North Carolina - Acts on Education Topics

An Act to Authorize the Trustees of the Goldsboro Graded Schools to Pay for Their School Building.

1891 Public Laws: Chapter 206

Public Laws of the State of North Carolina Passed in 1891 - Pages 174-175.

The General Assembly of North Carolina do enact:

Section 1. That for the purpose of paying for and repairing the school buildings and grounds belonging to the trustees of the Goldsboro Graded Schools and used for the white race, the trustees of the Goldsboro Graded Schools shall have power and they are hereby authorized and empowered to issue bonds of the denomination of one hundred dollars to an amount not to exceed fifteen thousand dollars, bearing interest at a rate not to exceed six per centum per annum, payable semi-annually, to run for a period not to exceed thirty years.

Sec. 2. That the trustees of the Goldsboro Graded Schools shall have power to sell said bonds for cash or to exchange them for the bonds now held against said trustees for the purchase price of said property at not less than their face value.

Sec. 3. That for the purpose of paying the interest on said bonds the said trustees shall set apart yearly so much of the taxes levied for the support of said graded schools as may be necessary.

Sec. 4. That for the purpose of paying the principal of said bonds at maturity it shall be the duty of said trustees to set apart so much of the money coming into their hands for the support of said schools or from any other source as may be necessary to create a sinking fund sufficient to pay said bonds, and to lend out the same on such security as may by said board of trustees be deemed safe at a rate of interest not to exceed eight per centum per annum, payable annually.

Sec. 5. If the said board of trustees shall fail to provide for the payment of the interest or for the establishment of the sinking fund hereinbefore provided for, it shall be the duty of the board of county commissioners of Wayne County to levy a tax upon the property and polls in Goldsboro Township in said county annually for the payment of said interest and the establishment of said sinking fund, said tax together with the tax levied for the support of said schools in no year to exceed one-third of one per centum on property and one dollar on the poll, as provided in section two of chapter three hundred and eighty-two of the laws of one thousand eight hundred and sixty-seven [?].

Sec. 6. For a further security for the payment of said bonds and the interest thereon the said board of trustees are hereby authorized and empowered to execute a mortgage deed to some person named by them as trustee on said school property with full power of sale in case of failure to pay interest or principal of bonds and to apply the proceeds to the payment thereof; the chairman of said board of trustees is hereby authorized to execute said mortgage in behalf of said board and to use his private seal and so signing said mortgage.

Sec. 7. That this Act shall be in force from and after its ratification.

Ratified the 3d day of March, A.D. 1891.

Daniel G. Fowle, Governor
Thomas M. Holt, Lt. Governor and President of the Senate
Rufus A. Doughton, Speaker of the House of Representatives

State of North Carolina,
Office Secretary of State,
Raleigh, June 13, 1891.

I, Octavius Coke, Secretary of State, hereby certify that the fore-
going are true copies of the original acts and resolutions on file in
this office.

Octavius Coke,
Secretary of State.



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