1913 private laws – Ch.104 Sec.13
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CHAPTER 104 AN ACT TO INCORPORATE THE ANGIER HIGH SCHOOL DISTRICT IN HARNETT COUNTY AND TO AUTHORIZE IT TO ISSUE BONDS AND TO LEVY A SPECIAL TAX. The General Assembly of North Carolina do enact: _
That said special tax shall be kept separate from all other taxes and shall be paid over by the collecting officer unto the treasurer of said school district, and the same shall be held in trust by said treasurer and invested or appropriated under the order of said board for the following purposes, and none other, to wit: First. So much of said taxes as may be necessary shall be set apart to pay the interest upon said bonds as the same may become due. Second. A sufficient amount of said taxes shall be set apart to pay said bonds in full at maturity and to create a sinking fund for said purpose. Third. So much of said special tax as remains after payment of the interest on said bonds and providing for a sufficient sinking fund with which to discharge said bonds at maturity shall be used by said board for the purpose of maintaining public schools in said district.