The Union times. [volume] (Union, S.C.) 1894-1918, 1915-02-12
Exact Text of Bill Intro
duced by Unanimous Con-
sent of Union County Del
egatiOn Calling for Elec-
ton Upon Question of
Issuing 100000 in Bonds
to Build Good Roads in
Union County.
A Bill


ection in Union County on the Is
suing of 100000 of Coupon Bonds
for Building Permanent Roads, t.
pend the Proceeds of said Bonds and
Otherwise Define their Duties, Pow
ers and Term of Office.
Be 1t Enacted by the General AS
sembly of the State of South Caro-
lima:
Section I. That on the sixth day
of April, 1915, there shall be SUI.
mitted to the qualified voters of
Union County the question of issu-
ing 100000 of coupon bonds, bear
ing not more than five (5) per ctnt.
interest, for constructing public
highways in said County.
Sec. III. This election shall be
held under the laws governing the
holding of general elections in this
State. The ballots shall be provided
according to law; on the one ballot
shall be printed the words: FOR
PERMANENT ROAD BONDS
YES; on the other, FOR PERMA-
NENT ROAD BONDS-NO. If a
majority of the ballots cast in said
election shall be for the issuing of
said bonds, the seven Commissioners
hereinafter provided for, to be known
as the Highway Commission of Union
County, shall advertise for sealed
bids on said bonds. No bid shall
be considered for less than the par
value Of the bonds The Commission
shall have the right to reject all bids
and re-advertise for bids until the
bonds are sold.
Sec. III. Upon the acceptance of
any bid, the Commission shall hav-
printed Coupon Bonds to run not
less than twenty years, nor more
than forty years, with the right to
the County of redeeming any or all
of lthem at any time after twent,
years. These bonds shall be signed
by the Chairman and Secretary of
the Commission and the signatures
may be autographed. The interest
on these bonds shall be paid semi
annually, on the first day of Janu-
airy and the first day of July, each
and every year, and there shall bc
levied annually on the property in
said County tax sufficient to pay
the interest on these bonds and to
pay one fortieth or more of the prin-
cipal. The one-fortieth or more men
toned above the surplus accruing
after the payment Of the interest on
said bonds, shall be annually paid
over by the Treasurer of Union
County to the Sinking Fund Com
mission of the County to be invested
by them in such funds as are rec
ognized in law as proper for the
investment of trust funds. The
Sinking Fund Commission shall an
nually present to the Circuit Court
of said County an itemized state
ment of all such funds received by
it, and how the same have been in
vested, to whom loaned, and upon
what security. This report shall be
filed with the Clerk of said Court.
Sec. Nv. AS soon as the funds
arising from the sale of the said
bonds shall be received by the said
Highway Commission, they shall be
deposited by them in the several
'S of Union County according 10
and in proportion to the combined
capital stock and surplus of each
bank, at rate of interest," not less
than four (4) per cent. per annum.
to be paid by the said bank at said
rate from the date of the said de-
posit until the said funds are with
drawn from time to time by the said
Highway Commission as needed by
them in the performance of their
duties under this Act; Provided,
That should any bank in Union
County decline to receive such de-
posit from the proceeds of the sale
of said bonds, or decline to pay in
terest on the said deposits at rate
of interest of not less than four Ia
per cent. per anum, the pro rata
share of such deposits due to such
bank or banks so declining or re-
fusing to pay said interest, shall be
prorated among all the remaining
banks of Union County in proportion
to their combined capital stock and
surplus; Provided. Further, That the
Highway Commission shall withdraw
such funds from the said banks in
which same are deposited in an i'm
partial manner, and shall, in so far
as possible, withdraw such funds
proportionately and on the same basis
that the deposits are made in said
banks.
Sec. V. The Highway Commission
of Union County shall be composed
of seven members as follows: Emslie
Nicholson, Chairman; X. P. Morgan,
Secretary; ]. G. Riley, T. M. Little
john. w. II. Jeter, c.. Fl. Rice, and
). M. Little. Should vacancy in