The Robesonian., 1917-03-15

said county to pay to the State
Treasurer five per cent interest per
annum on the amount thus loaned,
payable semiannually on the first
days of December and June Of each
year for a period Of forty-one years.
At the expiration Of forty-one years
said county bond shall be returned
by the State Treasurer and said
county shall be discharged from fur
ther liability on said bond: Provided,
that if upon the maturity Of any Sc
ries of State bonds issued in pur-
suance of this act the State shall not
have sufficient funds to retire the
same derived from the difference in
interest herein provided, owing to it's
inability to keep such difference in
interest continually invested, or on
account of expenses or delay Incl
dent to its investment, then and in
that event any such deficiency shall
be made good by the counties partici-
pating in the original proceeds of
any such State bonds in proportion to
the amount Of such proceeds received
by any such county.
Collection of Interest
Sec. 12 Said interest shall consti-
tute special State tax, which shall
be collected and accounted for under
the same penalties as other State
taxes, except that said State Treas
urer shall also be required to collect,
in addition to- said five per cent to
be paid semiannually, a penalty of
one-half of one per cent of the in
terest due for each day the same
shall remain unpaid after the first
days of December and June of each
year. One-half of such penalty shall
be paid by the county and one-half
by the sheriff of such delinquent
county. If any county which has
obtained money from the State under
the provisions of this act shall fail
or refuse to pay the interest due on
such loan or loans for period of
thirty days, the amount due by
such county, together with the penal
ty, shall at once become due and pay
able, and the State Treasurer is au-
thorized to proceed to collect the
same from such delinquent county.
Estimates Filed With Treasurer
SEC. 13. At the time of filing said
bond with the State Treasurer said
boa,,l of commissioners shall also
file an estimate of the amount of
IiO1ICy "lliCIl Will US actually UO0uGu
for the following six months; and
semiannually thereafter, on the
first days of May and November,
they shall file with said Treasurer
an estimate of the amount needed
for the ensuing six months until said
loan has been exhausted. Each six
months after securing a State loan
the board of. county commissioners
shall publish sworn statement show
ing in detail all receipts and ex-
penditures, to whom paid and for
what purpose, during tho preceding
six months. which shall also be filed
with the Sta+o Treas~~er.
Loans Reduced Pro Rata
Sec. IA. If the aggregate IF the
estimate by the several boards nf
commissioners which vote fer State
aid under this act shall exceed t,e
sum IF four hundred tho,1s"ud dol
lars, the State Treasurer shall re1,1ce
all loans pro rata for the fnllow;n~
six months. If such ee+irca+os sha,'
'-cA omo'''t to for~ hundred tho,lsand
dollars, then the bonds to be issued
ard sold for that period shall be re-
duced accordingly.
Tim" fer Loans
Sec. IS. F~or1 the first r. th> thir-
'ieth days cf January and July of
cnch ,-oar. ard at TO other time, the
STATE Treacurer ~hall loan to the SOW
eral counties which have cornpliod
with the provisions Of this act the