The farmer and mechanic., 1913-02-25

encourage road building in North
Carolina and to provide q road fund
hy the issuing Of the bonds OF the
the State:
Section /. That for the purpose
Of creating a semiannual road fund.
not to exceed three hundred thousand
dollars, to bc used by the several
counties Of the State for permanent
road Improvement upon the terms
herein prescribed. the State treasurer
Is hereby authorized and directed to
issue bonds Of tho State Of North
after date Of issue. which bonds shall
be issued xemi-annualiy On the first
days Of January and July OF each
year. On the first day of July, one
Thousand nine hundred and thirteen,
Said State treasurer shall issue bonds
to an amount not to exceed three
hundred thousand dollars which
bonds ehAu bear interest at q rate not
exceeding four per cent. per annum
from date Of issue until paid, which
interest shall be payable semi an
nually ON the first day OF January and
July Of each year. 80 long aS any pOr-
tioa OF said bonds shall remain due
and unpaid.
Sec. 2. That the proceeds received
by the State treasurer from the sale
of said bonds shall be loaned to the
loa3ter provided, to be used by said
counties in the construction OF
,nacadana. sand-clay. or other sur
faced roads
Sec. 3. Said counties shall pay to
the State treasurer five per cent. In
tereSt per annum on the amount so
loaned. to be paid semi-annually on
<ve,t n <,R
OF each and every year for period
OF forty-one years. From the five
per cent interest received On such
loans the state treasurer shall pay the
four per cent. interest on the State
bonds issued for this purpose, and
the surplus shall become a part OF
tho semi-annuat road fund herein
provided for.
Sec. a. On January first. one thou
sand nine hundred and fourteen, the
State treasurer shall issue like bonds
TO an amount sufficient, when added
to said surplus to make an available
fund OF three hundred thousand dol
lars, or SO much thereof as may be
necessary to meet the demands made
for loans. which said sum shall be
loaned in the same manner as the
proceeds arising from the first sale OF
bonds. Said bonds shall be the Same
In all respects as those first issued
and shall run for period OF forty-one
years from date OF issue. and bear
interest at a like rate, which intereS,
shall be payable on the first days Of
January and July OF each year.
Sec 6. Each six months after Jul,
first. one thousand nine hundred ant
thirteen. for period Of forty-on
years. said state treasurer shall iSSu,
bonds OF the same class, to run To-
period OF fOrty-One years from dat
OK issue, to an amount sufficient, whel
added TO said surplus, to create
fund Of three hundred thousand dol
lars, or so much thereof as may b
demanded. which amounts shall b
loaned to the counties applying there
for under the conditions herein i'm
posed.
Sec 6. At tho expiration Of sal
period OF forty-One years the Stat
treasurer shall retire all Of said bond!
as they mature. from the surplus re
manning each six months after pay
ing tho semi-annual interest on th
bonds outstanding.
Sec. {. That the bonds authorize
and directed to be issued by this az
shall be coupon bonds. and OF h
denominations Of one hundred dollar
uOO, five hundred dollars (5O0), an
one thousand dollars ($1. .o00) each, Z
may be determined by the said stat
treasurer. and shall be signed by II
governor and the State treasurer, an
sealed with the great seal OF q
state. and shall be known as snort
Carolina Highway Bonds" TT
coupons thereon may be signed I
the State treasurer alone, or ms
have fac-simile Of his sisnatu
Hented. engraved. or lithograph<
thereon: and tho said bonds shall
all other respects be in such for
as the said State Treasurer m:
direct. and the coupons theret
shall. after maturity. be r
ceived in payment OF all tax,
debts. dues. licenses. funds. and d
mands duo the State Of North Car
linn Of any kind whatever, which shs
be expressed ON the face OF "a
bonds. Before selling the bonds her
IN authorized to be issued, the trea
urer shall advertise the sale and invi
sealed bids in such a manner as
his judgment may seem to be me
e0ectual to secure tho hest price. ]
- authorized to accept bids for the e
tire issue or any portion thereof a