fessions, callings, occupations, teachers and businesses carried on in said town. Sec. 10. That the clerk and treasurer and the constable shall Treasurer, clerk and constable each give a bond in the sum of five hundred dollars with suffi- shall give bond. cient surety, payable to the state of North Carolina, conditional for the faithful performance of the duties of their respective offices and for the proper accounting for and paying over to those entitled to the same of all sums of money which may come into their hands by reason of or under color of their respective offices; that all policemen shall give bond if required by the commis- Policemen shall sioners in the sum to be fixed by them, conditional for the faith- give bond. ful performance of their duties; that the term of office of the clerk and treasurer shall be the same as that of the commission may remove License for sale of ers electing him: Provided, that the commissioners may remove Proviso. any person holding this office for cause; the constable and police- Commissioners men shall hold office during the pleasure of the commissioners. officers. Sec. 11. That the board of commissioners of said incorporation shall not grant license for the sale of spirituous liquor in said town, nor shall the board of county commissioners in the county in which Gibson is now located, or in which it may hereafter be located, grant any license to sell spirituous liquors within said town. Sec. 12. That all ordinances passed by the said commissioners shall not take effect until the same have been posted for five days at four public places in said town. Sec. 13. That this act shall be in force from and after its ratification. Ratified the 28th day of February, A. D. 1899. Ordinances hall be publicly advertised five days before effective. CHAPTER 164. An act to refund certain bonded indebtedness of the city of Wilmington. Whereas, the city of Wilmington owes among others certain Preamble, coupon bonds bearing interest at the rate of five per centum per annum, payable semi-annually and maturing January first, nineteen hundred and twelve (1912), to the amount of one hundred and fifty thousand dollars; and certain coupon bonds bearing interest at the rate of six per centum per annum, payable semiannually and maturing the first day of January, nineteen hundred and eighteen (1918), to the [amount] of one hundred thousand dollars; and certain coupon bonds bearing interest at the rate of five per centum per annum, payable semi-annually, and maturing first day of January, nineteen hundred and nineteen To pay certain bonds of city of Wilmington. Aldermen empowered to issue bonds Interest payable semi-annually. Issue not to exceed $150,000. For the purpose of refunding debts. When bonds mature. Maximum amount to be issued. Shall not be valid unless signed by certain persons. (1919), to the amount of one hundred and fifty thousand dollars; and Whereas, there is a provision contained in the said bonds which mature on the said first day of January, nineteen hundred and twelve (1912), to the effect that they may be called in and paid at any time after the expiration of ten years from their date of issue, and the said city of Wilmington, through its proper officers, is desirous of so calling in the said bonds; and Whereas, the said city of Wilmington is desirous of refunding the aforesaid bonds.which mature in the years nineteen hundred and eighteen (1918) and nineteen hundred and nineteen and (1919), or such part thereof as they may lawfully effect by exchange or otherwise; now, therefore, The General Assembly of North Carolina do enact: Section 1. That for the purpose of paying said bonds of the city of Wilmington which mature January first nineteen hundred and twelve (1912), the board of aldermen of the city of Wilmington by and with the sanction and approval of the board of audit and finance of said city, are authorized and empowered to issue coupon bonds bearing interest, payable semi-annually, at a rate not to exceed four per centum per annum, to an amount not to exceed one hundred and fifty thousand dollars and in denominations not less than one hundred dollars nor more than one thousand dollars, said bonds to be payable thirty years from the first day of July, eighteen hundred and ninety-nine (1899). Sec. 2. That for the purpose of refunding as much of the said bonded indebtedness maturing the first day of January, nineteen hundred and eighteen (1918) [and] on January first, nineteen hundred and nineteen (1919) as may be effected with the holders thereof, the said board of aldermen by and with the sanction and approval of the said board of audit and finance are hereby authorized and empowered to issue from time to time coupon bonds bearing interest payable semi-annually at a rate not exceeding four per centum per annum to an amount not exceeding two hundred and fifty thousand dollars, and in denominations of not less than one hundred dollars and not more than one thousand dollars, said bonds to be payable thirty years after the first day of July, eighteen hundred and ninety-nine (1899), all of the said bonds to be issued under the provisions of this act shall be payable at the office of the city clerk and treasurer or elsewhere, as the said board of aldermen and the said board of audit and finance may see fit, and shall not be valid unless signed by the mayor of said city and by the chairman of the said board of audit and finance and countersigned by the said clerk and treasurer of said city. Sec. 3. That said bonds shall not be sold or exchanged at a less Shall not be sold sum and rate than their par value; they shall not be subject to at less than par. taxation by the said city for any purpose whatever and the coupons from and after maturity shall be receivable in payment of any and all taxes or other indebtedness due the said city. Sec. 4. That the said bonds at the option of the holder or hold- Bonds to be regers thereof shall be registered by the clerk and treasurer of said city, and after such registration shall be transferable only by endorsement. istered. authorized and invest funds in Sec. 5. All executors, administrators, guardians, trustees and all Executors, etc., other persons acting in a fiduciary capacity, including those who empowered to now hold or may hereafter hold any of the bonds of said city their hands in maturing during the years nineteen hundred and twelve, nineteen said bonds. hundred and eighteen and nineteen hundred and nineteen are hereby fully authorized and empowered to exchange them at any time for the bonds issued under this act or to invest their funds in the same. Officers applying proceeds of bonds for purposes other than herein specified, guilty of a misde meanor. Sec. 6. Any officer or employee of the said city who shall apply the proceeds of any bond or bonds issued under this act or exchange any such in any other