The Robesonian., 1917-05-03
The CLARK BILL
Under Which Voters of Robeson Will Decide at The
Election to Be Held May Whether or Not to Borrow
$4,000 Year For Years.
AN ACT TO ENCOURAGE ROAD BUILDING
IN NORTH CAROLINA BY STATES AID

Whereas the welfare and indus
trial development of the State de-
mands the construction and main
tenance Of public highways as COM
merce arteries and means Of social
intercourse; and whereas the State
as a unit enjoys borrowing credit
at less rate of interest than in
dividual townships or counties; and
whereas, by the use of Estates aid"
money can be borrowed on township
and county bonds at a saving in the |
rate of interest, and at no cost or
risk to the State, thereby encourag-
ing road building: Now, therefore,
The General Assembly Of North |
Carolina do enact:
Sec. 1. That for the purpose Of
creating a semiannual road fund, not
to exceed four hundred thousand dol ]
lars, to be used by the several coun-
ties of the State for permanent road
improvement upon the terms herein
prescribed, the State Treasurer isl
hereby authorized and directed to
issue bonds of the State Of North
Carolina, payable forty-one years af-
ter date Of issue, which bonds shall
be issued semiannually on the first
days of January and July of each
year. On the first day of July fol-
lowing the ratification of this act
said State Treasurer shall issue bonds
to an amount not to exceed four hun
dred thousand dollars, which bonds
shall bear interest at rate not ex
ceeding four per cent per annum from
date of issue until paid, which in
terest shall be payable semiannually
on the first days of January and
July Of each year SO long as any
portion Of said bonds shall remain
due and unpaid.
loans to Counties
Sec. 2. That the proceeds received
Il by the State Treasurer from the sale
of said bonds shall be loaned to the
several counties of the State, as here
matter provided, to be used by said
counties in the construction of ma
cadam, sandclay, or other surfaced
roads.
Interest Paid by Counties
Secs. Said counties shall pay to the
| State Treasurer five per cent interest
per annuml on the amount so loaned
to be paid semiannuaily on the first
days of December and June of each
and every year,. for d period of for
ty-one years, or for such time there
after as may hereinafter be requir-
/ ed. From the five per cent interest
received on such county bonds the
State Treasurer shall pay the foul
per cent interest On the State bonds
issued for this purpose and the sur.
plus shall become part Of the semi
annual road fund herein provided
for.
Second Issue
Sec. A. On January first following
the first issue Of bones under this act
| the State Treasurer shall issue like
bonds to an amount sufficient, wher
added to said surplus, to make ar
available fund of four hundred thou
sand dollars, or so much thereof az
may be necessary to meet the de
mands made for loans, which sale
sum, shall be loaned in the same man
| ner as the proceeds arising from thu
first sale of bonds. Said bonds shal
be the same in all respects as those
first issued and shall run for a pc
riod of forty-one years from date O.
issue, and bear interest at a like rate
which interest shall be payable OF
the first days of January and Jul.
of each year. If sufficient -applica
tions for loans to counties shall no
be made under the provisions of thi
. act to take up the surplus at an,
: time, heStateTreasurer is authorizedt,
! loan such remaining surplus, in sucl
manner as he may deem best, at
rate of not less than five per cen
per annun, payable semiannually OF
the first days of December and Jun
Of each year.
II Continuous Issues and Loans
II Sec. 5. Each six months thereaf
ter, for period Of forty-one years
| said State Treasurer shall issue bond
of the same class, to run for a pc
riod of forty-ope years from date 0
issue, to an amount sufficient, whel
| added to said surplus, to create
| fund of four hundred thousand dol
: lars. or So much thereof as may b
. demanded, which amounts shall b
Ifloaned to the counties applying there
/ for under the conditions herein I'm
| posed.
II Sec. 6. At the expiration OF sal
| period of forty-one years the Stat
| Treasurer shall retire all Of sal
! bonds, as they mature, from the SUI
plus remaining each six months al
II te paying the semiannual intetres
on the bonds outstanding.
Coupon Bonds
Sec. 7. That the bonds authorize
and directed to be issued by this az
shall be coupon bonds, and of the dt
nominations of one hundred dollar
five hundred dollars, and one thol
| sand dollars each, as may be detern
ined by the said State Treasurer, an
shall be signed by the Governor an
the State Treasurer, and sealed wit
the Great Seal of the State, and sha
be known as "North Carolina Higl
way Bonds. The coupon theree
may be signed by the State Treasu
er alone, or may have facsimile