1923 private laws – Ch.2 Sec.5
The chapter text below is provided for context. Scroll down to see the text of the law.
CHAPTER: 2 AN ACT TO AUTHORIZE WENDELL GRADED SCHOOL DIS- TRICT IN WAKE COUNTY TO VOTE UPON- AN ISSUE OF $25,000 OF BONDS. Whereas under the provisions of chapter two hundred and ninety-seven, North Carolina, Private Laws of one thousand nine hundred and eleven, the Wendell Graded School District in Wake County, voted, issued and sold ten thousand dollars ($10,000) of bonds to aid in the construction and equipment of a public graded school building and in the maintenance of said school; and Whereas under the provisions of said act a tax levy of twenty cents on the hundred dollars valuation of property and sixty cents on the poll was authorized and has annually been levied since of the issuance of said bonds; and Whereas the said Wendell Graded School District now needs and desires to construct a public high school building and, in order to obtain funds for said purpose, desires to issue twenty- five thousand dollars ($25,000) in bonds; and Whereas the tax valuation of property in said district is in excess of two million dollars, and the tax levy provided in the said chapter two hundred and ninety-seven, North Carolina, Pri- vate Laws of one thousand nine hundred and eleven, is more than sufficient to pay the interest and create a sinking fund for the bonds issued under the provisions of said chapter and, in addition thereto, to pay the interest and create a sinking fund for the retirement of the twenty-five thousand dollars ($25,000) high school bonds proposed to be issued: Now, therefore, The General Assembly of North Carolina do enact:
That if a majority of the votes cast at said election shall be For School Bonds, and the result shall be declared and recorded, as aforesaid, then. it shall be the duty of the board of county commissioners of Wake County to prepare bonds in denominations not exceeding one thousand dollars and not less than one hundred dollars, the total amount not to exceed twentyfive thousand dollars, which said bonds shall bear interest at a rate not to exceed six -6 per cent per annum, with interest coupons attached, payable semiannually on the first days of January._and July, the principal whereof shall be payable or redeemable at such time or times not exceeding thirty -30 years from the date of issue, as the said board of commissioners of Wake County may determine. That said bonds shall be signed by the chairman of the board of county commissioners and countersigned by the clerk of said board, and the said bonds shall have upon them the seal of the county; and the #NAME? attached to said bonds shall bear the facsimile signatures of the chairman of the said board of county commissioners and of the clerk of said board. That said bonds shall be styled Bonds to aid in the construction and equipment of a public high school building and in the maintenance of a public graded school in Wendell Graded School District of Wake County. ;