North Carolina - Acts on Education Topics

An Act to Authorize the City of Greensboro to Issue Bonds for School Purposes.

1893 Private Laws: Chapter 246

Private Laws of the State of North Carolina Passed in 1893 - Pages 383-385.

The General Assembly of North Carolina do enact:

Section 1. That the board of aldermen of the city of Greensboro is hereby authorized and empowered to issue to an amount not exceeding nine thousand dollars bonds in the name of the city of Greensboro in such denominations and form as said board of aldermen may determine.

Sec. 2. The said bonds shall be made payable at such place and time as shall be determined by said board of aldermen, but the time of payment shall be fixed at not less than twenty years nor more than thirty years.

Sec. 3. The said bonds shall bear interest at no greater rate than six per centum per annum and the interest shall be made payable annually or semi-annually as the board of aldermen may prescribe, and said bonds shall in no case be sold or otherwise disposed of for less than their par value, and the money arising from the sale thereof shall be used for building and improving school-houses and lots whereon they are located, and for no other purpose.

Sec. 4. That said bonds shall not be issued until authorized by a majority of the qualified voters of said city at a public election to be held at such time as the board of aldermen shall appoint; at which election those favoring the issue of said bonds shall vote "Issue," and those opposing it shall vote " No issue;" and it shall be the duty of the board of aldermen to give notice of the time, place and purpose of such election for twenty days in some newspaper published in the city of Greensboro.

Sec. 5. If a majority of the qualified voters of said city shall vote to issue said bonds, then the said board of aldermen shall issue the same, and they shall be signed by the mayor, attested by the city treasurer and sealed with the corporate seal of the city; and said bonds and their coupons shall be exempt from city taxation until after they become due, and the coupons thereon shall be receivable in payment of city taxes.

Sec. 6. That for the purpose of paying said coupons as the same become due it shall be the duty of the board of aldermen and they are hereby empowered so to do to levy and collect a sufficient special tax each and every year upon all subjects of taxation which may be now or hereafter embraced in the subjects of taxation under the charter of the city, which taxes so collected shall be used for no other purpose; and it shall be the duty of the city treasurer, as said coupons are paid off and taken up, to cancel the same, and he shall report not less than twice a year to the board of aldermen the number and amount of the coupons so cancelled.

Sec. 7. That the city of Greensboro may, subject to a vote of the majority of the qualified voters therein, donate the sum of eleven thousand dollars ($11,000) to the trustees of the Agricultural and Mechanical College for the Colored Race; and for that purpose may issue its bonds to the aggregate amount of eleven thousand dollars ($11,000), in such form and denomination or denominations as the board of aldermen may determine.

Sec. 8. The said bonds shall be made payable at such place and time as shall be determined by said board of aldermen, but the time of payment shall be fixed at not less than twenty years nor more than thirty years.

Sec. 9. The bonds shall bear interest at no greater rate than six per centum per annum, and the interest shall be made payable annually or semi-annually, as the board of aldermen may prescribe.

Sec. 10. The said bonds shall be issued and signed with the corporate seal of the city as prescribed for the school bonds in section five of this Act, and said bonds and their coupons shall be exempt from city taxation until after they become due, and the coupons thereon shall be receivable in payment of city taxes.

Sec. 11. That for the purpose of paying said coupons as the same become due and for cancellation of the same the board of aldermen shall be governed by section six of this Act and shall have all the powers conferred in said section, and the machinery provided in said section six is hereby adopted for the purpose of carrying this section into effect.

Sec. 12. That the board of aldermen shall, on or before the first Monday in May, eighteen hundred and ninety-three, submit to the qualified voters of said city the question of said donation, at which election those in favor of donation shall vote a ballot with the word "Donation" written or printed thereon, and those opposed thereto shall vote a ballot with the words "Against donation" written or printed thereon.

Sec. 13. That if at said election a majority of the qualified voters of said city of Greensboro shall vote in favor of said donation, the mayor and board of aldermen shall immediately cause said bonds to the aggregate amount of eleven thousand dollars ($11,000) to be issued and delivered to the board of trustees of said Agricultural and Mechanical College for the Colored Race. The proceeds of said bonds shall be applied by the said board, as far as may be necessary, to paying the notes given by the citizens of Greensboro to secure the location of said college.

Sec. 14. That all Acts and parts of Acts inconsistent herewith are hereby repealed.

Sec. 15. That this Act shall take effect from and after its ratification.

Ratified the 4th day of March, A.D. 1893.

Elias Carr, Governor
Rufus A. Doughton, Lt. Governor and President of the Senate
Lee S. Overman, Speaker of the House of Representatives

State of North Carolina,
Office Secretary of State,
Raleigh, June 13, 1893.

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

Octavius Coke,
Secretary of State.



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