Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1919-02-11


tached thereto for the interest, which shall be-
come due on said bonds as hereinabove pro
vided.
Sec. 2. That said bonds shall mature serially
as follows:
81, 900 900 on the first day of -- Of
each of the years 1925, 1927, 1928, 1929 and
1880.
s., 100000 on the first day of --- Of
each of the years 1881, 1882, 1888. 1884, and
1886.
81 800 900 on the first day Of -- Of
each of the years 1886, 1887, 1888, 1883 and
1910.
And $1,5Oo000 on the first day of
of each Of the years ls4l, 1912, l94S, 1884, ana
l945.
Sec. 8. That said coupon bonds shall be
signed by the governor of the state. counter
signed by the comptroller general. and have the
great seal of the state affixed thereto by the
secretary of state. which signing and sealing
shall be done at the time Of their issue and not
before; the coupons shall bear the signature OF
the state treasurer, his name being lithograph-
ed or engraved thereon.
Sec. 4. The secretary of state Is hereby re-
ouircd to keep at all times a correct registry
of all the bonds sealed by him. under the pro-
visions of this act, and the governor is. In hke
manner, hereby required to keep similar reg
istry of all the bonds signed by him: each reg
istry to be accessible to the public at all times.
Sec. s. That all coupons Of said bonds and
the principal of said bonds, when the same
shall become due, shall be receivable IN pay
ment of all taxes, which shall become payable
TO the state during the year in which said cou-
pons or the principal of said bonds shall be-
come payable, except for the tax levied for the
support of public schools; and the fact that the
said principal and coupons are so receivable
shall be expressed on the face OF said bonos
and coupons respectively; and this pledge ID
hereby declared to be q 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 by the
state highway commission at the highest priee
obtainable, not less than par or face value ana
occrned interest: and the proceeds thereof shall
be deposited with the state treasury subject 70
the payment of vouchers issued BY the state
highway commission, approved BY the state
highway engineer and authorized for payment
bv the chairman of said commission. or any
other member thereof who may be oesignaceo
bv said commission for that purpose; ana q
correct registry of such bonds when sold shall
be kept by the sinking fund commission. and
also an accurate account Of the proceeds OF
said bonds turned over by the commission TO
the state treasurer.
Sec. 4. That for the purpose OF defraying
the expenses and carrying out OF the provisions
of this act, the sum OF 70
much be necessary, is hereby appropriated 10
he taken from the license fees collected by tho
state highway commission.
Sec. g. That said bonds shall be free from
all state, county and municipal taxes whafso-
ever.
Sec. o. That the sinking fund commission
are hereby authorized in their discretion, 70
perform each and every act necessary TO carry
out the provisions of this act not herein specin-
cally authorized. and which is not inconsistent
with the provisions hereof.
Sec. 10. That the principal and interest OF
the bonds provided for in this act shall be pay.
able in gold at the present rate OF weight ana
fineness per dollar.
Sec. II. That for the purpose of paying the
interest on said bonds and retiring the same at
maturity, an annual license tax not exceeding
81 90 per horsepower for automobiles and mo-
torcycles and $500 per horsepower for motor
trucks, said horsepower to be determined by
the rating established by the Association OF
Licensed Automobile Manufacturers and known
az the standard horsepower formula OF the So
ciety of Automobile Engineers $1,000 for ey-
ery trailer for attachment to q motor vehicle,
and an annual license of $4,000 for each and
every make of motor vehicle sold by any dealer
of same shall be levied by the general assem-
bly,. Provided, however, that so much thereon
as may be needed for the maintenance OF roads
and bridges constructed and for the operation OF
the state highway department shall be first de-
ducted therefrom; and It shall also levy such
annual tax as may be necessary to pay SUCH
annual interest in the event that the revenue
from the license tax upon automobiles shall DO
insufficient for that purpose and the TACT tna1
the principal and coupons of said bonds are re-
ceiyable for taxes as hereinabove provided. and
that the payment of the principal and interest
of said bonds are to be secured by levy OF
said motor vehicle license and other tax Is
hereby declared a contract between the state OF
South Carolina and any holder Of said bonds.
which pledge shall be expressed on the face OF
said bonds.
Sec. IL. That the state highway commission
Is hereby authorized and empowered to draw
and spend the funds which may be realized
from the sale of the aforesaid bonds for the
mrpose of laying out, grading and construct
ing with hard and durable surface such hign-
ways of the state as may be incorporated In
the state highway system, and the construction
of bridges constituting part thereof ana tor
no other purposes whatsoever.
Sec. IS. That at the first general election,
ensuing after the passage OF this act, there
shall be submitted to the qualified electors OF
this state the question as to the creation OF the
Iebt hereinbefore authorized and directed.