The Robesonian., 1917-03-15
AN ACT TO ENCOURAGE
ROAD BUILDING IN NORTH
CAROLINA BY STATES AID

ana the Stdle 1IedSuIeI, dLu o0oiou
with the Great Seal of the State, and
shall be known as "North Carolina
Highway Bonds. The coupons there
on may be signed by the State Treas
urer alone, or may have facsimile
of his signature printed, engraved or
Autographed thereon; and the said
bonds shall in all other respects be
in such form as the said State Treas
urer may direct, and the coupons
thereon shall, after maturity, be re-
ceived in payment of all taxes, debts,
dues, licenses, funds, and demands
due the State of North Carolina of
any kind whatsoever which shall be
expressed on the face of said bonds.
Before selling the bonds herein au-
thorized to be issued, the Treasurer
shall advertise the sale and invite
sealed bids in such manner as IN
his Judgment may seem to be most
effectual to secure the best price. He
is authorized to accent bids for the
entire issue or any part thereof, and
where the advantages are equal, he
shall give the preference of purchase
to the citizens of North Carolina; and
he is authorized to sell the bonds
herein authorized in such manner as
in his judgment will produce the best
price. Any premium received by the
State Treasurer from the sale of
said bonds shall become a part of the
surplus or sinking fund herein pro-
vided for.
Exemption From Taxation ..
Sec. 8. The said bonds and cou-
pons shall be exempt from all State,
county or municipal taxation or as
sessment, direct or indirect, general
or 5petial, whether imposed for pur-
pose of general revenue or other
wise, and the interest thereon shall
not be subject to taxation as for IN
come, nor shall bonds and coupons
be subject to taxation when consti-
tuting a part of the surplus or capital
stock of any bank, trust company, or
other corporation, but when consti-
tuting a part of such surplus or cap
ital stock shall be deducted from the
total assets in order to ascertain the
taxable value of such shares.
executors, administrators, guardians
and fiduciaries generally to invest
in said bonds.
Petition for Election by Counties. +.
Sec. 10. That when as many as
twenty-five per centum of the voters
regis tered at the preceding general
election in any county Of the State
shall sign and present a petition to
the board of commissioners of such
county, requesting said board to call
an election for the purpose Of secur-
ing State aid for the construction Of
highways in such county, under the
provisions of this act specifying in
such petition the amount to be so
borrowed, and asking that the spec
ial tax necessary to meet the pay
ments herein provided for be levied
and collected and used for said pur-
pose, if majority of the votes cast
shall favor such loan, said board
shall call an election for that pur-
pose, which shall be held on the sec
ond Tuesday in April or the second
Tuesday in October of that year. A
special registration of voters shall be
required before any such election is
held. Such registration ari election
shall be conducted under the provis-
ions of the general election law
When calling said election, the board
of commissioners shall specify in
such call the amount to be voted up
on, accompanied by statement to
the effect that a favorable vote
thereon shall carry the power and
duty on the part of such board of
commissioners to levy and collect the
special tax herein required for the
purpose herein named, and such elec-
ton shall b. coT}ucted in the same
manner, as near as NAV be, as cleo
tions for members of the General As
sembly.
Sec. II. At such election those
qualified voters who are in favor of
securing State aid for rossl building
shall vote ballot upon which shall
be written or printed the words "For
Good Roads," and those who oppose
such State aid shall vote a ballot
upon which shall be written or print
ed the words against Good Roads, -
The result of said election. shall be
certified by the returning board to
the board of county commissioners.
If a majority Of the votes cast shall
be "For Good Roads," the board Of
commissioners of such county shall
execute a bond payable to the State
of North Carolina, in form TO BE-
approved by the State Treasurer and
Attorney-General, for the amount so
voted, which bond shall BE- signed by
the chairman of the board of county
commissioners and countersignod by
the register of deeds, and sealed with
the seal of the county, and shall b.
Immediately delivered to the Stats
| Treasurer. Said bond shall obligats