Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1919-02-28
TOWNSHIP ROAD BONDS.
Act to Provide Means for Permanen,
Highways.

The following bill, introduced by SEN
ator Beamguard, has passed the SEN
ate and house and 1t will become q law
on its approval by the governor:
Section /. That whenever one-third
of the qualified freeholders residing In
any township in York county, shall
present q petition to the county board
of commissioners Of York county.
praying for an election on the question
of issuing serial or other coupon
bonds, for the constructing of public
highway in such townships, 1t shall
Ibe the duty of the county board of
commissioners of York county to or
der an election on the question Of issu-
ing Of serial or other coupon bonds
in such township, to an amount Of not
exceeding eight per cent. OF the as
sessed taxable property Of such
township, said bond to run for not
exceeding twenty years and to bear a
rate of interest not to exceed five per
cent, with the right to call In any or
all Of said bonds after ten years.
Sec. 2. Said election shall be held
under the laws governing the holding
Of general elections in this state.
The ballot shall be provided accord
ing to law and the one ballot shall be
printed, For permanent road bonds
Yes" On the other, For permanent
road bonds-No." That said election
shall be held at the same polling
places as were used in such township
in the last general election, and all
qualified electors residing in such
township shall be qualified to vote
therein. If majority Of the ballots
,ast in said election shall be for the
issuing of said bonds the county su-
pervisor and commissioners hereinafter
provided for, to be known as township
highway commissioners, shall dispose
Of said bonds to the highest bidder for
cash, at not less than par, upon such
notice by advertisement and conpeti-
tive bids as the supervisor and
said township highway commissioners
shall deem proper, reserv1ng the right
to reject any and all bids. The ex-
pense of the election shall be paid out
of the township funds.
Sec. 3. Upon the acceptance OF any
bid the county board Of commissioners
shall have printed or other coupon bonds
shall have printed several or other cou-
pom bonds to an amount not exceeding
eight per cent of the assessed valuation
Of the taxable property or such town
shipto run for not more than twenty
years with the right to the township OF
redceming any or all Of them after ten
years. These bonds shall be signed by
the county supervisor and countersigned
by the clerk of the board, but the
signatures may be autographed on the
coupons. The bonds to be issued by
any of said townships shall show upon
their face for what township said
bonds are issued and liability incurred
thereby shall extend only to the town
ship named therein.
Sec 4. The interest on said bonds
shall be paid semi-annually on the
first Of January and the first OF July
each and every year, and the Auditor
and treasurer shall levy and collect
annually on the property In salo
township q tax sufficient to pay the
interest on these bonds and to pay
one-twentieth Q-20) or more OF the
principal, the one twentieth or more
mentioned above and surplus accru-
ing after the payment Of the interest
on the said bonds, shall be turned over
to the county sinking fund commits
sion, to be invested by them In such
funds as are recognized in law as
proper for the investment of trust
funds. The sinking fund commission
shall annually present to the circuit
ourt Of York county, an itemized
statement Of all funds received by 1t,
and how they have been invested, to
whom loaned, and what security.
This report shall be filed with the
clerk of said court.
Sec. s. AS soon as the funds arising
from the sale Of said bonds shall be
received by the said township highwa!
commissioners, they shall be turned
over to the county treasury until they
shall be withdrawn from time to time,
by the warrant of said township
highway commissioners, as needed by
them in the performance Of their du-
les under this act.
Sec. 6. The township highway
commissioners provided for in this
Act, shall consist of three members
who shall be freeholders in said
township, who shall be appointed and
commissioned by the governor upoi
recommendation Of a majo,i;v OF the
legislative delegation Of YORK county.
The said commission shall elect 1ts
chairman and secretary, and anV va
rancy in the commission shall be NIL
ed by the governor upon l matorit'
recommendation Of the legislative del
egation from York county. The COM
missioners shall each receive as corr
pensation for their services the sum OF
one hundred dollars per annum, payable
quarterly out Of the proceeds OF the
sale of said bonds. The life o. said
commission shall be for 4 period Oh
three years, or until their successors
shall be appointed and qualified.
Each shall give bond in SOM, aoprov-
ed company doing business in this
state, under the laws thereJs, IN the
,py,, of f3vo Thousand dollars from the