North Carolina - Acts on Education Topics

An Act to Authorize the School Committee of Raleigh Township to Issue Bonds.

1897 Public Laws: Chapter 346

Public Laws and Resolutions of the State of North Carolina Passed in 1897 - Pages 530-532.

The General Assembly of North Carolina do enact:

Section 1. That the county commissioners of Wake County are hereby required, upon a petition signed by a majority of the school committee of Raleigh Township, to hold an election in said Raleigh Township upon the question of issuing bonds, by said school committee of Raleigh Township, for the purpose of paying for property bought for school purposes, erecting and repairing school buildings, and equipping the public schools of said Raleigh Township. Said election shall be held at such time during the year 1897 as the said school committee of Raleigh Township may designate, and under the same rules, regulations and laws as are prescribed for the election of members of the general assembly; and the county commissioners of Wake County shall provide a special tax for this election, and poll holders at every voting precinct. At said election those who are in favor of issuing said bonds shall vote a written or printed ballot with the words "for school bonds," and those opposed shall vote a written or printed ballot with the words "against school bonds.''

Sec. 2. In case no election for school bonds shall be held during the year 1897, or if a majority of the qualified voters do not vote for said school bonds at an election at any time during the year 1897, it shall be the duty of the county commissioners of Wake County, upon a petition signed by a majority of the school committee of Raleigh Township, to order an election held in Raleigh Township for the same purposes and under the same conditions, as stated in section 1, at any time in any succeeding year that the school committee of Ralfeigh Township may designate: Provided, that no election upon this question shall be held oftener than once a year.

Sec. 3. In case a majority of the qualified voters shall vote for said school bonds, the school committee of Raleigh Township shall be authorized to issue the same to an amount not to exceed $50,000. Said bonds shall not be sold for less than their face value, aud they shall bear interest at a rate not to exceed six per cent. per annum. Said bonds shall be payable thirty (30) years after date of issue, and they shall have interest coupons attached payable semi-annually, and said bonds and coupons shall not be subject to taxation. Said bonds sball be in denominations not exceeding $500 and not less than $100, and the same, together with said coupons, shall be signed by the chairman and secretary of said school committee. The proceeds of said bonds shall be deposited by said school committee in one or more of the banks in the city of Raleigh, and shall be drawn out therefrom only for the purposes named in this Act, and upon checks or warrants ordered to be drawn by said school committee, signed by the chairman and secretary of said school committee. Said school committee shall make such report of moneys expended for the purposes set forth in this Act, as provided for in section 8 of chapter 141 of the laws of 1885.

Sec. 4. In case a majority of the qualified voters shall vote for said school bonds, the board of county commissioners of Wake County shall levy in said Raleigh Township an additional tax of such amount as the school committee of Raleigh Township may designate: Provided, such additional tax shall not exceed six (6) cents on every $100 worth of property and eighteen cents (18) on every poll, for the purpose of paying the interest on said bonds and creating a sinking fund. Said tax shall be collected at the same time and in the same manner as the other school taxes of said township, and turned over by the treasurer of Wake County to the sinking fund commissioners hereinafter provided for.

Sec. 5. In case the said bonds are issued, upon authority given by the qualified voters of Raleigh Township, in the manner hereinbefore provided for, the said school committee of Raleigh Township shall elect a suitable person to act as commissioner of the sinking fund, to be known and designated as "Commissioner of the Sinking Fund for the School Bonds of Raleigh Township," and who shall hold his office for six years and until his successor is elected and qualified. The election of such a commissioner shall be held every sixth year by said school committee of Raleigh Township, and said commissioner, before entering upon the discharge of his duties, shall give a good and satisfactory bond, with sufficient sureties, in such sum as said school committee may designate, payable to "The School Committee of Raleigh Township, Wake County," conditioned upon the faithful discharge of his duties during the term of his office, and for the faithful paying and accounting for and turning over all moneys and securities coming into his hands as required by this Act.

Sec. 6. It shall be the duty of said commissioner of the sinking fund to demand and receive from the treasurer of Wake County all moneys paid over to said treasurer of Wake County for the purposes set forth in this Act, and shall thereupon give to said treasurer receipts for all moneys thus received, and out of the moneys thus received he shall pay the interest coupons of said bonds as they become due and are presented to him, and he shall invest from time to time all moneys thus received and not used in paying said interest coupons, in such securities as said school committee of Raleigh Township may direct.

Said commissioner shall annually render to said school committee a full and complete statement of all receipts and. disbursements and a list of securities held by him, and of the moneys on hand at the time of rendering such statement, and shall at the expiration of his term of office turn over to his successor in office all moneys and securities held by him at the time of such expiration. Said commissioner shall be allowed for his services a commission of one per cent. on receipts and disbursements.

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

Ratified the 6th day of March, A.D. 1897.

Daniel L. Russell, Jr., Governor
Charles A. Reynolds, Lt. Governor and President of the Senate
A.F. Hileman, Speaker of the House of Representatives

State of North Carolina,
Office of Secretary of State,
Raleigh, April 28th, 1897.

I, Cyrus Thompson, Secretary of State, hereby certify that
the foregoing (manuscript) are true copies of the original acts
and resolutions on file in this office.

Cyrus Thompson,
Secretary of State.



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