The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1919-02-08


: bonds, and the principal Of said bonds
), when the same shall become due
shall be receivable III payment Of al
taxes. which shall become payable t;
the state during the year in which
said coupons or the principal of sait
aonds shall become payable: exceD
FOR the tax levied for the support @
public schools; anG the fact that tn.
said principal and coupons are so re
ceivable shall be expressed on The
face of said bonds and coupons re.
spectively; and this pledge is hereby
declared to be a contract between the
State of South Carolina and every
holder Of said bonds. Which pledge
shall be expressed on the face Of the
said bonds.
Sec 6. The said Sinking Fund
Commission are hereby authorized and
instructed to sell the bonds herein
/ provided for in such amounts and at
such times as they shall be directed
SO to do by the State Highway Com
mission at the hiShet price obtaina5le,
not less than par Or face value and ac-
cr,.e:i interest: and the proceeds
thereof shall be deposited With the
State treasurer, subject to the pay
ment CT vouchers issued by the State
Highway Commission. approved b.
the State Highway engineer and au-
thorized for payment by the chair
man CT said commission, or any other
member thereof who may be desig-
mated by said commission for that
purpose: and q correct registry Of
such bonds when sold shall be kept
by the Sinking Fund Commission. and
also an accurate account Of the pro-
ce@;is Of sait; bonds turned over b.,
the commission to the State trcasur-
er.
Sec. :: That Cor the purpose OF de-
frayins the expenses and carrying out
the provisions Of this act. the sum Of
-. if SO much be necessary. is here
hy appropriated to be taken from the
license fees collected by the ::;iat.a
Comnlsss
Sec s: That said bonds shall be
free from all State. county and nlu-
nic;pal taxes whatsoever.
Sec g: That the Sinking Fund
Commission are hereby authorized in
their discretion, TO perform each and
every act necessary to carry out the
provisions Of this act not herein
specifically authorized, and Which IS
not inconsistent with the provisio2s
hereof.
Sec. 10: That the principal and
interest of the bonds provided for in
this act shall be payable in gold 1t
the present rate of weight and fine
ness per dollar.
Sec. Il: That for the purpose Of
paving the interest on said bonds and
retiring the same at maturity. an an.
nual license tax rot exceeding 81 e0
per horsepower FOR automobiles and
and $500 per horsepow-
er FOR motor trucks, saiG horsepower
to be determined By the rating cs-
1ah;:shed by the Association OF Lie"f.s-
ed Automobile Manufacturers and |
known as the Standard Horsepower
Fo~m:ila Of the Society Of Automo-
bile Engineers $1,000 for every
:rai!e~ for attachment to a motor vc-
cic!e; and an annual license Of $50
FOR each and every make Of motor
vehicle sold by any dealer OF same,
shall be levied by the general assem-
by: Provided however. that so much
thereof as may be needed for the
ma ;ntenance Of roads and bridges
constructed and for the operation OF
the State Highway Department shall |
be first deducted therefrom: and 1t
shall also levy such annual tax as
may be necessary to pay such an
NAL interest in the event that the
revenue derived from the license tax!
upon automobiles shall be insufficient
for that purpose: and the fact that
the principal and coupons OF sal1
hords are receivable for taxes as
hereina bove provided; and that the
uayn;ent of the principal and interest
of said bonds are to be secured by.
levy CT SAID motor vehicle License and
other tax is hereby declared con-
tract between the State Of South Car
DINA and any hoide; Of said bonds.
which pledge shall be expressed on
the face Of said bonds.
Sec. 12: r7;:at the State Highway
is hereby authorized and
empowered TO draw and eXpend the
funds which may be realized from the
sale Of the aforesaid bonds for the
purpose Of layin3 ont, ssra ding ana
constructing with hard and durable
surface such highways Of the States
as may be incorporated in the stare
Highway System, and the consS:t:c-
ton of bridges constituting part there
Of. and for no other purposes what
scever.
Sec. 13: That at the first general
State election, ensuing after the pas
sage of this act, there shall be SUB
mitted 10 the qualified electors Of tins
State the question Us 10 the creation
o. tho debt hereinhefore authorized
and directed