The Robesonian. [volume] (Lumberton, N.C.) 1870-current, 1917-05-31
PERTAINING TO
BOND ISSUE FOR TOWN OF
PEMBROKE. N. C.,

IN Office, 90 hereby waive nOC1ce OF
special meeting of the said mayor
and board as required by the ordin-
ance of said town Of Pembroke, and
We hereby fix May 10th, 1917, at
900 o'clock a. M, as the time and
Mccormick Company office in said
town as the place for said meeting
for purpose Of considering the ques-
ton of borrowing ten thousand dol
lars for public improvements of said
town, and for the transaction of such
other business as may come before
the said meeting.
This the 10Th day of May, 1917.
L. N. AUSLEY, Mayor,
A. M. BREEZE,
N. McINNIS,
VIM. LOWRIE,
J. A. MCCORMICK,
Commissioners.
The following, constituting the
mayor and all the board of commits
sioners were present: J. N. Ausley,
Mayor, A. M. Breeze, N. McInnis,
VIM. Lowrie and J. A. Mccormick,
commissioners.
L. N. Ausley presided as. mayor
and E. M. Paul, Clerk and Treasurer,
acted as secretary and clerk.
On motion of N. McInnis, second
ed by J. A. Mccormick, the following
ordinance was unanimously adopted
by the board, all the aforesaid COM
missioners, voting in the affirmative
and none in the negative.
Whereas, it appears to the board
Of commissioners Of the town of
Pembroke that in order to preserve
the health of the citizens of the said
town and for the public welfare and
interest of said town, it is an i'm
perative public necessity that the
said town of Pembroke borrow, and
it's mayor and board are hereby di-
rected and empowered to borrow the
sum of ten thousand dollars and is
sue and sell it's negotiable coupon
bonds in the said sum of ten thou
sand dollars ($10,0O0) for the financ-
ing of said public improvements.
(a). The purpose of said issue
shall be to finance the construction
of system of surface drains, cutters
and bitches within said town, finance
the labor for same and any and all
things necessary to an adequate
drainage Of said town; to improve the
streets Of said town; to finance the
labor and material and any and all
things necessary for said improve
ments. a H..
(b). The maximum principal
amount Of said issue shall be Ten
Thousand Dollars ($1O,OOO.OO), So
900 Of which amount shall be used
for drainage and $4,000 for street
Improvement s -... ...-
(c). Bonds bear rate of interest
not TIC exceed five and one half per
centUn, per annum.
(d). The said bonds shall mature
twenty years from the date of their
issue. ST.
(e). The average period Of useful
ness of said purposes is thirty
years. -..~. .-.
(f). A tax sufficient to pay the
principal and interest of the bonds
shall be annually levied and collect
ed.
(g): A statement of the debts of the
said town of Pembroke has been fill
et with the clerk and treasurer and
is open to public inspection.
| h). The average assessed valu-
stlcn OF property subject to taxation
by the municipality for the three fis-
cs1 years neyt preceding this, as
shown by statement heretofore fill
ed is s77,so9.0o.
! ~. The amount of the net debt
of sa'd town outstanding and au-
tthorized, as shown by said statement
i is $4,000.
! Cd. That this ordinance shall
take effect 80 days from date o.
first publication hereof and shall
not be submitted to a vote of thu
people, unless a petition for it's sub
mission to the voters shall be file,
in the meantime.
: 1t is further ordained that sal,
bonds be issued in denominations t,
salt TIE purchaser, each to have re
: quisite interest coupons attached t.
said obligations to be executed a
required by law, to be in form here
5 after. to be authorized by said tow
), and buyer.
), Be it further ordained that En-
, :, clerk and treasurer of the said tow
! advertise said bonds to be sold O.
the 10 day of June, 1917, rate of in
$ terest not greater than 5 IL per cen
d to be decided upon by the said boar
Il at the date Of sale, which said sal
will be to the highest bidder by seal