The Union daily times. [volume] (Union, S.C.) 1918-current, 1922-04-18

"neTeaS, Cne General Assembly of
the State of South Carolina, did at
1922, pass the following Act, which
was approved on the 18th day of
March, 1922:
An Act-TO Authorize the Holding
OF an Election in City of Union on the
Issuing of One Hundred and Fifty
Thousand ($15O,OOO.OO) Dollars of
Serial Coupon Bonds for Building and
Improving Streets in Said Town; to
Name Three Commissioners to Expend
the Proceeds of Said Bonds and Other
wise Define Their Duties, Powers and
Term of Office, and to Provide a Sink
ing Fund for the Retiring of Said
Bonds and to Provide for Tax for
the Interest and Sinking Fund of Said
Bonds.
Section l.. Be it enacted by the Cen
eral Assembly of the State of South
Carolina; That on the 25th day of
April, 1922, there shall be submitted
to the qualified electors of the Town
of Union the question of issuing One
Hundred and Fifty Thousand ($15O,-
100000 Dollars of serial coupon bonds,
bearing not more than five 60 per
cent. interest for building and repair
ing streets in said Town.
Sec. 2. This election shall be 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 "For Building and I'm
proving Streets-No." If a majority
of the ballots cast at said election
shall be for the issuing of said bonds
the three Commissioners hereinafter
provided for to be known as the Street
Commission of the Town of Union
shall advertise for serial bids on said
bonds; No bids shall be considered for
less than the par value of the bonds.
The Commission shall have the right
to reject all bids and readvertise for
bids until the bonds are sold
Sec. 3. Upon the acceptance of any
bid, the Commission shall have print
ed serial coupon bonds, to run not
less than twenty (20) years nor more
than forty (40) years, with the right
to the Town of redeeming any or all
Of them p any time after thirty 800
years. These bonds shall be signed
bv the Chairman and Secretary of the
Commission, and the signature may
bonds shall be paid semi-annually, on
the first day of January and the first
day of July, each and every year, and
there shall be levied annually on the
property in said Town tax sufficient
to pay the interest on these bonds and
to pay one-fortieth or more of the
principal.
Sec. 4. AS soon as the funds aris
ing from the sale of the said bonds
shall be received by the said Street
Commission, they shall be deposited
by them in the several banks of the
City of Union, according to and in
nj fn hn fnl
stock and surplus of each bank, at a
rate of interest not less than four (4)
per cent. per annum to be paid by the
bank at said rate from the date of
the said deposit until the said funds
are withdrawn from time to time by
the said Street Commission as needed
bv them in the performance of their
duties under this Act; PROVIDED,
That should any bank or banks in City
of Union decline to receive such de
posit from the proceeds of the sale
of said bonds. or decline to pay inter-
est on the said deposits at rate of
Interest of not less than four a. per
cent. per annum, the pro rata Of de-
posits due to such bank or banks so
declining or refusing to pay said in
terest, shall be pro rated among all
the remaining banks of City of Union
in proportion to their combined cap
ital stock and surplus; PROVIDED,
further, That the Street Commission
shall withdraw such funds from the
said banks in which same are de-
posted in an impartial manner, and
shall, in so far as possible, withdraw
such funds proportionately and on the
same basis that the deposits are made
in said banks.
Sec. 5. The Street Commission of
the Town of Union shall consist of
three members as follows: Emslie
Nicholson, r. p. Morgan and j. f.
Cheek. Any vacancy in the Commits
sion shall be filled by the remaining
members subject to the consent and
approval Of the Town Council of the
Town of Union. The Commissioners
shall receive no compensation for
their services, but shall be reimbursed
for actual expenses in the discharge
of their official duties. The life of the
Commission shall be five years, or un-
ceived from the sale Of the bonds, for
the building and repair of the streets
in the Town of Union.
Sec. g. The said Commission shall
have the authority to employ a COM
petent engineer who shall be bonded |
in the sum of Ten Thousand ($1O,-
OOOOO Dollars for the faithful per-
formance of his duties, the premium
to be paid out of the funds in the
hands of the Commission. His duties
shall be to pay out all streets to be
constructed by the said Commission
and to see that the work is properly
performed.
Sec 7. This Act shall take effect
Immediately upon its approval by the
Governor.
Sec. 8. All Acts or parts of Acts
in conflict herewith are hereby re-
pealed.
THEREFORE, 1t is now ordered
that an election be held in the Town
of Union, South Carolina, for the pur-
pose of determining whether or not
Serial Coupon Bonds shall be issued
of the Town of Union, South Carolina,
in the sum Of ONE HUNDRED AND
FIFTY THOUSAND DOLLARS for
building and improving Streets in the
said Town under and pursuant to the
provisions and terms of the said Act
of the General Assembly. That at
said election ballots shall be provided
in accordance with the laws governing
such elections; and that upon said bal
lots shall be printed: FOR BUILD