The Union daily times. [volume] (Union, S.C.) 1918-current, 1922-04-04

cent. interest for building ard repair
lHg streets in said Town.
Sec. 2. This election shall tie held
under the laws governing the hold.
ing of general elections of this State
the ballots shall be provided according
to law, on the one ballot shall be print
ed the words Fer Building and In
proving Streets-No." If a majority
Of the ballots cast at said election
shall be for the issuing of said bonds
the three Commissioner hereinafter
provided for to be known as the Stree
commission of the Town f Unio!
snail advertise for serial bids on said
5ands. No bids shall be considered for
,,ss than the par value of the bonds.
The Commission sEall have the RICH;
20 reject all bids and rcadvrrtisc for
BIDS until the bonds ar" sold
Sec. ,. Upon the acceptance Of any
b d, the Commission shall haze print
ed serial coupon bonds. to run not
less than twenty COO years nor NOR"
than forty (4Ol years. with the ri"ht
to the Town of rcdeeming any or all
OF them at any time after thirty 900
vars. These bonds shall h. signed
b. the Chairman and Secretary of the
commission, and the signature may
- autographed. The interest on these
b rnds shall be paid semi annually. en-
the first day of January and the first
day of July. each and eVerv wear. and
there shall be levied annually on the
property in said Town tax sufficient
20 pay the interest on these bonds and
TO pay onc-forticth or more of the
principal.
Sec. 4. As soon as the funds aris-
il g from the sale of the said bonds
i, 10, 4 L Al.
Commission, they shall b" deposited
W them in the several bans of the
City of Union, according IT, and in
n oportion to the combined c:,pita'
sock and surplus Of each b2nk. at :.
rate of interest not less than four ,lD
r'r cent. per annum to be paid by the
bank at said rate from the date o.
the said deposit until the said funds
ore withdrawn from time t" time by
he said Street Commission IS needed
~ them in the performance Of thci,
ties under this Act; PROVIDED
That should anv bank or banks in City
9f Union decline to receive such de.
r0S't from the proceeds of the S4it
Gf said bonds. o" decline to pay intc..
oct on the said deposits at a rat" 90
interest of not less than four 90 PEE
cent. per annum. IT," pro raia of de
declining or refusing to pay said in.
tcrest, shall be pro rated amon~ al
the remaining banks of CITY of Unior
n proportion to their comb ned cap
tai stock and sur luS: PROVIDED
| further, That the Street Commission
| nall withdraw such funds from the
sid tanks in which same are de
| "Nsited in an imperial manner, ant
shall, in so far as possible, Withdraw
S"ch funds proporticnatelv and on tn,
same basis that the deposits are mad,
IN said banks.
| Sec. 5. The Street Commission ot
tie Town of Union shall consist o'
'hrce members as follows: Fmsli,
| Nicholson, r. p. Morgan and j. +
| Cheek. Any vacancy in the Commits
| members subject to the consent an,
approval of the Town Council of the
Town of Union. The Commissioner,
| hall receive no compensation fol
| heir services, but shall be Reimbursed
fo~ actual expenses in the discharge
| # their official duties The life of the
| Comm sSion shall be five years, or un
Ill they have expended the funds re
reived from the sale of the bonds, 10,
the building and repair of the street
IN the Town Of Union.
Sec. 6. The said Commission shal
have the authority to employ com
petent engineer who shall be Eonde,
m the sum Of Ten Thousand $50,
000.00) Dollars for the faithful per
formance of his duties, the premium
TO be paid out of the funds in tn
hands Of the Commission. His dutie
shall be to pay out all streets to b
constructed by the said Commission
and to see that the work is properl
performed
Sec. Z. This Act shall take cffec
Immediately upon it's approval by tn
Governor.