Western Carolina Democrat and French Broad hustler. [volume] (Hendersonville, N.C.) 1913-1915, 1913-05-22

commissioners under the direction oil
said board shall sell the bonds so is
sued at not less than par value and
for as much above par value as posi-
BILE: Provided, that said bonds shall be
issued and sold only as the funds are
needed in the township for the pur-
poses Indicated herein: Provided
further, elections may be ordered and
held upon petitions under the provi-
sions of this act not oftener than every
twelve months, in any township until
the full amount of bonds authorized
such township.
Sec. 8. That the county commits
sioners or other county authorities
who are legally authorized and empow-
cred to levy taxes shall in order to
provide for payment of the bonds and
interest thereon to be issued under
the preceding section, compute and
levy each year at the time of levying
county taxes a sufficient tax upon the
property and poll observing the con-
stituional question, in any township
having issued bonds to pay the inter
ests on the bonds issued on account of
such township, and shall also levy a
sufficient tax to create a sinking fund
to provide for the payment of said
bonds at maturity. Such taxes shall
be levied and collected annually and
under the same laws and regulations
as shall be enforced for levying and
collecting other county taxes.
Sec. 4. That the county commits
sioners Of any county so issuing bonds
IL nrnUidn q rnnnr6 which shall hn
kept by their clerk, in which shall be
entered the name of every purchaser
of a bond, the number of the bond pur-
chased, the date of issue. when due,
rate of interest. the township on ac-
count of which the bond is issued and
the amount received for said bond.
They shall also cause to be kept a
record of all proceedings and cleo
tons, as well as a record of the bonds
redeemed annually, and the bonds
when redeemed and recorded shall be
destroyed by fire in the presence of
the board of commissioners and that
fact recorded: provided, the record of
bonds for each township shall be kept
separate.
Sec. 5. The fund raised by taxation
in excess Of the amount required to
pay interest, if any, shall be safely in
vested by the board of county commits
.siOners: and the county commission
ers are authorized to purchase any of
said bounds to amount of such excess
annually, and after ten years, they
may purchase at a sum not exceed
ing their par value, one-twenty-fifth of
of the bonds issued for any township
and if no holder of said bonds shall
offer to sell such amount, then the said
county commissioners are authorized
to designate such bonds as they may
desire to purchase, and after the desig-
nation of such bond and the notice
thereof given to a newspaper publish
ed in the county, if the holder of the
bonds neglects or refuses to surrender
the same and receive their par value
with interest accrued thereon4at the
time of such notice, then the holders
shall not receive any interest subse-
quently aecruing: Provided, the s.
bonds designated shall express such
conditions on their face.
Sec. 6. That the funds derived
from the sale of any bonds hereinbe-
fore provided for and the taxes levied
and collected under this act on account
of n township shall be turned over
to the county treasurer, and a sepa-
rate account of each fund for the ben
eft of each township shall be kept sep
arate from all other funds. But be-
fore any such funds shall be placed
in his hands, the treasurer shall exc
cute a good and sufficient bond in the
penal sum Of SO per cent more than
the amount of money in his hands at
any time for road purposes and the
payment of bonds and interest thereon
on account of the several townships
in the county and for the faithful per-
Torrance of such other duties as may
devolve upon him as treasurer of said
fund. The said bonds shall not be less
than five thousand dollars, and shall
be approved by the board of county
commissioners and shall be recorded
and kept as the bonds of county Off
GERS are required to be kept.
Sec. z. The boar dof county COM
missioners may sue and be sued, plead
and be implicated in any court of COM
petent jurisdiction in this State touch
ing the bonds issued on account of any
township in any county issuing bonds
under this act, or any matter connect
ed Herewith, OF touching the road
funds of any such township derived
under this act, or On any contract made
by or with the said board for carrying
out the purposes sof this act, and any
judgments in favor of said board shall
specify for the benefit of what town
ship such Judgment is rendered, and
any Judgment against said board shall
specify what township is liable for the
payment thereof, and the said judg-
ment shall be paid only out of the
funds of such township, or by taxes
derived from property and polls in
such township.
Sec. z. All orders for payment of
any of said bonds and for interest on
said bonds shall be made by the coun-
ty commissioners and shall specify