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

lcIcSI dL IIlc rate VI SAA PEI SSlAIuAAA
(6%) per annum, payable semi
annually; and
~ $1,000 Street Improvement
Bonds, dated February 1, 1925,
payable, two $1,000 bonds on Feb
)ruary lst. in each Of the years 1884
to 1886, inclusive, and one $1,000
bond on February 1, 1882, and
bearing interest at the rate of six
per centum (6@6) per annum,
payable semi-annually; and that
said bonds were issued on or about
their respective dates and that said
Town received in payment there
for not less than the face amount
of said bonds, and hat all sums re-
ceived in. payment for said bonds
have been applied to the payment
of the cost of 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
thirty-nine Thousand Dollars
($39,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 or
dinance, 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 simult-
aneously with the issuance of the
bonds issued pursuant to this ordi-
nance 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 $. 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.
l"AN AUTHOR
IZING THE ISSUANCE OF $780,
900 OF BONDS OF THE TOWN
OF SPENCER TO REFUND
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 said Town have
heretofore been issued by said Town
and are now outstanding, viz:
$4,000 Street, Water and Sewer
Bonds, dated December l., 1925,
payable, six $1,000 bonds on De-
cember LIST in each of the years
1888 to 1887, inclusive, and bear
ing interest at the rate of five and
one-half per centum Gh%) per
annum, payable semi-annually, and
that said bonds were issued on or
about their respective dates, and
that said Town received in pay
ment 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
cost of charging or extending the
sewer system of said Town, o en-
larging the water system of said
Town, or improving streets in said
Town, and hat no part of the
principal of any of said bonds has
been paid, and that all of said
bonds are valid and binding obliga-
tons pf 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 eeree principal