North Carolina - Acts on Education Topics

An Act to Allow the Commissioners of the Town of Louisburg to Purchase Claims and Interests in the Louisburg Female College Property and to Sell and Convey Said Property in Trust for School Purposes.

1891 Private Laws: Chapter 256

Private Laws of the State of North Carolina Passed in 1891 - Pages 1223-1225.

The General Assembly of North Carolina do enact:

Section 1. That the commissioners of the town of Louisburg may at any time within the next two years submit to the qualified voters of said town the question as to whether the said town shall issue bonds, not to exceed in the aggregate the sum of fifty-five hundred dollars, for the purpose of acquiring by purchase the interest, claim and right of the parties claiming the property known as the Louisburg Female College under execution sale against the Louisburg Female College Company and mesne conveyances.

Sec. 2. That said election shall be held under the same rules and regulations prescribed by law for holding elections in the cities and towns of this state. Those in favor of issuing the bonds shall vote a ballot on which shall be printed or written the words "For bonds," and those opposed thereto shall vote a ballot on which shall be printed or written the words "Against bonds."

Sec. 3. That if the majority of the votes cast shall be in favor of the issuing of said bonds, then the commissioners of said town shall issue bonds to an amount not exceeding the sum so authorized. They shall be coupon bonds bearing six per cent, interest, the interest payable annually on the first day of April, and the principal payable thirty years from their date, but redeemable at any time after one year from their date. They shall be of the denomination of five hundred dollars, and they shall bear date of the first day of April of the year in which they are issued; and they shall express on their face by what authority and for what purpose they are issued.

Sec. 4. That for the security of said bonds, the said commissioners are authorized and empowered to execute a mortgage or deed in trust upon the aforesaid Louisburg Female College property, which is bounded as follows, to-wit: On the east by Main Street, on the south by College Street, on the west by the lands of J. J. Davis and B. D. Creekmore, and on the north by the land belonging to the heirs of T. A. Person.

Sec. 5. That the said property shall be held by the said commissioners in trust exclusive[ly] for a school or schools for the white race; and any party who shall by lease or purchase from the said commissioners or in any way acquire the said property shall hold the same affected by the said use and trust.

Sec. 6. That said commissioners, however, be and they are hereby authorized and empowered at any time either before or after the holding of the aforesaid election and the acquiring of the aforesaid claims or interest, to sell, convey and make title to the said property to such person or persons as they may think best, to be held and used by such purchaser or purchasers in trust exclusively for the purposes of a school or schools for the white race. That if such sale shall be made before the issuing of the bonds as aforesaid, then the consideration for which a sale is authorized under this Act shall not be for less than a sum required to be paid to the claimants aforesaid to acquire their interest in said property, and which said sum on this account shall not exceed fifty-five hundred dollars, with interest at eight per centum from the ratification of this Act, and such other additional consideration as said commissioners may require, not to be less than fifty dollars. That if such sale shall be made after the town shall have acquired the said title of the said claimant as provided above, then it shall not be for a less consideration than a sum sufficient to pay off said bonds which shall have been issued by the said commissioners and such additional consideration as the commissioners may require, not to be less than fifty dollars.

Sec. 7. That if the commissioners of said town shall by the issuing and sale of the bonds aforesaid acquire the aforesaid interest in said property, then thereafter, and until they shall make sale of said property, they are hereby authorized to lease and rent such property for the purposes of a school for the white race, and the rents so received, after paying the insurance and for the repairs upon said property, shall be applied to the payment of the interest on said bonds.

Sec. 8. That if this shall be insufficient to pay the interest on said bonds, then the said commissioners shall for any balance that may be required for that purpose compute and levy each year upon the proper subjects for taxation in said town, in addition to the other taxes, a sum sufficient for that purpose. And after nineteen years from the date of said bonds, they shall in addition each year levy a tax sufficient to raise five hundred dollars and with which they shall each year pay off one of said bonds until they are all paid off.

Sec. 9. This Act shall be in force from and after its ratification.

Ratified the 6th day of February [sic, 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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