The Robesonian., 1917-05-03

AANSiioCo, 1unuS, ana demands
due the State Of North Carolina ofl
any Kiad whatsoever which shall be
expressed on the tace Of said bonds.
BEFORE selling the bonds herein au-I
thoT1zed to be issued, the Treasurer
snail advertls the sale and invite seal
ca olos IN such a manner as in his
judgment may seem to be most eff
iecuai TO secure the best price. He
IS authorized to accept bids for the
entlre issue or any part thereof, and
where the advantages are equal, he
snail give the preference of purchase
to the citizens of North Carolina:
and ne is authorized to sell the
bonds herein authorized in such man
ner as IN his judgment will produce
the best price. Any premium receiv-
ed by the State Treasurer from the
sale OF said bonds shall become a
part OF the surplus or sinking fund
herein provided for.
Exemption From Taxation
Sec. g.: The said bonds and cou-
pons shall be exempt from all State.
county or municipal taxation or as
sessment,. direct or indirect, general
or special, whether imposed for pur-
| pose OF general revenue or otherwise.
and the interst thereon shall not be
subject to taxation as for income, nor
shall said bonds and coupons be SUBJ
| Ject to taxation when constituting a
part OF the surplus or capital stock
OF any bank, trust company, or 9TH
er corporation, but when constituting
a part of such surplus or capital
stock shall be deducted from the to-
tai assets in order to ascertain the
taxable value of such shares.
Investment of Trust Funds
Sec. 9. It shall be lawful for all
executors, administrators, guardians
and flduciaries generally to invest in
) said bonds.
Petition for Election by Counties
Sec. 10. That when as many as
twenty five per centum Of the vot.
ers registered at the preceding gen
eEal elctlon in. any county Of the
State shall sign and present pc
tition to the board of commission
ers of such county, requesting sait
board to call an election for the pur
;, pose OF securing State aid for tn,
t construction of highways in sucl
county, under the provisions of thi
: act, specifying in such petition tn
amount to be borrowed, and askin,
that the special tax to meet the pay
t ments herein provided for be levie'
e and collected and used for said pur
r pose if majority of the votes cas-
$ shall favor such loan, said boar
: shall call an election for that purpose
: which shall be held on the secon
d Tuesday in April (provided that fo
the year 1917 only, said election sha
be held on the second Tuesday i
= May) OR the second Tuesday in Oe
t tober Of that year. A special regis
e' tration of voters shall be require
n before any such election is held. Sue
n registration ana election shall
: conducted under the provisions of tn
S general election law. When calm
: said election, the board of commits
d sions shall specify in such call tn
: amount to be voted upon, accompar
e led by statement to the effect tha
Il a favorable vote thereon shall cal
e ry the power and duty on the pal
) Of such board of commissioners
f levy and collect the special tax here
J, in required for the purpose herei
n named, and such election shall
Y conducted In the same manner, a
y near as may be, as elections for men
It bers of the General Assembly.
s Obligations of Bond
Y Sec. II. At such election thos
o qualified voters who are in favor {
h securing State aid for road bui1din
a shall vote a ballot upon which sha
It be written or printed the words "Fe
n Good Roads," and those who oppos
e such State aid shall vote ballot III