1919 private laws – Ch. 52 Sec. 1

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CHAPTER 52 AN ACT TO AUTHORIZE THE CITY OF STATESVILLE TO CALL AN ELECTION FOR THE PURPOSE OF VOTING BONDS FOR THE GRADED SCHOOLS. The General Assembly of North Carolina do enact:

That the mayor and board of aldermen of the city of Statesville are hereby authorized and empowered to cause an election to be held at the time that the regular municipal election is held in the city of Statesville in May, one thousand Priv.5 s rine hundred and nineteen, or at such time as they shall appoint, within two years from the ratification of this act, at which election shall be submitted to the qualified voters of the city of Statesville the question of issuing bonds in such amount as said mayor and board of aldermen may determine in its call for said election, not to exceed one hundred thousand dollars, for the purpose of erecting an additional building or buildings, providing additional room for the graded schools of the city of Statesville, and paying for repairs and improvements already made. At said election the mayor and board of aldermen shall provide a box for the vote on said bonds. Those who favor the issue of said bonds shall vote a written or printed ticket with the words For Graded School Bonds thereon, and those opposed shall vote a written or printed ticket with the words Against Graded School Bonds thereon. The election herein provided for shall be held under the rules and regulations provided and prescribed in chapter seventy-three of the Revisal of one thousand nine hundred and five and the amendments thereto except that said election may be held at a time other than that prescribed for the holding of the regular municipal election as above provided. If a majority of the qualified voters of the city of Statesville shall vote For Graded School Bonds, then the mayor and board of aldermen of the city of Statesville shall issue coupon bonds, not to exceed the amount specified in the call for said election. Said bonds shall be in denominations of not less than one hundred dollars each, bearing interest, payable semiannually at a rate not exceeding five and one-half per centum per annum. The principal of said bonds shall be payable at the expiration of thirty years from the date thereof. Said bonds and coupons shall be signed by the mayor of the city of Statesville and countersigned by the clerk and treasurer of said city, and the official seal of said city shall be attached to each bond: Provided, however, that if ordered by said board of aldermen the facsimile of said signatures may be placed on said coupons. The said bonds shall not be sold for less than par. The moneys arising from the sale of said bonds shall be placed to the credit of the Statesville graded schools, and shall be expended by the said school committee only for the following purposes to wit: To pay for the heating plant installed in the school building located in the third ward in the city of Statesville, to pay for the repairs and improvements made or to be made in or on the school buildings lIocated in the first and third wards of the city of Statesville and to better equip same, to erect an additional school building or buildings for the white children of the city of Statesville, and to erect a school building for the negro children of the city of Statesville.

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