South Carolina - Acts on Education Topics

An Act to to Authorize the City of Aiken to Issue Bonds in Aid of the Aiken Institute.

December 16, 1891

Acts and Joint Resolutions of the General Assembly of South Carolina 1891, Pages 1208-1209.

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 city of Aiken, through its City Council, under the hand of its Mayor and Treasurer and its corporate seal, shall have the power, and they are hereby authorized and required, forthwith upon the passage of this Act, to issue bonds of the said city of Aiken to the amount of six thousand dollars for the purpose of aiding the Aiken Institute, an educational corporation of said city, in paying off the debt for the erection of their school building, said bonds to be a continuation of the series of bonds issued by said city under the provisions of Act No. 522 of the Acts of 1890, page 793, and to be made payable at such times as said City Council may deem best; the interest thereon to be payable annually and to be at a rate not to exceed seven per cent, per annum. The said bonds are non.taxable, and the coupons are made receivable tor all taxes levied by or due to said city, and shall be registered by the Treasurer of the city.

Sec. 2. That the money arising from the sale or hypothecation of said bonds shall be paid to the Trustees of the school district of the city of Aiken and the Board of Directors of the Aiken Institute, to be paid out by them for the purpose aforesaid.

Sec. 3. That the said city of Aiken, through its City Council, shall annually, at such times as they may fix and determine, pay the interest on said bonds, and for this purpose and the purpose of paying the principal of the bonds they shall have the power, and are hereby authorized and required, annually, to levy such taxes upon the real and personal property assessed for taxation in said city as may be deemed necessary to pay the interest and principal of said bonds as it becomes due during each and every year until the whole of said bonds shall be paid.

Sec. 4. That if for any reason the corporation known as the Aiken Institute shall be dissolved or cease to exist, or its school building be not used for school purposes, then and in that event the city of Aiken shall have a lien for the amount of fourteen thousand dollars, the amount of bonds issued in this and the Act aforesaid in its aid, upon the buildings and property of said institute, paramount to the claims of all creditors and stockholders, said lien to date and be of force from the date of this Act.

Sec. 5. That this Act shall take effect immediately upon its passage.

Approved December 16th, A.D. 1891.

Benjamin R. Tillman, Governor.
Eugene B. Gary, President of the Senate and Lt. Governor.
Ira B. Jones, Speaker of the House of Representatives.

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