Board of alder- Redemption. Three-fifths to be set apart for improving streets. Bonds not to be sold for less than par. Proceeds, how used. CHAPTER 129. An act to authorize the city of Raleigh to issue bonds for public improvements and to levy a special tax. The General Assembly of North Carolina do enact : SECTION 1. That for the purpose of paving, macadamizing and otherwise improving such of the public streets of the city of Raleigh as the board of aldermen of said city may determine to improve, and for making such other public improvements as the said board of aldermen may determine to make, the city of Raleigh is hereby authorized and empowered to issue its bonds to an amount not exceeding fifty thousand dollars, of such denominations and in such proportions as the board of aldermen may deem advisable, bearing interest from the date thereof at a rate not exceeding five per centum per annum, with interest coupons attached, payable half-yearly, at such times and at such place or places as may be deemed advisable by said board of aldermen; 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 thirty years from the date thereof, and at such place or places as the board of aldermen may determine. SEC. 2. That the board of aldermen shall set apart for the special purpose of paving, macadamizing and otherwise improving the streets of the city of Raleigh not less than three-fifths of the proceeds arising from the sale of the bonds authorized by this act. SEC. 3. That none of the bonds authorized by this act shall be disposed of either by sale, exchange, hypothecation or otherwise for a less price than their par value; nor shall said bonds or their proceeds be used for any other purpose than those declared in said sections one Penalty for viola- and two respectively; and any officer of the said city of Raleigh vio tion of this section. Freedom of bonds from taxation. Coupons receivable for city taxes. lating or aiding or abetting any person in the violation of this section shall be guilty of a misdemeanor, and upon conviction thereof shall be fined not less than five hundred dollars and imprisoned not less than six months, and shall moreover be liable to the said city in a sum double the amount lost to the city by such violation. SEC. 4. That the bonds authorized to be issued by this act and their coupons shall not be subject to taxation by the said city until after they become due and tender of payment shall have been made by the city; and the coupons shall be receivable in payment of city taxes or other city dues for any fiscal year in which such coupons become due When interest to or thereafter; and if the holder of any of said bonds or coupons shall fail to present the same for payment at the time or times, and at the place or places therein named, he shall not be entitled to any interest thereon for the time they have been outstanding after maturity. cease. SEC. 5. That for the purpose of providing for the payment of the Special tax. interest accruing on and the principal at maturity of the bonds issued under authority of this act the board of aldermen of said city shall annually, and at the time of levying other city taxes, levy and lay a particular tax on all persons and subjects of taxation on which the said board of aldermen now are or may hereafter be authorized to lay and levy taxes for any purpose whatsoever, said particular tax to be not less than six nor more than eight cents on the one hundred Limitation of tax. dollars assessed valuation on property, and not less than eighteen nor more than twenty-four cents on each taxable poll. The taxes pro- How collected. vided for in this section shall be collected in the manner and at the times other city taxes are collected, and shall be accounted for and kept separate from other city taxes, and shall be applied exclusively How applied. to the purposes for which they are collected. So much of said taxes Sinking fund. as may be required to pay the interest on the bonds issued by authority of this act, as it falls due, and cannot 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 the 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 aldermen shall cause the said excess to be turned over to the commissioner of the sinking fund of the city of Raleigh, whose duty it shall be, under such general rules and regulations as said board of aldermen shall from time to time prescribe, to make investments 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 of aldermen may prescribe, and such commissioner shall give bond and receive such compensation for his said services as said board of aldermen may determine. special tax to be submitted to popular vote. SEC. 6. That the provisions of sections one and five of this act shall Question of issube submitted to a vote of the qualified voters of the city of Raleigh ing bonds and at an election to be held in said city on a day to be designated by the board of aldermen at any time after ten days from and after the ratification of this act, and after a public notice of thirty days preceding the election of the time when and the places where the election shall be held, which notice shall contain a copy of said sections one and five of this act, or a synopsis of the same, and shall be published in two or more newspapers published in the city of Raleigh. Said Election, how election shall be held and returns thereof made under the same rules held. and regulations as exist in case of elections for aldermen of the city. Those qualified voters approving the issue of the bonds provided for Ballots. in section one and the levy and collection of the particular taxes provided for in section five of this act shall deposit in a ballot-box a slip containing the printed or written word “ Approved," and those Bonds to be issued and tax Proviso. disapproving the same shall deposit a like slip with the printed or written word " 'Disapproved." If a majority of such voters shall vote" Approved" it shall be deemed and held that a majority of the levied on majori- qualified voters of the city of Raleigh are in favor of giving the ty vote. board of aldermen authority to issue the bonds authorized by section one of this act and to levy the particular taxes authorized in section five of this act, and the board of aldermen shall have such authority. But if a majority shall vote "Disapproved," then the board of aldermen shall not have such authority: Provided, that if at any election held under this section a majority of the qualified voters shall vote "Disapproved" it shall not prevent the board of aldermen of said city from ordering another election under this section at any time after the lapse of twelve months from the date of such election at which the qualified voters may have voted "Disapproved;" and if at such other election a majority of the qualified voters shall vote Approved" it shall have the same force and effect as if no election had been previously held. Conflicting laws repealed. 