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

NeWUerrY once week lOf LHicC
weeks preceding said election. Said
..el,.c .l".: Ga Aci& u..G>t the l.sW~
governing the holding of general
elections in this sJ:cc.
Sec. 2. The managers Of SAID
election shall serve without compea-
si.;i0n.
Sec. 3. The ballot shall be pro
vided according to Law; cn the one
ballot shall be printed the words,
Fer permanent road bonds IN the
sum Of four hundred thousand dol
! lars-Ycs;;" and on the other, "tor
permanent road bonds in the sum OF
four hundred thousand dollars-No. >
If a majority of the ballots cast IN
! said election shall be for the issuing
Of said bonds the commissioners
! hereinafter provided for, to be known
as the highway commission of New
berry county, shall advertise for
! sealed bids on said bonds, the same
! to be sold in such lots and at such
times as the said commission may
deem advisable; no bid for less than
par value of the bonds shall be con-
sidered. The commission shall have
{ the right to reject any and all bids
! and readvertise for bids until the
bonds are sold The commission may,
! if necessary, expend not more than
one thousand dollars for issuing said
bonds zsSE
Sec. 4. The said bonds shall be
! known as Highway Improvement
Bonds of Newberry County" and
shall be in such denominations as
! the said highway commission may fix,
to run for 40 years, and to bear in
terest from the date of issue at rate
not exceeding 5 per centum per an
! mum, payable semi-annually from the
| date of said bonds.
Sec. 5. Upon the acceptance Of
any bid, said commission shall have
printed coupon bonds of said county
of the tenor above set out. These
bonds shall be signed by the county
supervisor of Newberry county, coun-
tersigned by the chairman of said
commission, and the signatures of
said officers may be Autographed upon
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-
posit 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 i&emized 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. Z. 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
arate 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 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 commits
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 refus-
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 an i'm
partial manner and proportionately
to the amount held in deposit by the
various banks in so far as practi-
cable.
Sec. s. 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 member OF
the commission. Should any vacancy
occur in the said commission it shall
be filled as now provided by law IN
case of a vacancy on the present
board of county commissioners. The
chairman of said commission shall
receive, as compensation for his serv-
ices, salary Of $500 per year, and
the other members Of the commits
sion the sum of S. per day fol each
day actually engaged in the duties