The Union daily times. [volume] (Union, S.C.) 1918-current, 1922-04-11

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 (2O) years nor more
than forty (40) years, with the right |
to the Town of redeeming any or all
Of them at any time after thirty 800
years. These bonds shall be signed
by the Chairman and Secretary of the
Commission, and the signature may
be autographed. The interest on these
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
proportion to the combined capital
stock and surplus of each bank, at
rate of interest not less than four ca
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 witt drawn from time tc time ly
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-
post 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 (4 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 amon~ 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 hanks in which same are de-
posted in an impartial manner, and
i shall, in so far as possible withdraw
such funds proportiOnately and on the
same basis that the deposits are made
in said banks.
i Sec. 5. The Street Commission Of
i the Town of Union shall consist Of
i three members as follows: Emslie
Nicholson, r. p. Morgan and J. f..
4 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
i 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
Comm ission shall be five years, or un-
til they have expended the funds re-
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 ($10,-
000.00) 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.
i 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
ING AND IMPROVING STREETS
IYES-NO, and that the voter shall
indicate his choice by striking out on
, the ballot one Of the words-"YES" or
! l"NO."
The Books of Registration will be
; opened for said special election at the
Office Of d. w. Mullinax, Supervisor
! of Registration, in the storehouse OF
Union Clothing Company, on Main
: Street, Union, South Carolina, for u