66 SEC. 7. That all laws and clauses of laws in conflict with the provisions of this act are hereby repealed. SEC. 8. That this act shall be in force from and after its ratification. Chapter 203, laws 1877 (incorporating town of Gatesville) reenacted. Temporary officers. CHAPTER 130. An act reviving the charter of the town of Gatesville. The General Assembly of North Carolina do enact: SECTION 1. That the act of the general assembly ratified the seventh day of March, eighteen hundred and seventy-seven, continue in full force and virtue. SEC. 2. That the following named persons shall fill the offices of said town until the first Monday of May, eighteen hundred and ninetythree, with power to appoint a constable until that time: Mayor, John G. Cross; commissioners-R. M. Riddick, R. B. G. Cowper and C. W. Cross. SEC. 3. That this act shall be in force from and after its ratification. CHAPTER 131. An act to incorporate the William L. Saunders Historical Society. The General Assembly of North Carolina do enact: SECTION 1. That George W. Graham, Edwin A. Alderman, Stephen Incorporators. B. Weeks, Kemp P. Battle, Alfred M. Waddell, David Schenck, Alexander Graham, Graham Daves, Richard H. Dillard, and their present and future associates and successors, are hereby created a corporate body by the name of the "William L. Saunders Historical Corporate/name. Society of North Carolina." poses. SEC. 2. The object of the society shall be to collect, embody, arrange Corporate purand preserve any books, pamphlets, papers and other literary material illustrative of the history of North Carolina, and to take proper steps to diffuse and publish information concerning the history of the state and to print and publish such records as they may be directed to do by the Trustees of the Public Library of North Carolina or provided in The Code, chapter fifty-one. SEC. 3. The said society shall have all the general powers conferred Corporate powon corporations in chapter sixteen of The Code, section six hundred ers. and sixty-three, and in addition thereto it shall have the power to designate and elect such officers as it may think proper and necessary for the purpose of carrying out the objects of the society and to make and ordain a constitution and by-laws for the government of the society, property. SEC. 4. The said society may acquire by deed, gift, contract, devise Authorized to or otherwise real estate not to exceed twenty thousand dollars in acquire, sell, &c., value, and it shall have the power to alienate and transfer said property and deal with the same as a private individual. It may also acquire personal property of any kind necessary and proper for the use of the society. Annual report to library. trustees of state SEC. 5. The said society shall report annually to the Trustees of the State Library concerning its proceedings and 'the result of its labors, and the said trustees shall publish and communicate the same in whole or in part in its report to the general assembly. SEC. 6. Individual members of the society shall not be liable for Non-liability of any of the debts of the corporation. SEC. 7. That this act shall be in force from and after its ratification. members for . corporate debts. Chapter 286, laws 1891 (incorporating Concord Southern R. R. Co.) amended. Termini. Election in towns and cities on question of subscription. County commissioners to make subscriptions for towns and cities on majority vote, &c. County commissioners to issue bonds for towns ⚫ and cities. Special tax in towns and cities. Transfer of town and city stock. Taxes collected CHAPTER 132. Au act to amend chapter two hundred and eighty-six, laws of North The General Assembly of North Carolina do enact: SECTION 1. That section two of said act be amended by inserting after the word "railroad" and before the word "and" in line four the words "or to any other railroad in the state of North Carolina which the board of directors may designate." SEC. 2. That section six of said act be amended by inserting after the word "county" and before the word "or" in line two the words "town, city"; and in line five between the words "county" and "or" insert the words "town, city"; and in line nine between the words "county" and "or" insert the words "town, city." 66 SEC. 3. That section seven of said act be amended by inserting in line one between [the] words "county" and "or" the words "town, city"; and in line three after the word township" and before the word "thus" the words "town or city "; and in line six between the words "county" and "or" the words "town, city "; and in line eight between the words "township" and " may" insert "town or city"; and in line eight between the words "township" and "subscription" insert "town or city.". 66 SEC. 4. That section eight be amended by inserting after the word township" and before the word " voting" in line three the words "town or city"; and between the words "county" and "or" in line five insert the words "town, city." SEC. 5. That section nine be amended by inserting in line three between the words "township" and "voting" the words "town or city"; and between the words "county" and "or" in line five insert "town, city"; and in line seven between the words "county" and "or" insert "town, city"; and in line nine between the words "county" and "or" insert "town, city"; in line eleven between the words "county" and "or" insert "town, city." SEC. 6. That after the word "township” and before the word "therein" in line four of section ten insert the words "town or city." SEC. 7. That section twelve of said act be stricken out and the folproperty in coun- lowing inserted in lieu thereof as section twelve: "That when any on corporate ty, town, &c., applied to payment of interest on county, town, &c., bonds. county, town, city or township shall subscribe its bonds to the capital stock of said railroad company as provided in this act the county, town, city or township taxes which shall be levied and collected upon the property and franchises of said company in said county, town, city or township shall be applied in payment of the interest on the bonds of such county, town, city or township to the amount of said |