Goldsboro weekly argus., 1915-01-28
NOTICE..

An Act to Amend Chapter Three Hun
dred and Six of the Private Laws of
One Thousand Nine Hundred and
Thirteen, Regular Session, Entitled,
'sAn Act to Make Permanent the
Proceeds Derived From the Sale of
the Electric Light Plant of the City
of GOldsbOrO.o
The General Assembly of North Car
oIina do enact:
Section /. That chapter three hun
dred and six Of the Private Laws of
the General Assembly Of North Caro-
lima, of one thousand nine hundred
and thirteen, regular session, entitled
An Act to Make Permanent the Pro-
ceeds Derived from the Sale of the
Electric Light Plant of the City of
Goldsboro,'' be and the same is hereby
amended by repea1ing and striking out
sections one and two of said Act and
enacting in lieu thereof the following:
That as heretofore, the money derived
from the sale of the electric light
plant of the City of Goldsboro to Car
Dina Power and Light Company, shall
be known and termed as 'The Elec-
trio Light Fund" That the Board of
Aldermen of the City of Goldsboro
shall, within thirty days after the rat
ification of this act and every four
J cal tuO1 OdALSA dppOIuI SOuu0 Su1LaD16
person to be styled and known as
Commissioner of the Electric Light
Fund of the City of Go1dsboro." who
shall hold his Office for a period of
four years from the date Of his an
pointment and until his successor is
appointed and qualified That all nm
invested money derived from the sale
of the electric light plant of the City
of GOldsbOro to Carolina Power and
Light Company together with all the
notes bonds, mortgages and securi.
| ties on which the balance of the none,
derived from said sale has been loo n
! ed, shall be turned over and delive .rs,
/ to the Commissioner of the Elec Mi
Light Fund by the City Treasurer an,
city CLERK, as soon as such Cc1nlgnis
sloner is appointed and qualities2
snail be the duty of the COMMISSIONS
OF the Electric Light Fund to, safe
guard said Fund, it's loans and securi
ties and make due investm entg. of sai,
fund; no investment, however. sha1
/ be made by said COMMISSIONS miles
ne shall have first secured the writ
ten approval so to do from a maiorit,
OF the FINANCE Committee OF the Boar,
| OF Aldermen of said City. Tt shall h
1 the duty OF said Commissioner To col
lect the interest from all Investment
MADE from said Fund, whether or no
such investments were made prior t
/ or after his appointment: and all in
! tereSt derived from all Investments n
said Fund shall be- turned over tn
hrst OF each month by said Commis
sloner to the City Treasurer and al
sueh interest shall BE used for no pur
pose other than for municipal lightin
N SAID City; and said "EIectric Ligh
Fund" shall not be diverted to or use
.or any other Purpose until July !
I91I' ana them only by vote of
majority of the qualified voters of th
City OF Colds boro. The uninveste
casn money of said Fund shall be de
gosited IN such banks in said city a
the Board of Aldermen may deter
nine. Said Commissioner shall Civ
such bond for the faithful perform
ance OF his d1dies, make such report
ana statements and receive such con
pensat1on as the Board of A1derme
OF said City may determine
Sec. 2 That said Commissions
snail not lend any of said Fund to til
City of Gofdsboro, nor shall any pa
thereof be used I'm defraying any I
the expenses for the government
said City
sec- 3. That all laws, clauses {
parts of laws, in conflict with this a,
are hereby repealed
Sec. 4. That, this ac3t shall be
force and sffe'st from sand after /
ratification