South Carolina - Acts on Education Topics

An Act to Authorize the Town Council of Foreston to Borrow Money for Building an Academy and Necessary Buildings Therefor in Said Town.

December 24, 1887

Acts and Joint Resolutions of the General Assembly of South Carolina 1887, Pages 1001-1002.

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 Foreston, in the County of Clarendon, be, and is hereby, authorized and empowered to borrow money not to exceed the sum of five thousand dollars, for the purpose exclusively of purchasing a site and building an academy and necessary buildings in said town: Provided, That the question of borrowing said money shall first be submitted to the qualified voters of said town, at an election to be held for such purpose, which election shall be held on some suitable day to be designated by the said Town Council, and shall be conducted after the manner of holding elections for Intendant and Wardens of said town.

Sec. 2. That said Town Council, to secure the payment of said loan, is hereby authorized and empowered to issue first and second mortgage bonds for the sum so borrowed, to be issued in such denominations as said Town Council may deem best, and payable in five, ten, fifteen and twenty years, and bearing interest from the date thereof at the rate of seven per centum per annum, payable annually. The said bonds shall be secured by first aud second mortgages upon the property to be purchased, and built with said money so borrowed, said bonds to be executed for the said town by the Town Council thereof.

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

William L. Mauldin, President of the Senate.
James Simons, Jr., Speaker of the House of Representatives.

Approved: December 24th, A.D. 1887.
John P. Richardson, Governor.



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