1925 public local laws – Ch.481 Sec.7

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CHAPTER 481 AN ACT TO AUTHORIZE THE BOARD OF COMMISSIONERS OF BURKE COUNTY TO ISSUE BONDS TO FUND THE FLOATING DEBT OF SAID COUNTY. Whereas, Burke County has a floating debt of one hundred thousand dollars ($100,000), which said debt was incurred for the following purposes and in the following amounts, to wit: Seventy-five thousand dollars ($75,000) for maintaining and con- ducting the schools of said county; fifteen thousand dollars ($15,000) in paying the general expenses of said county; and ten thousand dollars ($10,000) in repairing the courthouse and jail of said county; and Whereas, said debt is now in the form of short-term notes of said county, which said notes are held by banks and individ- uals and are drawing interest at the rate of six per cent per annum; and Whereas, an issuance of bonds to fund said debt, as requested by the said board of commissioners, will enable the said board of commissioners to reduce the expense of carrying said debt: Now, therefore, The General Assembly of North Carolina do enact: