The herald and news. [volume] (Newberry S.C.) 1903-1937, 1920-04-30
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AN ACT.

L O lQtnOflZe lne issue OF DOlluS OF
Newberry county for constructing
and improving highways and bridges.
and 10 provide for the payment Of
said bonds and for the expenditure
OF the proceeds thereo.
Section l. Be il enacted by the
General Assembly Of the State OF
South Carolina: The Highway Com
mission of Newberry county, created
by an Act passed at the present Ses-
sion of the General Assembly and
hereinafter referred to us the Com
mission" is hereby authorized to
order an election to be held at the
usual voting precincts in said county
on the oath day Of August, 1920,
upon the question of issuing coupon
bonds of Newberry county in the
amount of four hundred thousand
dollars (S400,000.00) for the pur-
pose of constructing and improving
highways and bridges in said county.
The commissioners of election for
state and county officers for New
berry county shall appoint the mama
gers and receive and tabulate the re-
turns of said election as in other
elections; and they shall report the
result of said election in writing, IN
duplicate, one copy of which shall
be filed with the records of the said
commission, and one copy with the
secretary of, state. The said commits
sioners of election shall cause notice
of said election to be published once
in each week for three weeks preced-
ing said election in newspaper
published in Newberry county. The
said election shall be held under the
laws governing the holding of general
elections in this state. The validity
of said election and the correctness
of the report of the result of the
election by the managers shall not be
open to question in any court except
in suit, action or proceeding COM
menced within thirty days after the
filing Of said report as aforesaid.
Sec. 2. The managers of said cleo
ton shall serve without compensa-
ton.
Sec. 8. A sufficient number of bal
lots shall be provided for use at said
election according to law. At said
election, all qualified electors of
Newberry county shall be entitled to
vote. Those voting in favor of the
issue of said bonds shall cast bal
lot with the following words plainly
written or printed thereon: Bond
Issue for Highways-Yes." Those
opposed to the issue of said bonds
shall cast a ballot with the following
words plainly written or printed
thereon: "Bond Issue for Highways
No." If majority of the legal bal
lots cast in the election shall be in
favor of the issue of said bonds, the
commission may proceed to issue them
in an amount not exceeding four
hundred thousand ($400,000.00)
dollars, but if a majority of the bal
lots cast shall be opposed to the issue
of said bonds, the bonds shall not be
issued.
Sec. 4. Bonds issued under the
authority of this Act shall be issued
in denominations of one hundred
dollars or multiple thereof. They
shall bear interest at rate not ex-
ceeding six per cent. per annum,
payable senli-annually. They shall
be serial bonds, maturing in annual
series or installments of one or more
bonds each, the first of which annual
series or installments shall be due
and payable not more than two years
after the date of issue of the bonds,
and the last not more than forty
years after the date of issue. Such
annual series or installments may be
equal or unequal in amount, but
none shall be greater than twice the
amount of any previously maturing
series or installment. In case the
bonds are issued in blocks bearing
different dates of Issue, each block
of bonds of the same date may be
made to mature as aforesaid without
regard to the times of maturity of
any other block. The bonds may be
made payable within or without the
State of South Carolina, and in gold,
or sucia oeher medium of payment
as may oe indicated on the face of
the beads. They shall be signed by
two c. more officers to be designat-
ed by the commission, and the county
seal or such seal as may be desig
mated by the commission shall be af-
fixed to or impressed on the bonds;
but the coupons of such bonds need
not be signed or authenticated other
wise than by facsimile signature of
such an officer, printed, etched, lith-
ographed or engraved on the coupons.
The delivery of bonds so executed
shall be valid Notwithstanding any
changes in officers or seal occurring
after execution. The bonds shall be
sold upon sealed bids submitted pur-
suant to notice published at leccsstt
once at least ten days before the sale
in a newspaper published in New
berry county, and pursuant to such
further advertisement, if any, as the
commission may direct. The bonds
shall be sold for not less than par and
accrued interest to the date of de-
livery. The bonds shall be exempt
from all State, county, municipal and
school taxes.
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