kept.

and countersigned by the treasurer of said town, and a record shall be kept of all bonds, showing their number, amount and to Record of sale of whom sold. The coupons shall be received in payn ent of all bonds shall be taxes, fines and debts due said town. The board of commissioners of said town shall dispose of said bonds for not less than their par value and as the necessity for the prosecution of the improvements for which said bonds were voted shall require.

which bonds

Sec. 3. The purpose for which the aforesaid bonds shall be Purpose for issued shall be for the construction of waterworks and the supply- issued. ing of said town with water and for providing an adequate protection for said town against fire and the establishment of an electric light system or other lighting system for said town, for all or either of said purposes; and when the election shall be ordered as hereinbefore provided, the order of election and the advertisement thereof shall specify the purposes for which said Advertisement bonds are to be issued; and if a majority of the qualified voters shall specify purof said town shall vote for bonds at said election, then the proceeds arising from the sale of said bonds shall be applied exclusively to the purposes specified in said order of election.

pose of bonds.

annual tax to

pay interest on

bonds, etc.

Sec. 4. In order to pay the interest on said bonds the commis- Commissioners sioners for said town are hereby authorized and it shall be their levy special duty to annually compute and levy at the time of levying other taxes of said town a sufficient special tax upon all polls and all property, real and personal, and other subjects of taxation mentioned in the charter of the town of Shelby and acts amendatory thereof which shall be returned or listed for general taxation in said town, always observing the constitutional equation between the tax on property and the tax on polls, not exceeding thirty cents on the one hundred dollars valuation of property Iimitation to and ninety cents on each poll, with which to regularly and special tax. promptly pay the interest on said bonds. Said taxes shall be collected in the same manner and at the same time the other Special tax, how collected taxes of said town are collected, and shall be paid over by the town tax collector to the treasurer of said town, which officers shall give justified bonds in amounts amply sufficient to cover said taxes, the former officer for collecting and paying over and the latter for the safe keeping and proper disbursement of said funds.

sinking fund.

Sec. 5. For the purpose of creating a sinking fund for the re- Special tax may demption of said bonds issued under this act it shall be the duty be levied to create of the commissioners of the town of Shelby at and after the expiration of twenty years from the date of said bonds to annually levy and collect a special tax in addition to that mentioned in section four of this act, and the tax provided for in this section Amount of shall equal in amount one-twentieth of the amount of bonds said purpose. special tax for issued under this act, and shall be used in redeeming the afore

Taxes so collected shall be kept separate from other taxes.

Commissioners authorized to purchase annually one-twentieth of bonds.

When no one will sell such bonds.

Proviso.

said bonds as hereinafter provided, and when all of said bonds shall have been redeemed said commissioners shall cease to levy said taxes. The tax provided for by this section shall be levied and collected in the same manner and with same safeguards as to officer's bond as provided in preceding section.

Sec. 6. That the taxes levied and collected for the purposes specified in sections four and five of this act shall be kept separate and distinct from any and all other taxes and shall be used only for the purposes for which they were levied and collected: Provided, that if the taxes levied and collected for the payment of interest or for the redemption of said bonds shall in any year exceed the sum required for that purpose; the amount in excess shall be applied to the credit of the interest fund or redemption fund as the case may be for the next succeeding year, and said commissioners at the time of levying taxes for the payment of interest or for the redemption fund for said next succeeding year shall take into consideration said excess and compute and levy said taxes accordingly.

Sec. 7. That in order that there may not be an accumulation of money arising from taxation provided by this act, after paying the annual interest accrued on said bonds, the commissioners at and after the expiration of twenty years from the date of said bonds, are authorized and empowered to purchase annually onetwentieth of the bonds issued at a sum not exceeding their par value; and in case no one will offer to sell one-twentieth of said bonds, then the said commissioners are authorized to designate such bonds, not exceeding one twentieth of the whole number issued, as they may desire to purchase; and after the designation of such bonds and a notice thereof given through a newspaper published in Cleveland county, if the holder or holders of said designated bonds shall refuse to surrender the same and receive their par value, with accrued interest at the time of said notice, then the holder shall not receive any interest subsequently accruing: Provided, the said bonds shall be affected by the conditions of this act only when the conditions are expressed on the face of the bonds.

Sec. 8. That this act shall be in force from and after its ratification.

Ratified the 4th day of March, A. D. 1899.

CHAPTER 176.

An act to authorize the town of Pilot Mountain, in Surry county, to issue bonds for public improvements and to levy a special tax, and for other purposes.

The General Assembly of North Carolina do enact :

to issue bonds.

Section 1. That for the purpose of improving the streets of the Town authorized town of Pilot Mountain or providing a system of electric, gas or other artificial lighting, or for the purpose of establishing a system of waterworks for the town of Pilot Mountain, or for any one or all of said purposes at such time and in such manner as the board of commissioners may determine, the town of Pilot Mountain is hereby authorized and empowered to issue its bonds immediately or from time to time to any amount not exceeding in the aggregate the sum of twenty thousand dollars, of such de- Limitation to nomination as the board of commissioners may fix, bearing interest from their respective dates at a rate not exceeding six per centum per annum, with coupons attached, payable semi-annually at such times and places as the board may appoint, said bonds to be payable to bearer and the principal thereof to be payable at the time and place stipulated therein not exceeding thirty years from the date thereof.

tax issue.

Bonds, when payable.

Bonds shall not be disposed of for less than par value.

