1887 public laws – Ch.398 Sec.2

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CHAPTER 398 Ff An act to settle the indebtedness of Madison county. The General Assembly of North Carolina do enact :

That in order to meet the interest and raise a sinking fund to meet the principal of said bonds at maturity a tax of twelve cents on each one hundred dollars worth of property and thirty-six cents on each poll shall be levied each year commencing the first day of June, one thousand eight hundred and eighty seven, for the payment of interest on said bonds; and on and after the first day of June, one thousand eight hundred and ninety-seven, there shall be collected in addition thereto each year the sum of twenty-five cents on each three hundred dollars worth of property and the same amount on each poll, which shal! cuenta and be held a sinking fund: Provided, that in the levy and collection of the same the equation between ane and the poll shall be observed . Provided, should the amount collected for interest in any one year exceed the sum due for that year, then the treasurer is directed to cover the same into the general fund in the treasury, to be used as current expenses if necessary.

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