Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1920-02-18


as perpetual record in said office. No.
tice of the election herein provided
for shall be published in three con-
secutive issues of some newspaper
published in Edgefeld county, pre-
ceding the election.
Sec. 9. Ballots shall be provided by
the Commission of State and county
elections. On one ballot shall be print |
ed these words: "For permanent
road improvement bonds for Edge
field county in the sum of--
dollars-Yes." And on the other bal
lot: "For permanent road improve
mert bonds for Edgefield county in
the sum of dollars-No."
The amount of. the bond issue shall
be printed on ballots and must be
the same as that indicated in the
above set forth report of the COM
mission to the Supervisor. If a ma
jority of the ballots cast irf said elec-i
tion shall be for the issuing of said !
bonds, the Highway Commission her"
provided shall at once take the neces-
sary steps for issuing and selling the
said bonds:
Sec. 10. In advance Of the sale o.
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 nion-
ey can be borrowed at rate of inter
est 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 ito re-.
ject any and ali 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 de
termine: Provided, That the CON-
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
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 Commission and the
Supervisor of the county: Provided,
That the signatures may be litho-
graphed or 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, AMI
shall be exempt from State and coun-
ty taxation.
Sec. IL. In order to pay interest OF
said bonds and provide sinking
fund for the redemption of the same
at maturity the County Auditor is
hereby directed and required to as
sess and levy, each year during the
period of said bonds on all property
real and personal, in the county q
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 sufficient
to retire the said bonds at maturity. !
The said taxes shall be annually col
lected by the County Treasurer at
the time when other State and coun-
ty taxes are due and collectible, and
applied oy him to the payment of the
interest on said bonds as same may
fall due, and he shall deposit the sur
plus in the banks of Edgefeld coun-
ty not less than the current rate of
interest laid by the banks in their !
savings departments, the said surplus
to be separate from other county !
funds and the said surplus shall ac-
cumulate from year to year and be
preserved as fund for the payment
and redemption of the said bonds.