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CHAPTER 95 AN ACT TO ESTABLISH A GRADED SCHOOL FOR THE TOWN OF ROXBORO. The General Assembly of North Carolina do enact:
That if a majority of the qualified voters of said town shall vote For Bonds, then the Board of Commissioners of said town shall issue coupon bonds to the amount voted for in said election and in denominations of not less than five hundred dollars, bearing interest from the date of said bonds at five per centum per annum, and payable semi-annually on the first day of January and July of each year until said bonds are paid. That the said bonds shall be payable after the expiration of thirty years from the date thereof. The bonds and the coupons shall be numbered and the bonds shall be signed by the Mayor of said town and countersigned by the treasurer of the Board of Commissioners, and a record shall be kept of all bonds, observing the number, amount and to whom sold. The coupons shall be received in payment of taxes, polls, and debts due said town; and the said bonds shall not be sold for less than their par value, but the Board of Commissioners are authorized in their discretion to pay a commission not to exceed five per centum of the amount of the issue of said bonds, should it become necessary in order to effect a sale thereof; that the sales of the said bonds shall be used by the Board of Commissioners of said town for the exclusive purpose of buying a suitable lot and erecting thereon a building for the white graded school of said town and buy a suitable lot for the colored graded school, and if no suitable building on said lot to erect one.