Town Council of said Town, sold to
the highest bidder or bidders therefor.
and that the proceeds arising from such
sale shall be disbursed and expended as
required by law solely towards the con.
struction, establishment and mainten-
ance of a system of sewerage in and
for said Town.
w. That an annual tax of Two MILLS
on the Dollar or TWENTY rENTs on ev-
cry One Hundred Dollars of the Real
and Personal Taxable property within
the limits of the said Town of Kings
tree S c, be ard the same is her"by
levied and imposed, which said tax. when
collected shall be applied to the pay
ment of the interest On said Bonds when
the same shall become due and payable
as herein provided, and to the creation
of the Sinking Fund required by law
and that in the event the Town Council
of said Town of Kingstree S G. shall at
any time neglect or fail to levy. impose
and collect the said tax herein provided
for the payment of the principal and
interest of said Bonds when the same
shall become due and payable. the own
ers and holders of the said Bonds may
enforce the same by Mandamus in any
of the Courts of this State, as is pro-
vided for by law.
Passed and ratified in Council assem-
bled this sixteenth Q6th) day of Janu-
ary, A D 1912.
L P KINDER, IL s.
Mayor of Kingstree, S c.
Attest: M H JACOBS,
Clerk and Treasurer,
I'M H Jacobs. Jerk and Treasurer Of
the Town of Kingstree, S G, do hereby
certify that the above written ordi-
nance is true and correct copy of the
original ordinance of the Town of
S C, now on file in the office
of the Clerk and Treasurer of said
Town. M H JACOBS,
2-l-tf Clerk and Treasurer.