of the qualified voters of said town, be presented to the mayor Election ordered and commissioners thereof, setting forth the matter above reonly on (petition. quired in the notice of election. Sec. 5. That said bonds shall be issued under the signature of Bonds, how signed. the mayor of said town, and attested by the town clerk and treasurer under the official seal of said town, and the mayor shall, under the direction of the board of commissioners, dispose of said bonds at a sum not less than par value. Special annual levied to pay tax may be interest and principal on Sec. 6. That for the purpose of paying the interest on said bonds as it falls due, and for providing a sinking fund for the redemption of said bonds when due, or for purchasing and cancelling the same before due, it shall be the duty of the board of bonds. commissioners of said town at the time fixed for the levy of other taxes in the same to levy and cause to be collected with the other taxes each year so long as any of the said bonds are unpaid, a sufficient special tax upon all the subjects of taxation set out in section thirty-two of chapter eighty-nine, private laws of eighteen hundred and eighty-three, which taxes as collected shall at all times be kept separate and distinct and used only for the purpose above set out: Provided, that so much of the tax levied each Proviso. year as may not be required to pay the interest on said bonds, and which can not be applied to the purchase or discharge of the said bonds, shall be invested so as to secure the payment at Money arising maturity of the principal of said bonds; and to increase the due may be invested. investment of the above-described amounts from time to time it shall be the duty of the treasurer of said town, under such regulations as the board of commissioners thereof shall from time to time prescribe, to make investment of said amounts, and to do and perform all such other services in connection with said bonds as said commissioners may prescribe: Provided further that the Proviso. board of commissioners of said town may require an official bond bond of clerk and of the clerk and treasurer not exceeding ten thousand dollars for Commissioners the faithful discharge of all the duties pertaining to his office: may require Provided further, that the rate of taxation in said town (not in- treasurer. Proviso. cluding license and privilege taxes), shall not at any time exceed the rate of sixty-six and two-third cents on every hundred dol- Limitation to lars valuation, and a poll tax not exceeding two dollars, with tax rate. which to pay both the ordinary expenses of said town and the special taxes herein provided for. Sec. 7. That the bonds authorized to be issued by this act and Bonds and their coupons shall not be subject to taxation by said town until coupons exempted from taxafter they become due or tender of payment shall have been ation. made by the town through the treasurer, and the coupons shall be received in payment of town taxes for any fiscal year in which they become due or thereafter; and if the holders of any of said bonds or coupons shall fail to present the same for payment at Failure of holders of bonds to present same on demand. Clerk and treasurer shall keep record. Regulating cem. eteries. Sale of liquor prohibited. Conflicting laws repealed. the time or times and place therein named, he shall not be enti tled to any interest thereon for the time they have been outstand ing after maturity. Sec. 8. That the clerk and treasurer of said town shall keep a record, in which shall be written the name of every purchaser of a bond and the number and amount thereof; and he shall keep an accurate account of the coupons and bonds which shall be paid and cancelled, so that the true state of the bonded indebtedness of the town shall be readily seen and ascertained at any time by any taxpayer of said town. Sec. 9. That in the event the said town should purchase lands for a cemetery, either within or without the corporate limits thereof, the commissioners thereof shall have power to pass all such rules and regulations as they may deem necessary for the proper government thereof; and it shall be a misdemeanor, punishable as in the charter of said town provided, to violate the provisions of any ordinance relating thereto. Sec. 10. That the sale or manufacture of spirituous, vinous and malt liquors, wines or cider, brandy peaches, bitters or other intoxicating liquors is forever prohibited within the corporate limits of the town of Maxton or within two miles thereof. Sec. 11. That all sections, paragraphs or clauses of laws in conflict with the foregoing paragraphs are hereby repealed. Sec. 12. That this act shall be in force from and after its ratifcation. Ratified the 6th day of March, A. D. 1899. Corporators. Body corporate. Purpose of corporation. CHAPTER 332. An act to incorporate the Home Circle Mutual Aid Association. The General Assembly of North Carolina do enact: Section 1. That George W. Newell, John H. Uzzell, John Oliver Newell and John A. Coppedge, and their associates, successors and assigns, be and are hereby created a body corporate and politic, to be known as "The Home Circle Mutual Aid Association," and as such shall have perpetual succession and be capable of suing and being sued, pleading and being impleaded in any of the courts of this state and shall have and use a common seal. Sec. 2. The purposes for which this company is formed are to provide the means and facilities to enable men and women to become mutually insured, upon such terms and under such conditions as may be fixed by the by-laws of this corporation. Sec. 3. That the said corporation may make by-laws fixing the By-laws and number of its officers and defining their powers and duties; and regulations. may also make rules and regulations governing the company for the conduct of its business. home circles. Sec. 4. This company shall have the power to create and organ- May create local ize local home circles, one or more in each county, or one in two or more counties, as the need may be. in the several counties of this state, and such local circles shall be governed by and in accordance with such rules and regulations as may be made by this company. Sec. 5. That the principal office of this company shall be located Principal office. in the town of Louisburg and state of North Carolina; but it may have branch offices in such other cities and towns of this state as it may see fit. Sec. 6. The capital stock of this company shall be not less than Capital stock. five thousand dollars nor more than twenty-five thousand dollars, to be divided into shares of the par value