The commonwealth. (Scotland Neck, N.C.) 1896-1929, 1913-04-24
The Halifax County
Road Bond Law.

of this act. The said bonds shall
bear a rate of interest to be deter
mined by the board Of commission
ers, not exceeding five per cent pei
annum, with interest coupons at
tached, payable semi-annually dur
ing the time the bonds shall be run
with the principal payable forty
years from their issue. Said cou
pons shall be payable in standard
currency Of the United States al
the Office of the county treasurer Of
Halifax county, in the town of Hal
flax, North Carolina. Both bonds
and coupons shall be numbered con.
secutively. beginning with numbe,
one, and both shall be signed by the
chairman of said board of commits
sioner and countersigned by its
clerk, and each bond shall be au'
thenticated by the seal of the coun.
ty, and they shall be styled Halifax
County Highway Improvement
Bonds.
Sec. 5. Immediately upon the
preparation and signing of said
bonds, the said board of county
commissioners shall turn over to the
chairman of the good roads commits.
sion hereinafter provided for all OF
said bonds, without the county seal
having been affixed to any of them.
The good roads commission shall
have the power to advertise and sell
any or all Of said bonds, at such
time and place as they may deem
best, for the purpose of raising a
fund with which to construct and
improve the public highways of said
county as aforesaid, the expense Of
such advertising and selling or other
necessary expenses in regard there
to, to be paid out of the fund arising
from the sale thereof. Before de-
livering any of the bonds sold by
the provisions of this section and
under this act, the chairman Of the
good roads cnnn.rission shall apply
to the custodian Of the seal of Hall
fax county, whose duty it shall be
to affix said county seal to the bonds
so sold, and no bonds shall be of any
value until such seal is so affixed.
Said bonds shall not be sold or dis
posed of in any way for less than
their face value, nor shall they or
their proceeds be used for any other
purpose than those declared by this
act: Provided, however, that the
purchasers of said bonds shall not be
required to see to the application of
the fund. Said bonds shall be num-
bered consecutively and the coupons
and issued with them shall
bear the number Of the bond to
which they are attached. The bonds
and coupons shall state on their face
when they are due and where paya-
BILE, and the bonds shall show by
what authority they are issued. The
good roads commission shall record
all their proceedings in respect to
said bonds in the minutes of their
and whenever the same
are sold the number of bonds and
their denominations, to whom sold.
and the number of coupons attach
ed. Said minutes shall always be
open to the inspection of the board
of county commissioners.
Sec. 6. When any of the bonds
provided for in this act are sold the
proceeds Of the sale shall be turned
over to the treasurer of Halifax
and shall become part of
the good roads fund hereinafter
provided for. Said treasurer shall,
before any fund provided
for in this act is paid over to him.
execute an official bond, payable to
the county of Halifax, in the usual
form. the penal sum to be equal to
the greatest amount which may at
any time come into the hands during
the succeeding year. conditioned for
his faithful safekeeping of the same
and in all things holding, disbursing
and accounting for the same as re-
uuired by law, which bond shall be
passed upon and received by said
good roads commission if the same
is satisfactory to it. All orders di-
rected to the treasurer for the pay
ment of money under this act shall
state on their face that they are
good roads orders and to what ac-
count they are chargeable. and they
shall be signed by the chairman and
secretary of said good roads COM
mission.
If the said treasurer gives an un-
or official bond in a bond
ing or surety company, then the
said good roads commission are
hereby authorized and empowered