The Robesonian. [volume] (Lumberton, N.C.) 1870-current, 1917-05-31
ORDINANCE PERTAINING TO
BOND ISSUE FOR. THE TOWN
on IIMRERTQN NJ C. |.


OF LUMBERTON, N. C.
Lumberton, N. c., May 18th, 1917.
A special meeting Of the mayor
and board of commissioners of the
town of Lumberton, N. c., was held
At the town hall, on this the 28th
day of May, 1917, at 8 o'clock, p. NJ,
pursuant to notice duly issued to
each member of the board in accord
ance with the ordinance Of the town
of Lumberton and also pursuant to
written waiver of notice signed by
said officials, which waiver Of notice
is as follows:
eve, the undersigned, constituting
the MAYOR and board of commission
ers of the town of Lumberton, now
, in office, do hereby waive notice of
special meeting Of the said mayor
and board as required by the ordi-
, nance of said town Of Lumberton,
and we hereby fix May 2Sth, 1917, at
800 o'clock, p m. as the time and
the town hall of said town as the
! place for said meeting for the pur-
, pose of considering the question Of
| the issue of fifty-oue thousand dol
! lars bonds to pay notes in said
amount heretofore executed for pub
lie necessities for said town, and for
the transaction Of such other bust
ness as may properly come before
said meeting.
This May 28th, 1917.
]. D. PROCTOR, Mayor,
E. NJ. JOHNSON, Comr.,
A. S. KING, Comr.,
W. P. McALLISTER,
Conn.
The following, constituting the
mayor and a quorum Of the board
of commissioners were present: j.
D. Proctor, Mayor; E. NJ. Johnson,
A S. King and w. P. McAllister,
commissioners, S. *. Nash, the
fourth and only remaining member
being absent.
J. D. Proctor, mayor, presided and
/ Ira B. Townsend, Clerk & Treasurer,
acted as clerk ard secretary Of the
meeting.
On motion of W.. P. McAllister,
seconded by E. M. Johnson, the fol-
lowing ordinance was unanimously
adopted by the board, all the afore-
| said commissioners voting in the af-
, firmative and none in the negative.
WHEREAS, it appears to the board
Of commissioners of the town Of Lum-
berton, N. c., that there has been
incurred for necessary public i'm
provements for the town Of Lumber
| ton, an outstanding Indebtedness
against said town in the sum of fifty
one thousand dollars, which said in
| l1ebtedness was incurred prior to
| date of adjournment Of last session
! of General Assembly of North Car
/ DINA, for the Improvement of the
! electric light system and water sys-
| tenn of said town, which exists in
| form Of pronlisory notes netting
said amount, which said notes will
| be due and payable within 80 days
from date hereof, and it appearing
that it is imperatively necessary that
the said notes be paid when due and
that the said town borrow the said
sum of fihty-one thousand dollars
and that it issue and sell it's negoti-
/ able coupon bonds in said sum for
the refunding Of said debt; THERE
FORE, be it resolved that the said
town Of Lumberton by its mayor and
i board Of commissioners borrow the
said sum Of fifty-one thousand dol
lars for the purpose aforesaid and is
sue and sell its negotiable coupon
bonds in said sum for purpose and
in detail as is hereinafter set forth
(aJ The purpose Of said issue shall
be to refund an outstanding indebted
ness against the said town in the
form Of promisory notes executed by
said town heretofore in the sum of
fifty-one thousand dollars, which
said Indebtedness was incurred in
Improvement Of the electric light and
water system Of said town and for
no other purpose.
(b) The maximum principal amount
of said issue shall be fifty-ene thou
sand dollars( $51 ,0O0) which issue shall
| he only for refundTng said outstanding
indebtedness ,thrty-two thousand dol
lars of which amount was expended
for electric light Improvement and
nineteen thousand dollars for water
system extension and improvement.
(c) The bonds shall bear a rate of
interest not to exceed five and one
half per centuns per annum.
(d) The said bonds shall mature
twenty-seven years from the date OF
their issue.
(e) These bonds are entirely for
refunding the said outstanding debt
as aforesaid and the shortest period
in which the said debt can be final
ly paid without an undue burden up
on the taxpayers of said town is