1917 private laws – Ch.35 Sec.15
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CHAPTER 35 AN ACT TO CONSOLIDATE SPECIAL-TAX DISTRICT No. 4, WHITE RACE, IN SADDLE TREE TOWNSHIP, AND SPECIAL-TAX DISTRICT No. 2, WHITE RACE, IN HOW- ELLSVILLE TOWNSHIP; AND TO CHANGE THE NAME OF SAIDSPECIAL DISTRICTS AND TO CREATE THE BARKER-TEN MILE GRADED SCHOOL DISTRICT; TO AUTHORIZE THE BOARD OF TRUSTEES OF SAID DIS- TRICT TO ISSUE BONDS AND TO LEVY AN ADDITIONAL SPECIAL-TAX. The General Assembly of North Carolina do enact:
That it shall be the duty of the said board of trustees of said Barker-Ten Mile Graded School District, commencing with the fifth year after their first qualification, under the provisions hereof, to provide a sinking fund for the payment of the principal of said bonds at maturity, and for that purpose to set apart each year from the taxes collected or moneys appropriated to said graded school district a sum sufficient to fully pay off and discharge the principal of said bonds at maturity, which sinking fund shall be kept securely invested or loaned out on first-mortgage on real estate in Robeson County worth not less than double the amount of the loan. It shall also be the duty of said board of trustees to provide for the payment, semiannually, of the interest on said bonds and for that purpose to set apart from the taxes collected or money appropriated to said graded school district a sum sufficient to pay the same.