1905 private laws – Ch.411 Sec.14
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CHAPTER 411 AN ACT TO INCORPORATE THE WATAUGA RAILWAY COMPANY. The General Assembly of North Carolina do enact:
That in case a subscription shall be made to said railroad company by either of said counties, or by any city, town or township in North Carolina as prescribed herein, it shall be the duty of the board of commissioners of said county, or the proper authorities of the said city or town, if the bonds are issued, to levy a special tax sufficient to meet the interest charges, and to provide a sinking fund with which to pay off and discharge the principal of said bonds as the same may become due.