The farmer and mechanic., 1913-02-25
Bill. FOR STATE AID
IN ROAD BUILDING
Measure That Passed House Yesterday Provides Road
Fund by the Issuance Of State Bonds to Take care
of County Bonds


or municipal taxation or assessment.
direct or indirect, general or special
whether imposed for purpose OF gen
oral revenue or otherwise, and the
interest theron shall not be subject to /
taxation when constituting part OF
the surplus or capital stock OF any |
bank. trust company, or other corpor-
alton. but when constituting 4 part i
Of such surplus, or capital stock. shall |
be deducted from the total assets Ia |
order to ascertain the taxable value !
Of snch shares.
Sec. .. It shall be lawful for all !
executors, administrators, guardians! I
and fiducfaries generally to Invest in |
said bonds.
Sec 10. That when as many asl
twenty-five per cent Of the voters reg
istered at the preceding general elec-
ton in any county OF tho state shalt
board Of commissioners Of such couf~
ty, requesting said board to call an
election for the purpose OF securing
State aid for the construction OF high
ways in such county under the pfOvl-
sions Of this act. specifying in such
petition the amount to be SO borrowed
| if a majority Of the votes cast shall
favor such loan, said board shall call
! an election for that purpose, which
shalt be held on the second Tuesday
I, in April. or the second Tuesday in
| October Of that year. A special regis
| tration Of voters shall be required
| before any such election is held Such
registration and election shall be con-
Quoted under the provisions OF the
i general election law. When calling
said election. the board Of commission
+! ers shall specify in such call the
| amount to be voted upon. and said
, ELECTION shall be conducted in tho
same manner. as near as may be, an
elections for members OF the General
Assembly.
Sec. II. At such election those quail
snring State aid for road building
shall vote a ballot upon which shall
be written OF printed the Words ''For
Good Roads," and those who oppose
such State aid shall ballot upon
which shall be written or printed the
words Against Good Roads"
The result Of said election shall be
certified by tho returning board to
board OF county commissioners. II
a majority OF the votes cast shall be
For Good Roads the board OF COM
missioners Of such county shall exc
cute a bond payable to the State OF
North Carolina in form to be approx
ed by the State treasurer and attor-
ney-general, for the amount so voted.
6AACa 00uu S11AA Do S1SACQ ny tu0
|: chairman Of the board Of county COM
missioners and countersigned By the
register Of deeds. and sealed with the
seal OF the county. and shall be i'm
, mediately delivered to the State treas
, ufer. Said bond shall Obligate said
county to pay to the State treasurer
, five per cent interest per annum on
,, the amount thus loaned, payable
! seni-annually On the first days OF De
cember and June OF each and evry
a year for a. period Of forty-one years
a At the expiration Of forty-one years
said county bond shall be returned
: by the State treasurer. and said coun-
ty shall be discharged from further
\ liability on said bond.
e Sec. -. Said interest shall consti-
| tute a special State tax, which shall
= be collected and accounted for under
= the same penalties as other State
e taxes. except that said State treasure
shall also be required to collect, IL
d addition to said FIVE per cent to b.
It paid semt2nnualiy, a penalty Of one
e half OF one per cent OF the interes
IS due for each day the same shall re
d main unpaid after the first days O
Is December and June Of each year
.e One-half OF such penalty shall be pai'
le by the county and one-half by suc]
d delinquent county. If any count
le which has obtained money from tn
le shall fail or refuse to pay the interes
" due on such loan or loans for a perio
" Of thirty days. the amount due b
e such county together with the penalt
a shall at once become due and pay
"a able. and the State treasurer is au
m thorized to proceed to collect tn
~ same from such delinquent county.
IN Sec. 13. At the time OF filing sal
q bond with the State treasurer sal
'S board Of commissioners shall also fl
G. an estimate OF the amount Of none
D. D. which will be actually needed for til
,ii following six months; and seni-aI
Id nua,lv thereafter. on the first davs {
e. May and November. they shall fl
S- with said treasurer an estimate Of tt
te amount needed for the ensuing 81
In months until said loan has been e,
st hausted. Each six months after 8.
lie curing o State loan the board Of coul
n ty commissioners shall publish
nd sworn statement ShOYfin. In detail q