1908 private laws – Ch.61 Sec.18
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CHAPTER 61 AN ACT TO INCORPORATE THE HIAWASSEE VALLEY RAILWAY COMPANY, AND FOR OTHER PURPOSES. The General Assembly of North Carolina do enact:
The county authorities in any county voting for subscription or donation, or in which there is a township voting for subscription or donation, who are legally empowered to levy taxes in order to provide for payment of-the bonds authorized to be issued by the preceding section, shall compute and levy each year, at the time of levying other taxes, a sufficient tax upon the property and polls in said county, township, city or town to pay the interest on the bonds issued on account of such county, township, city or town; and shall also levy a sufficient tax to create a sinking fund to provide for payment of said bonds at maturity. The taxes levied as above shall be annually collected as other taxes, and shall be paid by the collecting officer of such county, township, city or town to the treasurer thereof; and the taxes levied and collected for these purposes shall be kept distinct from all other taxes, and shall be used for the purpose for which they were levied and collected, and for no other. The sinking fund shall be invested as may be directed by the board of commissioners of said county, or by the proper authorities of such city or town issuing such bonds.