Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1920-06-16

J0rlCy OF Cne DallOCS cast IN SalQ elec-
tion shall be for the issuing of said
bonds, the Highway Commission here
provided shall at once take the neces-
sary steps for issuing and selling the
said bonds.
Sec. 10. In advance of the sale of,
the bonds the Commission shall have
, the authority to borrow such money
as it may need in prosecuting the
work, the obligation thus made to be
paid from the proceeds of the bonds
when sold: Provided, That the mon
ey can be borrowed at rate of in
terest not to exceed that which the
bonds bear.
Sec. II. The Commission shall Of
fer said bonds for sale without the
payment of commissions and without
intervention of agents or bond brok-
ers acting for said Commission, to
the highest bidder, after due adver-
tisement, reserving the right to re-
ject any and all bids; and shall, as
far as practicable offer said bonds in
small denomination to be acquired
by citizens as investments of their
savings. Said bonds shall be issued,
partially or entirely ,and of such de-
nomination as the Commission may
determine, as terminal coupon bonds
not exceeding 40 years from the date
of issue, or partially or entirely as
serial bonds, payable annually in
such series as the Commission may
determine7 Provided: That the Com
mission shall have full power, if
deemed advisable by it, in the is
suance of coupon bonds, to provide
that the same may be called in after
a period of years which period Of
years shall be set forth in said bonds.
Said bonds of either or both classes,
as aforesaid, shall be signed by the
Chairman of the Committee and the
Supervisor of the county: Provided,
That the signatures may be litho-
graphed OF engraved upon the cou-
pons of the said bonds: Provided,
further, The same bear the seal of
Edgefeld county attached by the Su-
pervisor. Said bonds are to be[made
payable at such place or places as the
Commission shall determine, and
shall be exempt fromState and coun-
ty taxation.
Sec. IL. In order to pay interest on
said bonds and provide a sinking
fund for the redemption of the same
at maturity the County Audi tor is
hereby directed and required to as
sess. and levy, each year during the
period of said bonds on all property
real and personal lin the county
tax sufficient to pay the interest on
the said bonds and to create sink
ing fund in such amount as may be
necessary to produce fund sufi-
cient. to retire the said bonds at md
turity. The said taxes shall be annual
Iy collected by the County Treasurer
at the time when other State and
county taxes are due and collectible,
and applied by him to the payment
of the interest on said bonds as same
may fall due, and he shall deposit the
surplus in the banks of Edgeield
county not less than the current rate
of interest paid by the banks in their
savings departments, the said surplus,
to be separate from sother county
funds and the said surplus shall ac-
cumulate from year to year and be
preserved as fund for the payment
and redemption of said bonds.
Sec. 13. The proceeds of the sale
of the bonds herein provided for shall
be deposited in the banks of Edge
field county in the name of the Edge
field Highway Commission and the
same is to be checked out as needed
to pay for the work undertaken by
the Commission upon warrants ior
checks signed by the chairman and
two other members of the Commits
sion.
Sec. Ia. The Commission shall at
the close Of each fiscal year, make
a full report of its transactions du-
ring the year, including an itemized
statement of the money received and
disbursed for whatever purpose, said
report to be filed with the Clerk of
Court of said county and to be sub
mitted by the Clerk to the circuit !
Judge presiding at the next succeed
ing term of court of general sessions
for said county, and by him submit