manner or for any other purpose than is provided for in this act, or shall issue or have issued any more of said bonds than are necessary for the specific purposes of this act shall be deemed guilty of a misdemeanor, and upon conviction shall be fined not less than two hundred dollars or imprisoned not less than two months, or both, at the discretion of the court. Sec. 7. That the corporate authorities of said city shall annu- Annual tax levy ally levy a tax upon the property of the citizens or said city and to provide for upon the polls, and upon such property of non-residents which may be situate in said city and subject to taxation, to provide for the payment of the interest that may accrue upon said bonds, and in like manner provide for the payment of the principal of said bonds at maturity by creating a sinking fund for that purpose. payment of inter est on bonds, etc. Sec. 8. That whenever any of the bonds referred to in sections Bonds when paid, one and two of this act shall be paid or exchanged they shall be shall be burned. burned by the chairman of the board of audit and finance in the presence of the board. Sec. 9. That all laws and clauses of laws inconsistent with the Conflicting laws provisions of this act are hereby repealed. Sec. 10. That this act shall be in force from and after its ratification. Ratified the 28th day of February, A. D. 1899. repealed. Purpose for which bonds may be issued. Maximum amount of bonds. Interest. Principal, when payable. Bonds, how signed. Special tax may be levied to pay interest and principal when due. Limitation to special tax. Surplus from special tax, how applied. Excess shall be turned over to treasurer of town for sinking fund CHAPTER 165. An act to authorize the town of Highlands, in Macon county, to issue bonds and levy special tax. The General Assembly of North Carolina do enact: Section 1. That for the purposes of building a hall, library, reading and lecture rooms in the town of Highlands, Macon county, the commissioners of said town are hereby authorized and empowered to issue bonds of the town to an amount not exceeding three thousand dollars, of such denominations as the board of aldermen or town commissioners may deem advisable, bearing interest from date thereof not to exceed the rate of six per centum per annum, with interest coupons attached, payable yearly at such times and at such places as may be deemed advisable by said board of commissioners, said bonds to be of such form and tenor and transferable in such way, and the principal thereof payable or redeemable at such time or times, not exceeding ten years from the date thereof, and at such place or places as said board may determine. Said bonds shall be signed by the mayor and commissioners of said town. Sec. 2. That for the purpose of providing for the payment of the interest accruing on and the principal at maturity of such bonds as may be issued under this act, the board of commissioners of said town of Highlands are authorized annually and at the time of levying other town taxes, to levy and lay a special tax on all property within the corporate limits of said town, subject to taxation, and on all taxable polls of not exceeding thirty cents on the one hundred dollars worth of property, and not exceeding ninety cents on the poll, said tax to be strictly applied for the purposes herein mentioned. So much of all taxes levied and collected in the corporate limits of said town under this act as may not be required to pay the interest on said bonds as the same falls due, and can not or may not be applied to the purchase or discharge of the bonds for which said taxes are levied and collected, shall be invested so as to secure the payment at maturity of the principal of said bonds; and to insure the due investment of the amounts collected from year to year in excess of that required to pay the said interest, the board of town commissioners shall cause the said excess to be turned over to the treasurer of said town for a sinking fund. It shall be the duty of the treasurer, under such general rules and regulations as said board of town commissioners may from time to time prescribe, to make invest ment of so much of the taxes collected and turned over to him as aforesaid, as shall be applicable as aforesaid to the payment of the principal of said bonds. issued under this act, and to do or perform all such other services in connection with said bonds as said board may prescribe. Such treasurer shall give such bond as said board may prescribe, and such bond shall be liable for all moneys coming into the hands of said treasurer. Provisions of this act shall be sub mitted to voters for ratification. Sec. 3. That the provisions of this act shall be submitted to a vote of the qualified voters of the town of Highlands on the first Monday in May, eighteen hundred and ninety-nine, under the rules and regulations prescribed for members of the board of commissioners of said town. The town commissioners shall cause a notice of said election and of the purpose of the same Notice of election. to be posted at four public places in said town for thirty days before said election. All qualified voters wishing to vote in favor of the issuing of said bonds and the levying of the tax herein provided for, shall vote a written or printed ticket with the word "Approved," and those wishing to vote against the issuing of the bonds and levying the tax shall vote a ticket with the word written or printed "Disapproved." If a majority of such voters shall vote "Approved," it shall be deemed and held that a majority of the qualified voters of the town of Highlands are in favor of issuing the bonds and levying the tax, and in such case this act shall be and remain in full force and effect. But if a majority shall vote "Disapproved," this act shall be null and void. Sec. 4. This act shall be in force from its ratification. Form of ballot. CHAPTER 166. An act to incorporate The Presbyterian Female College." Preamble. Whereas, on the thirtieth day of May, eighteen hundred and ninety-six, a corporation was formed under the general laws of North Carolina, authorizing the formation of corporations before the clerk, by filing articles of incorporation before the clerk of the superior court of Mecklenburg county, under the name and style of The Presbyterian Female College, the business of which corporation being to carry on and conduct a female school and college for the education and instruction of white females, in the city of Charlotte, or near thereto, in the county of Mecklenburg, which school or college was immediately thereafter inaugurated in the city of Charlotte, and which has since that time been, and stiil is, conducted by the said corporation. And whereas, it is the object and desire of the said corpora. tion to enlarge its field of work and to carry on and conduct tinued. PRIV-26 Preamble con |