1905 private laws – Ch.411 Sec.13

That the counties of Watauga, Ashe and Caldwell, or either of them, and any city, town or township along the line of said railroad or any of its branches, may subscribe to the capital stock of said company in the following manner: Upon the presentation, in writing, signed by at least one-fourth of the freeholders in said counties, cities, towns or townships, to the board of commissioners of said county, or to the proper authorities of the said cities or towns, requesting them to submit to the qualified voters of the county, township, city or town where said petitioners may reside, a proposition to subscribe a definite sum, named in said petition, to the capital stock of said company, the board of commissioners of the said county, or the proper authorities of any city or town, shall, within thirty days after filing said petition, order an election to be held in such county, township, city or town and submit to the qualified voters therein the question of subscribing to the capital stock of said company the amount specified in said petition, at which election all those qualified to vote who are in favor of such subscription shall vote on a ballot on which shall be written or printed the words For Subscription, and those opposed to such subscription shall vote on a ballot on which shall be written or printed the words Against Subscription, and the election for this purpose shall be conducted in the same manner and subject to the same rules and regulations as are or may be provided for the election of county officers by the general election laws of the State of North Carolina. Such election shall be held after thirty days notice thereof shall have been given, specifying the amount of the proposed subscription, and the return thereof shall be made to the board of commissioners of the county, or the proper authorities of such city or town; and if a majority of the qualified voters vote for subscription, then the board of commissioners of such county, or the proper authorities of the said city or town, shall immediately make said subscription and pay for the same in cash, or may issue coupon bonds to the amount of said subscription in order to pay the same; and the said bonds shall upon their face indicate on account of what county or township or city or town they are issued. Said bonds shall be in denominations of not less than one hundred nor more than five hundred dollars each, and shail run for twenty years, and shall bear interest at five per centum per annum, payable semi-annually.