The herald and news. [volume] (Newberry S.C.) 1903-1937, 1920-08-20

the coupons for the semI-annual IN
stallments of interest to be attached
to said bonds.
Sec. 6. The sinking fund pro-
vided for the redemption of said
bonds shall be annually set apart by
the treasurer of Newberry county,
to be by him placed and kept on de-
post as a separate, fund in such
banks or trust companies of New
berry county, or of other counties of
said state, upon such interest as may
be obtainable, not less than four per
centum. per annum, payable or COM
pounded semi-annually. The treas
urer shall annually present to the
circuit court of said county of New
berry an itemized statement of all
such funds received by him and where
and when the same are deposited
and at what rate of interest," This
report shall be filed with the clerk
of said court.
Sec. I. The funds arising from
the sale of the said bonds shall be
deposited to the credit of the treas
urer of Newberry county in sep
rate fund, to be known as the
Highway Improvement Fund" IN
the several banks of Newberry coun-
ty, according to and in proportion to
the combined capital stock and sur
plus of each bank as nearly as may
be practicable at a rate OF interest
of not less than 4 per centum. per
annum from the date of the deposit
until the funds are withdrawn from
time to time by the highway commis-
sion as needed by them in the per-
formance of their duties under this
act. Said fund shall be paid by the
treasurer upon the warrant OF the
chairman countersigned by the clerk,
when, authorized by said commission.
Should any bank or banks in SAID
county decline to receive such de-
post at said rate of interest, the pro
rata share of deposits due to such
bank or banks so declining or refrs-
ing to accept same shall be deposited
by said commission among other
banks of the county. Such funds
shall be withdrawn from such banks
as they are deposited with in IN i'm
partial manner and proportionately
to the amount held in deposit by the
various banks in so far as pract!-
cable.
Sec. 8. The highway commission
of Newberry county shall be COM
posed of one member from each
township of said county, to be elected
as now provided for in case of
other county officers in the election
herein provided for on the question
of issuing said bonds for term end
ing January l, 1925, and said COM
mission when so elected shall elect
one Of their number chairman and a
clerk who need not be a member OF
the commission. Should any vacancy
occur in the said commission it shall
be filed as now provided by law in
case of vacancy on the present
board of county commissioners. The
chairman of said commission shall
receive, as compensation for his serv-
ices, a salary of $500 per year, and
the other members of the commls-
sion the sum { S5 per day for each
day actually engaged in the duties
as such commissioners, not exceed
ing 80 days each year for each men,
Der. At the expiration of the terms
of office of the present county su-
pervisor and county commissioners Of
Newberry county, the said highway
commission herein provided for snail
succeed to and perform all the duties
now devolved upon and required to
! be performed by said county super
visor and county commissioners and
in the same manner, except as herein
otherwise provided, as we'll as per-
form the duties herein prescribed.
Their successors shall be elected at
the general elction in 1924 ard
every four years thereafter.
Sec. 8. The duties Of the said
commission shall be to use the pro-
ceeds arising from the sale Of the
/ said bonds for the purpose OF con
structing a system of permanent or
improved highways throughout New
Continued on Page 81