North Carolina - Acts on Education Topics

An Act to Authorize the Issue of Bonds by Raleigh Township for School Purposes.

1899 Public Laws: Chapter 328

Public Laws and Resolutions of the State of North Carolina Passed in 1899 - Pages 463-465.

The General Assembly of North Carolina do enact:

Section 1. That the board of commissioners of Wake County are hereby required, upon the presentation to such board of a petition by the school committee of Raleigh Township, to provide for the holding of an election in the township of Raleigh in the county of Wake upon the question of the issuance of bonds by Raleigh Township, the proceeds of which are to be devoted to the payment for property bought or contracted to be bought for school purposes, the erection and repair of school buildings and the equipment of the public schools of Raleigh Township. The election shall be held at such time during the year eighteen hundred and ninety-nine as the school committee shall request and held under such rules and regulations as are or may be prescribed by law for the election of members of the general assembly. The county commissioners are required to appoint all necessary registrars and judges of election and to provide special ballot boxes for such election. The commissioners shall order a new registration of the voters of Raleigh Township for such election, and it may be held at the same time as the election of municipal officers in the city of Raleigh. The county commissioners may in their discretion appoint as judges of election, for precincts within the limits of the city of Raleigh the persons or some of them who are appointed judges of election in the municipal election; but the registration shall be kept as a township registration, separate and apart from the city election, and the returns shall be made to the board of county commissioners as provided by law. At this election those who are in favor of issuing the bonds as provided in this Act shall vote a written or printed ballot with the words "For school bonds," and those who are opposed shall vote a written or printed ballot with the words "Against school bonds." The expenses of this election shall be paid by the school committee of Raleigh Township. The order for this election may be made at any regular meeting or at a special meeting called for the purpose.

Sec. 2. That if at the election provided for in this Act a majority of the qualified voters of Raleigh Township shall vote "For school bonds" the board of commissioners of Wake County shall be authorized to issue in the name and on account of Raleigh Township coupon bonds of the township to an amount not exceeding fifty thousand dollars. Such bonds shall not be sold at less than their par value, and they shall bear interest at the rate fixed by the school committee, not to exceed six per centum per annum; and if in the opinion of the committee bonds which bear five per centum per annum can be sold at par then the rate of interest shall be fixed at five per centum. The bonds issued under authority of this Act shall be payable not less than thirty years after date and shall have interest coupons attached, payable semi-annually. The form and the denomination of the bonds and coupons shall be determined by the committee, and the bonds shall be signed by the chairman of the board of commissioners of Wake County and by the chairman of the school committee of Raleigh Township and attested by the secretary of the committee. The bonds shall be delivered to the commissioner of bonds hereinafter provided for, and when sold the proceeds shall be deposited to the credit of such commissioner of bonds and the chairman of the school committee of Raleigh Township jointly, and shall be paid out only for the purposes named in this statute and upon proper vouchers drawn by the order of the school committee, signed by the chairman. The school committee shall make a full report of the moneys received and expended under this Act to the aldermen of the city of Raleigh at the time of making their annual report as required by the Act of eighteen hundred and eighty-five, chapter one hundred and forty one.

Sec. 3. If a majority of the qualified voters of Raleigh Township shall vote for the issuance of the school bonds the board of commissioners of Wake County shall annually levy in Raleigh township an additional tax of such amount as may be necessary to pay the annual interest accruing on the bonds and to create a sinking fund, not exceeding six cents on every hundred dollars worth of property and eighteen cents on every poll, and the amount realized by said tax shall be applied to the payment of the coupons on said bonds, and any sum realized in addition to the amount of the coupons as they mature shall be devoted to the creation of a sinking fund. Such tax shall be collected at the same time and in the same manner as the other school taxes of Raleigh Township and paid to the treasurer of Wake County and be paid out by him as required by this Act.

Sec. 4. If the bonds shall be issued the board of commissioners of Wake County shall elect a suitable person to act as commissioner of bonds, to be known as the "commissioner of bonds" of Raleigh Township. He shall hold his office for six years and until his successor is elected and qualified. The election of such commissioner shall be held immediately after the election provided for in this Act, and before entering upon the discharge of his duties such commissioner shall give a bond with sufficient sureties in such sum as the board of county commissioners may designate, payable to the state of North Carolina, conditioned for the faithful discharge of his duties and for the faithful accounting of all moneys and securities coming into his hands under the provisions of this Act. The treasurer of Wake County shall by virtue of his office be the bond commissioner, unless some other person shall be elected by the board, and the official bond given by such treasurer shall cover the faithful performance of the duties of such bond commissioner. The compensation of the commissioner of bonds shall be one per centum upon receipts and disbursements.

Sec. 5. It shall be the duty of the commissioner of bonds and of the chairman of the school committee of Raleigh Township, under the direction of the school committee, to dispose of the bonds placed in their hands and to apply the proceeds under the direction of the committee for the purposes mentioned in this Act. The sheriff of Wake County shall turn over to the bond commissioner all moneys received from the taxation provided for in this Act, and out of such moneys he shall pay the coupons of the bonds as they mature and are presented to him, and all amounts received in excess of the amount required to pay said coupons shall be invested in such securities as the board of commissioners of Wake County may from time to time direct, and the same shall be held as a sinking fund for the benefit of the holders of the bonds issued under this Act. The commissioner shall annually forward to the school committee a full statement of all receipts and disbursements and a list of the securities held by him, and shall at the expiration of his term of office turn over to his successor all moneys and securities held by him.

Sec. 6. This Act shall be in force from and after its ratification.

Ratified the 28th day of February, A.D. 1899.

Daniel L. Russell, Jr., Governor
Charles A. Reynolds, Lt. Governor and President of the Senate
Henry Groves Connor, Speaker of the House of Representatives

State of North Carolina,
Office of Secretary of State,
Raleigh, April 28th, 1899.

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

Cyrus Thompson,
Secretary of State.

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