The Union times. [volume] (Union, S.C.) 1894-1918, 1916-02-18

quarter nllluOn uOildT UoHu iSSuS loi
the building of good roads has been
introduced by Senator Hughes. 1t is
probable that the bill will be passed
and that there will be an election this
spring for good roads in this county.
The following is the full text of the
bill introduced by Senator Hughes:
A Bill to Authorize the Holding of
an Election in Union County on the
Issuing of N$25O,000.00 of Coupon
Bonds for Building Permanent Roads,
to Name Seven Commissioners to EX-
pend the Proceeds of Said Bonds and
Otherwise Define Their Duties, Pow
ers and Terms of Office.
Be it enacted by the General As
sembly of the State of South Caro-
lima:
Section 1. That on the -- day
of April, 1916, there shall be sub
mitted to the qualified electors of Un-
ion county the question of issuing
$25O,O0000 of coupon bonds, bearing
not more than five (5) per cent in
terest for constructing public high
ways in said county.
Sec 2. 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
roads bonds-Yes"; on the other,
"For permanent roads bonds-No."
If a majority of the ballots cast in
said election shall be for the issuing
of said bonds, the seven commission
ers 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 C9ms
issisn sion shall sha Taasasstfsss asHs for bids until
the bonds are sold. u
Sec. 8. Upon the acceptance Oh any
hid. the Commission shall have print
ed coupon bonds, to run not less that'
twentv wears, nor more than forty
ycars' with the right to the county
of redeeming any or all OF them a.
ary time after twenty years. lnese
bonds shall be signed by the cha!r'
man and secretary of the Commls
sion, and the signature may pe' iltho
graphed. The interest on these Dohu
shall be paid semi-annually on TN
first day of January and the first da
of July. each and every year, an
there Shall be levied annually on Tn
property in said county tax sun
cient to pay the interest on tines
bonds and to pay one-fortieth or MOI
of the principal The one-fortieth
more mentioned above and surpi'
accruing after the payment OF the II
terest on said bonds, shall be annua
lv paid over by the Treasurer OF y
ion county to the Sinking Fund Cor
mission of the county, to be invest
by them in such funds as are leec
niZed in law as proper Tor Ine
yestment of trust funds. Inc Sihhi
Fund Commission shall annuaily p'
\ sent to the Circuit Court OF So
county an itemized statement OF
, such funds received by it, and now
same have been invested, to "n
loaned. and upon what security. i
report shall be filed with the Clerk
said Court.
Sec. a. AS soon as the funds al
irp from the sale of the SAID DO
all be received by the said HlghI
"ommission, they shall be deposi
by them in the several banks OF
ion county. according to and In
norton to the combined capital ST
and surplus of each bank, at
of interest not less than four (4j
cent per annum, to De paio ny
bank at said rate from the daIe VI
deposit until the said funds are
drawn from time to time by the
Highway Commission as needeo
them in the performance OF their
tias under this Act: Provided,
should any bank or banks In U
county decline to receive such del
.om the proceeds Of the sale OF
bonds, or decline to pay lnteres
the said deposits at rate o.
terest of not less than four (4)
cent per annum, the pro rata
nosits due to such bank or ban
declining or refusing to pay sal
terest. shall be prorated among q
remaining banks of Union cour
proportion to their combined G
stock and surplus: Provided, fu
That the Highway Commission
withdraw such funds from the
banks in which same are dep
in an impartial manner. and sh
SO far as possible, withdraw
funds proportionately and on th'
basis that the deposits are m
said banks.
Sec. s. The Highway Conn
of Union county shall consist OF
members, of which the superV