Carolina watchman. [volume] (Salisbury, N.C.) 1871-1937, 1936-06-26

take effect upon its passage, and
shall not be submitted to the vot-
ers of the Town of Spencer"
The foregoing ordinance was
passed on the 10th day of June,
1886, and was first published on
the 10Th day of June, 1886.
Any action or proceeding quest
Joining the validity of said, ordin-
|ance must be commenced within
thirty days after its first Publica-
ton.
C. P. HUFFINES,
Clerk of the Town of Spencer,
North Carolina.
IAN T
IZING THE ISSUANCE OF
$4,000 OF N OF THE
TOWN OF SPENCER TO RE
OUTSTANDING BONDS.
BE IT ORDAINED, by the
Board of Aldermen of the Town OF
Spencer, as follows:
Section 1. The Board of Alder
men of the Town of Spencer has
ascertained and determined, and
does hereby declare, that the fol-
lowing bonds of the Town have
heretofore been issued by said
Town and are now outstanding,
viz: $4,000 Public Improvement
Bonds, dated September 1, 1926,
payable, one $1,000 bond on Sep
TENDER 1, 1882, seven $1,000
bonds on September 1, 1884, five
$1,000 bonds on September 1, 1885,
and seven $1,000 bonds on Sep
TENDER LIST in each of the years
1886 and 1887, and bearing inter-
est at the rate of six per centum
1927 per annum, payable semi
annually, and that said bonds were
issued on or about their respective
dates, and that said Town received
in payment therefor not less than
the face amount of said bonds, and
that all sums received in payment
for said bonds have been applied to
the payment of the cost of enlarg-
ing or extending the sewer system
of said Town, or charging the
water supply system Of said Town,
or improving streets in said Town,
and that no part of the principal
of any of said bonds has been paid,
and that all of said bonds are valid
and binding obligations of said
Town.
Section 2. For the purpose of
refunding the debt evidenced by
said bonds, there shall be issued,
pursuant to The Municipal Finance
Act, 1921, of North Carolina, as
amended, bonds of the Town Of
Spencer of an aggregate principal
amount which shall not exceed
Twenty-seven Thousand Dollars
($27,ooo).
Section 3. In any case where
the debt evidenced by any of said
outstanding bonds is not payable
at the time of the passage of this
ordinance, or will not be payable
within one year thereafter, no
bonds shall be issued pursuant to
this ordinance to refund said debt
unless said debt is cancelled stimuli
taneously with the issuance of the
bonds issued pursuant to this ordin-
ance to refund said debt.
Section 4. A statement of the
debt of the Town of Spencer has
been filed with the Town Clerk as
required by law, and is open to
public inspection.
Section s.. This ordinance shall
take effect upon its passage, and
shall not be submitted to the voters
of the Town of Spencer"
The foregoing ordinance was
passed on the 10th day of June,
1886, and was first published on
the 10Th day of June, 1886.
Any action or proceeding ques-
tioning the validity of said ordin-
ance must be commenced within
thirty days after its first publica-
ton.
c. P. HUFFINES,
Clerk of the Town of Spencer,
North Carolina.
IAN AUTHOR
IZING THE ISSUANCE OF $751;
900 OF BONDS OF THE TOWN
OF SPENCER TO REFUND
OUTSTANDING BONDS.
BE IT ORDAINED, by the
Da.-J II AJI..-. - H. T.-.- e