South Carolina - Acts on Education Topics

An Act to Authorize the Town Council of Winnsboro to Issue Bonds for the Purpose of Rebuilding, Repairing and Improving Mount Zion College of Said Town, to Provide for the Interest Accruing Thereon, and for the Payment of Said Bonds.

December 22, 1885

Acts and Joint Resolutions of the General Assembly of South Carolina 1885, Pages 119-120.

SECTION 1. Be it enacted by the Senate and House of Representatives of the State of South Carolina, now met and sitting in General Assembly, and by the authority of the same, That the Town Council of the Town of Winnsboro shall have power, and are hereby authorized and required, to issue bonds of said town to an amount not exceeding seven thousand and five hundred dollars, for the purpose of erecting new buildings or repairing and improving the present buildings and grounds of Mount Zion College in said town, said bonds to be issued in such denomination as said Town Council may deem best, and to be payable in fifteen years from the date of said bonds, with interest payable annually at the rate of seven per cent per annum; and the coupons for said interest, when due, to be receivable in payment of all taxes levied by or due to said town.

SEC. 2. That the money arising from the sales or hypothecation of said bonds be used exclusively for the purpose of erecting new buildings, repairing the present buildings and improving the grounds of said Mount Zion College, and to this end shall be expended under the direction and control of said Town Council and the Mount Zion Society.

SEC. 3. That the said Town Council shall annually, at such time as they may fix and determine, pay the whole of the interest due upon said bonds and also the one-fifteenth part of the principal thereof; and for this purpose the said Town Council, in addition to the powers already conferred, shall be authorized and required annually to levy such tax upon the real and personal property assessed for taxation in said town as may be deemed necessary to pay the principal and interest of the said bonds which may become due in each and every year, until the whole of said bonds shall be paid: Provided, That the amount of such levy shall not exceed five mills in any one year.

SEC. 4. That all Acts or parts of Acts inconsistent with the provisions of this Act be, and the same are hereby, repealed.

In the Senate House, the twenty-second day of December, one thousand eight hundred and eighty-five.

John C. Sheppard, President of the Senate.
James Simons, Jr., Speaker of the House of Representatives.

Approved: December 22d, A.D. 1885.
Hugh S. Thompson, Governor.



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