The Robesonian., 1917-06-14

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 onder 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
its 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,OOO) 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
end 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.
(b). The maximum principal
amount of said issue shall be Ten
Thousand Dollars ($1O,OOO.OO), s3,-
900 of which amount shall be used
for drainage and $4,000 for street
improvement
(c). Bonds bear a rate of interest
not tc exceed five and one half per
centCm, per annum.
(d). The said bonds shall mature
twenty years from the date of their
issue.
(e). The average period of useful
ness Of said purposes is thirty
years.
e.: A tax sufficient to pay the
principal and interest of the bonds
shall be annually levied and collect
(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-
aticn OF property subject to taxation
by, the municipality for the three fis-
eel years nezt preceding this, as
shown by statement heretofore fill
ed is $77,8090O.
.(D. The amount of the net debt
OF sa'd town outstanding and au-
thorlzed, as shown by said statement
is S315.OO.
Cd. That this ordinance shall
take effect 80 days from date o.
first publication hereof and shall
not be submitted to a vote of the
people, unless. petition for it's SUI
mission to the voters shall be filed
in the meantime.
1t is further ordained that said
bonds be issued in denominations to
suit TIE purchaser, each to have re-
qulslte interest coupons attached to
said obligations to be executed as
required by law, to be in form here
after to be authorized by said town
and buyer.
Be it further ordained that the
clerk and treasurer Of the said town
advertise said bonds to be sold on
the 10 day of June, 1917, rate of in
terest not greater than s 1-2 per cent
to be decided upon by the said board
at the date of sale, which said sale
will be to the highest bidder bv seal
ed bids, however, reserving the right
given said town to reject all bids.
L. N. AUSLEY, Mayor.
L. M. PAUL,
Clerk & Treasurer.
The foregoing ordinance was pass
ed on the 18th day of May, 1917, was
first published on the 31st day of
May, 1917.
Any action or proceeding question
ing the validity of said ordinance
must be commenced within thirty
! days after it's last publication.
p. M. PAUL, Clerk
WOODBERRY LENNON, Atty.
Lumberton, N. C.
81 4thurs