The herald and news. [volume] (Newberry S.C.) 1903-1937, 1920-02-27

the purchasers and holders Of such
bonds. Said commission shall from
time to time, when due, make pay
ments of such bonds and the interest
thereon: Provided, That at no time
shall any moneys collected by way Of
taxation from citizens of said town
of Newberry for the purpose OF meet
ing the payment of interest on any
specific bond issue or for the sinking
fund for the payment Of any specific
bonds or income from such moneys
be used in the payment of any other
bonded indebtedness Of said town or
for any other purpose than the bond-
ed Indebtedness for which said
money was 80 collected, except that
when any bonds of the town have
been retired any surplus on hand
from moneys received by the commits
sion for the payment of such bonds
and interest shall be invested and used
for the payment Of other bonds OF
the town and the interest thereof.
The commission shall keep, in secure
place, all papers, books, records,
bonds, securities and properties held
by it. All checks and warrants for
the payment of money drawn on any
banking institution or trust company
by said commission shall be signed
by the chairman and secretary and
treasurer thereof, and Shall be ap-
proved in writing or countersigned by
at least one other member of SAID
commission. Hereafter, when bonds
are issued by the town Of Newberry,
in this state, pursuar- to law, it shall
be the duty of sail bond commission
of Newberry, S. O., t, sell and dis
pose of said bonds, as required by
law, and to hold the moneys received
from such sales and disposition and
keep the same on deposit in banking
institutions and trust companies, as
required herein, and such moneys and
accrued interest thereon shall only be
paid out by said commission on the.
authority and order OF the town coun-
ell of said town Of Newberry, or a
majority of the members Of said
town council, to such persons, firms or
corporations as said town council
shall certify to be due to receive the
same, and only when said town couE-
Gil, or majority thereof, shall GER
tify that said moneys are to be paid
out for the purposes for which the
; bonds, from the sale of which said
moneys were received, were issued;
Provided, however, That waen sucn
moneys were received from the sale
of bonds issued for water, lighting
or sewerage purposes, the same shall
only be paid out by the commission
on the order and authority of the
commissioners of public works of said
town, or u majority of the members
thereof, to such persons, firms or
CORPORATIONS as said commissioners OF
public works shall certify to be due
to receive the same, and only when
said commissioners Of public works
shall certify that said moneys are to
be paid for the purposes for which
the bonds, from the sale Of which
said moneys were received, were
issued. The said commission shall
make full and complete reports Of all
! it's acts and doings to the town coun-
Gil of said town semi-annually, in the
months of March and September OF
each and every year; such reports
shall show all investments made by
the commission, all amounts OF
moneys received and paid out, the
sources of receipt, and to whom and
for what purposes such moneys were
paid, the amount of cash on hand
and where kept, the total bonded in
debtedness of said town, in detail;
and the report made in the month of
September shall set forth the amounts
of money necessary to be raised by
said town by taxation for the sinking
funds to pay the various issues of
bonded indebtedness of said town
and the interest thereon in the year
next ensuing. The commission shall
keep minutes and records of all its
transactions and the same, together
with the books, papers and properties
thereof, shall at all times be open to
inspection and examination of tie
town council of the tow, t. aav
committee OF tie ssm,, az. 20 any
accountant authorized to inspect and /
exc INC the s2ne by he s2id town
c;-,>a:I. TIC con,',;ss:>1 &';a'i Elcev