1885 private laws – Ch. 87 Sec. 2

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CHAPTER 87 An act to authorize the town of Durham to issue bonds. The General Assembly of North Carolina do enact :

That the bonds shall not be sold for less than their face value, and that the proceeds arising from the sale of said bonds shall be expended by the Durham graded school committee in the purchase and erection of suitable grounds and buildings for the Durham graded or public schools for white children: Provided, however, that this act shall be submitted to the qualified voters of said town for their ratification or rejection at an election to be held in said town at such a time as the commissioners may appoint within twelve months from the ratification of this act. .Th said election shall| be advertised byithe;commissioners of said: town for thitty days prior to the.day of election in,at least. tworpapers published an said.town. i-Those,who,are in favor,of issuing; said bonds shall, vote -{For, school bonds, those, whozare opposed shall vote Ne school, bonds..5:Dhat,the number, of. votes bast,for and against said (honds shall be deposited sinya special box, counted and; duly certified .by ithe inspectors pf said, election and returned to the:commissioners.of said town, who,shall, certify theoresultpef said selection ol ithe Secretary! of State,and toithe register.of deeds of Durham county. df a, majorityoof themotes cast) shall-bei d+Kor school, bonds,,then ; said,com missioners) shall proceed: at once to issuesand sellthe bonds,:but; d a, miajority; of ithe votes, cast shall be .against,on!{ Novschool, bonds, then this act shallbe; ofi;mo\ force arid effect. . The anspectors shall, be, appointed and the election shall. be: held: as-all otherselections inj the:town. 19b10 [[ede madivd to awot od SEc!-3. In order |to pay interestion said. bonds,and) to create ajsinking fund to. pay the principal ef said bonds at maturity, thecommissioners of the town of Durham shall levy asspecial.tax of ten cents.on the hundred dallars worth of, real, and personal property in, the town and-thirty cents ons each poll: | Provided, nevertheless, that the tax collected from. the eslored population of the town shall, be applied. for,{the benefit of, the, public schools for colored children as/ now provided by Jaw, in.said town. 9 (Suc, 4 If a majority of, the votes cast/are for the issuing of said bonds then the commissioners of the town of Durham shall within twenty :days after the,election| apr point a suitable, person jastrustee, whose duty it;shall be to receive the proceeds of| the sale ofsaid bonds} andoall further–sums that, may be, paid,into his hands-for;the purpose| of paying the interest on isaid bonds, and for creating a sinking fund to pay the principal iofsaid bonds at maturity. .. The trustee so appointed:-shall give a bond with good and sufficient security. in| the suth of twenty 62 thousand dollars, payable to the commissioners of the town for the faithful performance of his duty as trustee, and the said commissioners may require a renewal of said bond at any time. The town commissioners shall order the tax collector of the town to pay over to the said trustee all the special taxes collected as provided in this act, and the said trustee shall pay over to the graded school committee the amount received from the sale of said bonds as they may need it for the purposes specified in this act, on their orders being regularly and properly endorsed by the chairman and treasurer of the graded school committee: Provided, however, that the graded school committee shall not draw on the said trustee any faster than they shall actually need for the accomplishment of the work, viz: the purchase of suitable grounds and the erection of suitable school buildings, and furnishing the same; semi-annually the commissioners of the town of Durham shall order the said trustees to pay the accrued interest on said bonds, and the coupons shall be prima facie evidence of the discharge of his duty and a receipt for the money so paid out. It shall be the duty of the trustee to lend the money coming into his hands for the purpose of paying interest and creating a sinking fund at the highest legal rate of interest that can be obtained, securing said loans by mortgages on real estate, taking as a basis of the value of such real estate the valuation of the real estate on the tax book of the county where such real estate is situated, and not lending the borrower more than three fourths of the value of such real estate, and the interest on said loans to be paid semiannually. If unable to make satisfactory loans on mortgages, then said trustee may loan on such securities as may be approved by the board of town commissioners ; the said trustee shall be empowered to lend on the same securities as the sinking fund a part or all the proceeds arising from the sale of said bonds on the approval in writing of the graded school committee.

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