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Session Laws, 1920
Volume 539, Page 815   View pdf image (33K)
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ALBERT C. RITCHIE, GOVERNOR. 815

interest from the date of issue thereof at the rate of not more
than five per centum per annum, payable semi-annually, and
which said interest to the maturity of each of said bonds shall
be provided for and set forth in the coupons attached to each
of said bonds, respectively, for the interest due and payable
thereon, and each of said bonds shall have printed thereon a
distinct reference to this Act authorizing their issue.

SEC. 3. And be it further enacted, Thai all bonds issued
under and pursuant to the provisions of this Act shall he re-
deemable as follows, that is to say, not less than one thousand
dollars thereof in one year from the date of their issue, and
thereafter annually not less than one thousand dollars each
and every year until the whole amount of said bonds and cou-
pons shall have been paid, and to this end the said County
Commissioners shall issue said bonds in series, redeemable in
their proper order; and the said bonds shall be sold after due
advertisement, at public or private sale, in the discretion of
said County Commissioners; and none of said bonds shall, be
sold for less than par and accrued interest.

SEC. 4. And be it further enacted, That the said County
Commissioners shall cause to be levied and collected from the
assessable property of the Twelfth Election District of said
county an additional tax annually sufficient to pay the said
bonds and interest as the said bonds and interest, or coupons,
may severally mature, as provided herein; and the said special
tax or levy shall be a lien upon the assessable property of the
Twelfth Election District; and the said tax shall be collected
in like manner as other taxes levied in said county are col-
lected, and when collected shall be applied as herein provided,
to the payment of said bonds as they severally mature, and
the interest thereon semi-annually; which said bonds and cou-
pons when issued shall be non-contestible for any cause what-
ever, and the said bonds and coupons when so redeemed,
either before or at maturity, shall be cancelled, and it shall
be the duty of the County Commissioners of said county to
immediately cancel the same.

SEC, 5. And be it further enacted, That on or before the
beginning of work on said roads, the County Commissioners of
said county shall be given satisfactory assurance of a donation
of seven thousand five hundred ($7,500) dollars or a sum
equal to ten per cent of the total cost of construction, the
same to be applied in addition to the sum of sixty-seven thou-


 

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Session Laws, 1920
Volume 539, Page 815   View pdf image (33K)
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