1897 private laws – Ch.76 Sec.3
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CHAPTER 76. An act to authorize the commissioners of the town of Monroe to issue bonds to construct water-works. The General Assembly of North Carolina do enact:
That for the purpose of paying the interest on said bonds as it fails due, and to provide a sinking fund for the redemption of said bonds, it shall be the duty of the commissioners of said-town to levy and cause to be collected annually a tax upon all the real and personal property of said town not exceeding forty cents on the hundred dollars worth of property and one dollar and twenty cents on the poll, which said tax shall be levied and collected as other taxes for said town. It shall further be the duty of the said commissioners to provide for the collection of rents, water charges and other revenues for the use of the water provided by said water-works, and all revenues derived from such sources shall be held and kept solely for the purpose of maintaining said system of waterworks, and the surplus, after paying the expenses of mainte nance of said system shall be used as a part of the sinking fund forthe redemption of said bonds until they have been fully redeemed.