of one hundred dollars; and whenever five thousand dollars of the capital stock has been subscribed and ten per centum of the same paid in, the company may organize and begin operation. Sec. 7. This act shall be in force from and after its ratification. CHAPTER 333. An act to amend chapter seventy-four of the private laws of North Carolina, ratified on the first day of March, Anno Domini eighteen hundred and ninety-seven. The General Assembly of North Carolina do enact: Section 1. That section one of chapter seventy-four of the private laws of North Carolina, ratified on the first day of March, Anno Domini eighteen hundred and ninety-seven, be amended by striking out the word "Salisbury" and inserting the word "Winston." Sec. 2. That this act shall be in force from and after its ratification. Ratified the 6th day of March. A. D. 1899. Principal office ing, Smelting and of Yadkin MinManufacturing Company changed from Salisbury to Winston. CHAPTER 331. An act to authorize the commissioners of the town of Rockingham, Richmond county, North Carolina, to issue bonds to construct waterworks. The General Assembly of North Carolina do enact: Section 1. That the commissioners of the town of Rockingham, Richmond county, North Carolina for the purpose of constructing waterworks and supplying the town with water, are hereby authorized and empowered to issue bonds, bearing interest at the rate of six (6) per centum per annum from date of their issue to the amount of fifteen thousand dollars, in denominations not less than one hundred dollars and not more than one thousand dollars, to each and every one of which shall be attached the coupons representing the interest on said bonds, which said coupons shall be due and payable on the first day of January of every year until the maturity of said bonds; the bonds issued to run for a period of thirty (30) years and shall be numbered consecutively, and the coupons shall bear the number corresponding to the bond to which they are attached, and shall declare the amount of interest which they represent, and when the interest is due, and where it is payable and shall be receivable in payment of municipal taxes levied by said town. Sec. 2. That the said bonds shall be issued under the signature of the mayor of said town and attested by the signature of the clerk and treasurer of said town, and the mayor and clerk and treasurer shall, under direction and with authority of the board of the town commissioners, dispose of said bonds as the necessity for the prosecution of the work may require, at a price not less than their par value, and it shall be the duty of the clerk and treasurer of said town to make and keep a record of the bonds sold, the number of bond purchased, the name of the purchaser and the price received for same. Sec. 3 In order to pay the interest on said bonds the commissioners of said town are hereby authorized and it shall be their duty to annually compute and levy, at the time of levying other taxes for said town, a sufficient special tax upon all poll and all real and personal property which shall be returned or listed for general taxation in said town, always observing the constitutional equation between the tax on property and tax on poll not to exceed twenty-five cents on the one hundred dollars valuation of property and seventy-five cents on each poll, with which to regularly and promptly pay the interest on said bonds, said taxes to be collected in the same manner and at the same time the other taxes of said town are collected, and shall be paid over by the town tax collector to the treasurer of said town, which officer shall give justified bonds in amounts amply sufficient to cover said Tax collector and treasurer, taxes, the former for collecting and paying over and the latter bonds of. for the safe keeping and proper disbursement of said funds. It shall further be the duty of said commissioners to provide for the collection of rents, water charges and other revenues for the use of the water provided by said waterworks, and all revenues derived from such sources shall be held and kept solely for the purpose of maintaining said system of waterworks, and the sur- Surplus used as a part of sinking plus, after paying the expenses of maintenance of said system, fund. shall be used as a part of the sinking fund hereinafter provided for for the redemption of said bonds until they have been fully redeemed. Violation of provisions of this meanor. Sec. 4 That the taxes levied and collected for the purpose Said taxes shall specified in section three of this act shall be kept separate and be kept separate. distinct from any and all other taxes, and shall be used only for the purpose for which they were levied and collected, and any mayor or commissioner who shall appropriate, by vote or otherwise, to any purpose, directly or indirectly, other than that for which they were levied, any of said special taxes or any part et a misde thereof, or shall in any way violate the provisions of this act, shall be guilty of a misdemeanor: Provided, that if the said taxes Proviso. levied and collected for the payment of interest 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 for the next succeeding year, and the said commissioners at the time of levying taxes for payment of interest for said next succeeding year, shall take into consideration said excess and shall compute and levy said tax accordingly. Sec. 5. For the purpose of creating a sinking fund with which to pay the principal of the bonds issued under this act, it shall be the duties of said commissioners, at and after the expiration of twenty (20) years from date of said bonds, to annually levy and collect a special tax in addition to that mentioned in section three of this act, and the tax provided for in this section shall equal in amount one-tenth [th] of the amount of bonds issued under this act after deducting the amount of the sinking fund received from the profits derived from running said waterworks as hereinbefore provided for; and whenever the amount of taxes collected under this section, together with the interest accumulated from the investment thereof as hereinafter provided for in section six of this act, and the accrued profits from running said waterworks, shall be sufficient to pay off the principal of all outstanding bonds. then said commissioners shall cease to levy said taxes for the sinking fund. Sec. 6. That it shall be the duty of said commissioners to annually invest any and all moneys arising from the special tax col Sinking fund to to pay off principal. When commis sioners shall cease to levy special tax. Commissioners may invest moneys so arising. |