South Carolina - Acts on Education Topics

An Act to Authorize the City of Anderson to Subscribe an Amount of Not Exceeding One Hundred Thousand Dollars to "The South Carolina Industrial and Winthrop Normal College," and to Issue Bonds for that Purpose, and for the Purpose of Retiring the Bonds Heretofore Issued in Aid of the Savannah Valley Railroad.

December 24, 1891

Acts and Joint Resolutions of the General Assembly of South Carolina 1891, Pages 1217-1220.

Whereas, the city of Anderson, by the Mayor and Aldermen of said city, pursuant to the written request of a large majority of the taxpayers and real estate owners of said city, is desirous of submitting a bid of not less than seventy-five thousand dollars nor more than one hundred thousand dollars for securing the location and establishment of ''The South Carolina Industrial and Winthrop Normal College" in said city; and whereas, the said city of Anderson is desirous of making good such subscription as shall be made by the City Council of said city, provided said school be located and established within the limits of said city and for that purpose proposes to issue coupon bonds in a sufficient amount to make good such subscription and to retire certain bonds outstanding against said city heretofore issued in aid of the Savannah Valley Railroad; therefore,

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 Council of the city of Anderson, South Carolina, be, and it is hereby, authorized and empowered, in the name and on behalf of the city of Anderson, to subscribe a sum of not exceeding one hundred thousand dollars for the purpose of securing the location and establishment of "The South Carolina Industrial and Winthrop Normal College" in the said city of Anderson.

Sec. 2. That for the purpose of paying said subscription, and liquidating the outstanding bonds of said city heretofore issued in aid of the Savannah Valley Railroad, the said City Council of Anderson is hereby authorized and empowered to issue one hundred and thirty-eight thousand dollars, if so much be necessary, of municipal coupon bonds, par value, of the denomination of five hundred dollars each; that said bonds shall be printed on good bond paper, and shall be signed by the Mayor and attested by the Clerk of said City Council, and the seal of the corporation shall be affixed to each of said bonds by the Clerk of said City Council. That said coupon bonds shall become due and payable in fifty years from their date, and shall bear interest as follows, to wit: Fifteen thousand dollars thereof, beginning with the lowest number, shall bear interest from date at the rate of seven (7) per cent, per annum, payable annually, and the remainder thereof shall bear interest from date at the rate of six (6) per cent, per annum, payable annually; and each and every of said bonds shall have as many coupons attached as there shall be annual payments of interest to be made on the bonds, with the amount of interest falling due, and the date when it shall become due, said coupons to be signed by the City Clerk and Treasurer; and said coupons shall be receivable in payment of any and all taxes and debts that may be due to and levied by the said City Council of Anderson; and said bonds shall at all times be exempt from taxation by the authorities of the said City of Anderson; and so many of said bonds as shall be turned over to the Board of Trustees of "The South Carolina Industrial and Winthrop Normal College" by the City Council of the city of Anderson in payment of said city's subscription to said school shall be wholly exempt from all taxation in this State. That said City Council of Anderson shall, every year during the said fifty years, levy and assess an annual tax sufficient to pay the interest on the said bonds as it shall fall due, and as the coupons are presented for payment; and the said City Council shall also, every year during the same period, beginning in the year next after the said bond shall have been issued, levy and assess a like annual tax of two thousand dollars to be used as a sinking fund for the imidual retirement of said bonds, with which the said City Council shall have the power to redeem, and it is hereby authorized and required annually tocail in and retire an equal amount ($2,000) of said bonds, beginning with the highest number issued, and proceeding in their inverse order as numbered, until after a period of twenty years from the date of said bonds, when it shall reverse the order of calling in said bonds by beginning with the lowest number, and proceeding in the order in which they are numbered, until the entire issue of said bonds shall have been fully and entirely paid off: Provided, That said bonds shall be retired at the same time of the year at which interest thereon becomes due and payable, and that, at least three months previous thereto, the said City Council of Anderson shall every year, by public notice or advertisement for one month in a newspaper published in said city, call in said bonds, specifying the number so to be retired, and no coupon or interest which shall accrue on any of such bonds after said period fixed for retiring the same shall be in any manner collectible against the said City Council or the said city of Anderson unless the said City Council shall be unable or fail to pay the said bonds when thus presented: And provided, further, That at any time after a period of twenty years from date of issuing said bonds, the said City Council shall have the right, and it is hereby authorized, to call in, pay off and cancel any and all bonds of this issue that may then be still outstanding.

Sec. 3. That for the purpose of paying the subscription of the city of Anderson to "The South Carolina Industrial and Winthrop Normal College, the City Council of Anderson, as soon as said school is located in said city, shall turn over and deliver to the Board of Trustees of said school a sufficient number of said 6 (six) per cent, bonds to equal in par value the amount of said subscription, and the said Board of Trustees shall sell and dispose of said bonds, and shall use the proceeds of sale in purchasing a site for said school, erecting suitable buildings thereon, and procuring and placing in the same the necessary machinery, power, fixtures, furniture, appliances and apparatus for carrying into effect the intention of an Act providing for the establishment of said school.

Sec. 4. That by and with the consent and approval of the owners and holders of fifteen thousand dollars of the bonds heretofore issued by the said city of Anderson in aid of the Savannah Valley Railroad, the said City Council of Anderson is hereby authorized and empowered to substitute and exchange for said bonds the fifteen thousand dollars of seven (7) per cent, bonds issued hereunder, and to cancel the bonds thus surrendered in exchange; and the said City Council is further authorized and empowered, by and with the consent and approval of the owners and holders thereof, to pixy off and cancel the remaining twenty-three thousand dollars outstanding bonds, known as the Savannah Valley Railroad bonds, and for that purpose is authorized to substitute, sell or hypothecate the remaining twenty.three thousand dollars of six (6) per cent bonds issued hereunder, if so much be necessary for that purpose, which last number of six (6) per cent bonds issued hereunder shall be used by the City Council for that purpose and no other.

Sec. 5. That as fast as said bonds shall be paid off and retired by the city of Anderson they shall be cancelled by the City Clerk in the presence of the City Council. The Clerk of said City Council shall keep a registry of said bonds and all payments thereof, both principal and interest, and the bonds themselves, after their cancellation, shall be kept on file by said Clerk.

Sec. 6. That all Acts and parts of Acts inconsistent with the provisions of this Act be, and they are hereby, repealed.

Approved December 24th, 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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