The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1912-02-21

:lken from the warehouse. All cot
ton or other commodities on storage
shall be. fully insured. 4,
Sec. %. The State warehouse COM
mission is hereby and herein; author
lied and empowered to issue coupon
bonds in an amount not to exceed
$3.50, 900 in. denominations not less
than $500 each, and running for a
term Of thirty (s0) years from the
date of issue, bearing interest at a
rate not to exceed six (6) per cent.
per annum, the interest on said bonds
to be payable semi-annually. and to
execute as security for said bonds
mortgage or deed Of trust on any
real estate said commission may then
own, with the right to said commis-
sion to retire by purchase any or all
of said bonds, at the end OF twenty
(2O) years from the date Of issue,
the proceeds of said bonds to be used
only for carrying out the objects and
purposes of this act. In the mean
time and until said commission shall
fnd itself able to issue and nego-
tiate the sale Of said bonds as herein
provided, 1t shall have power and
authority to borrow money upon the
notes of said commission not exceed
ing the sum Of s250,00O. said notes
to run for not exceeding five (5) years
and to bear interest at a rate not ex-
ceeding six (6) per cent. per annum,
said notes being subject to renewal
from time to time In the discretion
of said commission, and the proceeds
of said notes to be used in carrying
out the objects and purposes OF this
act,and that as security for the money
so borrowed on said notes said COM
mission shall have the right to pledge
by way Of mortgage or deed Of trust
any property, real, personal or mixed,
which it may then own; provided,
That said notes shall be taken up and
retired when the bonds herein pro-
vided for have been issued, nego-
tiated and sold: Provided: further,
That the bonds and the notes herein
provided to be issued are not to be
debt or obligation Of the State OF
South Carolina: Provided, further,
That nothing contained in this Sec
ton is intended to prohibit said COM
mission from borrowing, temporarily,
from time to time, on Its notes, such
amounts of money, not exceeding $780,
900, as it may find necessary for the
proper conduct Of the business OF said
commission.
Sec. 8. In fixing the charge for
handling and storing cotton, the COM
mission shall, in addition to provid-
ing a sinking fund to retire the bonds
provided for in section 8, also provide
sinking fund for the retirement OF
the amount advanced by the State In
OU ycdIb.
Sec. 10. The charges on cotton
shall, after the system herein provtd-
ed for has been put In operation, cover
all current operating expenses, 1t be-
ing the intention of this act to make
this system self-sustaining and at the
same time give storage at actual cost
as nearly as practicable.
Sec. II. The warehouse commits
sion shall have the power to acquire
by lease, any standard built cotton
warehouse in the several towns OF the
State and operate them In all respects,
under the provisions Of this act, as
applied to the State warehouse. Tnet
each commissioner, when elected or
appointed under this act, before en-
tering upon the duties herein Inn
posed, shall execute to the State his
official bond in the sum Of $4,000
each for the faithful performance of
their duties.
Sec. IL. And the managers. graders,
or other officers at any warehouse
operated by the State, shall execute
such bonds for the faithful perform
ance of their duties, as may be re-
quired BY the State warehouse com
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