The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1915-02-10

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paid by the purchaser or purch-
asers to the County Treasurer
of said county, to be held by
him for the purposes herein pro-
vided and designated on his
books as the"Public Debt Fund
which aid fund shall be depos
tied by said Treasurer in Two or
more chartered banks in the
county of Clarendon, and paid
out by him as hereinafter pro
vided; and said County Treas,
urer's official bond shall be liable
as in case of other funds in his
hands, for all funds deposited
with him under and by author
ity of this Act.
Sec 4. That the proceeds of
the sale of said bonds herein
provided for shall be deposited
with the County Treasurer as
herein required, and shall be
used for no other purpose or
purposes than as herein desig-
mated, and shall be paid out or
disbursed by the sud County
Treasurer at the instance and
requirement of the said County
Board of Commissioners, and in
no other manner or by any 9th
er means than upon the special
warrant or warrants of said Com
missioners, drawn upon said
County Treasurer, which war
rants shall be signed by the
County Supervisor and: counter.
signed by the clerk or secretary
of said County Board of Commis
sioners, based upon itemized and
verified vouchers. fled with said
County Board of Commissioners.
which vouchers shall be filed in
the Office of the Clerk of the Cort
of Common Pleas for Clarendon
county, and all orders drawn or
issued by said County Board OF
Commissioners, and to be paid
by said County Treasurer as
herein provided, shall specify in
each case the object for which
they are drawn.
Section s.. Should there be
any balance of said funds herein
authorized and provided for,
after paying Indebtedness &C.
crued prior to 1915, the County
Treasurer shall transfes and sci
aside such balance. as a special
fund to be used in paying Court
expenses and other emergency
purposes.
Section 6. That for the pur'
pose of paying the interest or
the bonds hereinbefore author
lied to be issued, and the retire
ment of the same at maturity
the county Board of Commis
sioners of the county Of .Claren
don and their successors in Office
shall, from year to year, frop
1915. levy tax OF one-half mil
bon the dollar upon all taxable
property of said county, to be
known as the public debt tax, tx
be collected as the other taxes
of said county, and after the
payment of the said interest the
balance of the said special levy
shall be held by the said County
Treasurer, which sum shall be.
and constitute, a sinking funo
for the payment of the princi
pal debt of said bonds at ma.
turity.
Sec z. That the sinking fund
hereby created shall be KEEP,
separate and intact by the Coun,
| ty Treasurer, and shall be by
him deposited at interest in two
or more chartered banks for the
benefit of said fund, and upon
the expiration of the period OF
time herein fixed at which said
bonds are TO be redeemed and
retired, the said County Board
of Commissioners, or their sue
cessors in Office, shall redeem
and retire, by. means of said
sinking fund, said bonds, in
which event they shall call in
and pay off said bonds so re-
deemed and retired, and when
so redeemed and retired shall,
together with the attached and
unearned coupons, be destroy ed
or mutilated by said boad, and a
record of said bonds so redeem
ed and retired shall be kept in
the book herein provided for:
Provided, however, That the
said County Board of Commis-
sioners, and their successors in
Office, may invest any part or
all of said funds on hand at any
time in said bonds, if same can
be purchased at price not ex-
ceeding par, the proper records
Of all such purchases and can
cellations to be kept as herein
before provided.
Sec 8. Should there be any
remaining fund in the hands of
the said County Treasurer, after
all bonds are redeemed and re-
tired by said sinking fund, the
same shall be converted into the
county treasury, to be used for
ordinay county purposes.
Sec 9. That the County Board
of Commissioners of said county
together with the County Audi
tor and county treasurer, shall
constitute the Sinking Fund
1.