Sec. 2. That none of said bonds shall be sold or in any manner disposed of for less than their face value, nor shall said bonds or the proceeds arising therefrom be used for any other purposes than those set out in section one of this act. Sec. 3. That said bonds and their coupons are hereby exempt Bonds and coupons exempt from taxation by said town of Pilot Mountain and the board of from taxation. commissioners of said town are authorized and empowered to provide for receiving said coupons in payment of any taxes or other dues payable to said town at any time they may deem advisable.

be levied to pay interest and

Sec. 4. That for the purpose of providing for the payment of Special tax may the interest accruing on said bonds and for the purpose of creating a sinking fund for the payment of the principal at maturity, principal. the said town of Pilot Mountain shall each year when it levies other town taxes levy and impose a special tax on all property, persons, privileges and other subjects of taxation liable for taxes for any other purposes, said special tax not to exceed sixteen and two-thirds cents on the one hundred dollars assessed valuation

of property nor fifty cents on each poll, and not to be less than Limitation to one-third of said amounts, the lawful equation between the two special tax. to be preserved. Said special tax shall be collected at the same time and in the same manner that other town taxes are collected

and shall be kept separate and distinct from the general taxes

PRIV-29

Shall be used exclusively for certain purposes.

Before bonds are issued question shall be sub

mitted to voters.

Notice shall be given of election.

Franchises may be granted to individuals to establish such works.

and shall be used and applied exclusively for the purpose or purposes for which they are authorized under this act to be levied and collected. Said town of Pilot Mountain, through its board of commissioners, shall set apart and safely invest upon interest any amount of said taxes not required to pay interest on said bond until the principal of any or all of said bonds shall become payable, and shall apply said surplus constituting such sinking fund in payment of the principal of said bonds at maturity or in discharge of them before maturity on such just terms as they may deem advisable to make with the holders thereof.

Sec. 5. That before any of the bonds provided for by this act shall be issued or sold the question of issuing the same shall first be submitted to the qualified voters of said town after thirty days' notice in some newspaper published in said town, or if none be published therein, then in some newspaper published in Surry county at any election held on the first Monday in May, eighteen hundred and ninety-nine, or on the same date any year thereafter, or at such other time as the board of commissioners may determine, said election to be held under the same laws, rules and regulations as are now prescribed by the law for election of commissioners of said town, as contained in chapter two hundred and eighty-seven, private laws of eighteen hundred and ninetyone, entitled "An act to amend the charter of the town of Pilot Mountain, in Surry county." Such notice shall set forth the object for which said bonds are to be issued, the amount of the same, the rate of interest, the date of their maturity, and the rate of taxation to be levied and collected for the payment of the same. All qualified voters favoring the issuing of bonds and the levy and collection of taxes aforesaid shall deposit in a separate ballot box a written or printed ticket or ballot with the words "For bonds" thereon, and those opposing the same shall deposit a written or printed ticket or ballot with the words "Against bonds" thereon. If at such election a majority of such voters shall vote "For bonds," then the said board of commissioners shall issue the bonds provided for in such notice and shall levy and order the collection of the taxes named in said notice and authorized by this act

Sec. 6. That nothing contained in this act shall render it unlawful or operate against the power and right of the board of commissioners of said town to grant to any person or corporation the franchise and privilege of establishing, operating and conducting any system of waterworks for said town or any system of lighting for said town, and it shall be lawful for the commissioners of said town, in addition to granting such franchise, to take an interest with other persons in the establishment of such public works or stock in any corporation organized for that pur

pose, and pay for the same with the said bonds or the proceeds

arising from the sale thereof.

Sec. 7. That all laws and parts of laws in conflict with this act Conflicting laws are hereby repealed.

Sec. 8. That this act shall be in force from and after its ratifi

cation.

Ratified the 4th day of March, A. D. 1899.

repealed.

CHAPTER 177.

An act to incorporate the town of Leechville.

The General Assembly of North Carolina do enact :

Section 1. That the inhabitants of the present village of Leech- Incorporated. ville, in Beaufort county, and those living within the limits here

inafter prescribed, are hereby incorporated as a town under the

name and style of "The Town of Leechville," with all the rights, Corporate name. powers, privileges and immunities and subject to all the provis

ions of chapter sixty-two of The Code of North Carolina and the amendments thereto.

Sec. 2. That the corporate limits of said town shall be as fol- Corporate limits. lows, to wit: Beginning at the mouth of Campbell's Gut, which makes into the Pungo river, and thence running up Pungo river to a point called Slade's wharf; thence a westwardly course to a point, being the intersection of the Bay Lane road with the Washington and Leechville public road; thence southwardly down the Bay Lane road one-fourth of a mile, and thence a straight line to the beginning.

Sec. 3. The officers of said town shall consist of a mayor and Town officers. three commissioners, a town marshal, a treasurer and a town clerk. The duties of the town marshal shall be the same as prescribed for the office of constable under chapter sixty two of The Code of North Carolina. The following-named persons shall fill the offices of mayor and commissioners until the first Monday in May, eighteen hundred and ninety-nine, and until their successors are duly elected and qualified: Mayor, D. C. Betts; commis- Temporary sioners, W. H. Wilkinson, S. C. Bishop and F. T. Baynor; marshal, W. G. Waters; treasurer, W. J. Harris; town clerk, N. W. Sadler.

officers.

Sec. 4. That there shall be an election held for mayor and said Election for commissioners of said town on the first Monday in May, eighteen town officers. hundred and ninety-nine, and each succeeding year thereto, under the regulations and provisions contained in chapter sixtytwo of The Code of North Carolina, and the qualifications, of