Historical Newspapers of South Carolina

Below is the OCR text representation for this newspapers page. It is also available as plain text as well as XML.

I Q AI 1 ; \ 1008M/ BOND COMMISSION PROVIDED FOR NEWBERRY Full Text of Act of Legislature Pro* riding for Commission to Handle All Bonds and Sinking Funds. -J: -e? ~ 1 J ine 0111 providing 1U1 a uuuu WW ' mission of the town of Newberry has passed the general assembly. The law was enacted at the request of ^ the town council and was favored by. the citizens at a meeting held some' itime since. The purpose of this law is to safeguard the sinking funds , for the payment of the bonded debt| of the town. It is expected that tfcp neonle will soon vote bonds for | various public improvements. Every, year taxes will be collected to meet! the interest on the bonds and to retire the bonds as they become due. The sinking fund is to be invested by the bond commission, and the interest received from the investments j will also be applied to the payment of bonded indebtedness. The law was drawn bv Mayor ' ----- , /.v _! Blease and had the approval 01 me aldermen, City Clerk Chapman, City, Attorney J. B. Hunter and Chair-. man Spearman of the commission of public works. The Newberry dele^a- j tion in the general assembly approv- j ed the measure and it was introduced by Senator Johnstone and supported in the house by Represen- i tatives Mower, Evans and Folk. We publish the act m tun, so mat the people may be informed as to j all its provisions. AN ACT. Providing a Bond Commission for the town of Newberry, prescribing the duties thereof, directing the discharge of certain duties by officers of said town in connection therewith, and J providing punishment for the violations of this act and for the recovery of losses and damages occasioned to said town of Newberry occurring thereunder. Be it enacted by the general assembly of the State of South Carolina: Section 1. That there shall be, and is hereby, established and provided in and for the town of Newberry, in this state, a commission to be known and designated as the "Bond Commission of Newberry, S. C.," and as such to have the capacity to sue and be sued; the same to be appointed j and organize a, ana iu peauim ouut duties and have such powers as hereinafter set forth. Sec. 2. That within fifteen days after the approval of this Act by the governor, the mayor of the town of Newberry shall appoint and commission, by and with the consent of the Town Council of said town, five residents of said town, who shall be qualified electors of this state, to compose ;^ /?or>-?rvfiQ?;ir>n The mavor svaiu uuiiu v shall designate one member of said commission to serve for a term of one year, one member for a term of two years, one member for a term of three years, one member for a term of four years, and one member for a term of five years. The members of said commission first appointed, as herein provided, shall hold office and serve for the terms specified and until their successors are appointed and ? ' ^? ?v ? quaiined. inereaixer catu jacmu^i of said commission shall be appointed by the mayor of said town for a term 1 of five years and until the appointment and qualification of his successor, such appointments to be by and with the consent of the town council oo rnnm A nv vacancv in said VX OU4U Wlf . ^ commission from death, resignation, removal from office or because of removal of a member from the town of Newberry, or from other cause, shall be filled by the mayor of the town, with the consent of the town council, J but the appointee to any such vacancy shall only hold for the unexpired term j of his predecessor on such commis sion. The memoers 01 sucn commission shall take a^d subscribe to the , nalh required in Section ?o -f Article 1 ' s' l'i'ion (>f this ?t?.te.; V :'l?: ' '**;? dry? aft?*r their 1 v _ _ . r . r.-jc:r . ., 3ic the raid com- i j i E DR/ dN STREET . missioners. or a majority thereof, I ' - . . N ' shall meet and organize and shall elect one of their number as chairman and one of their number as secretary and treasurer thereof. The chairman and the secretary and treasurer shall hold their office as such for a term of one year and until their successors are chosen by the commission. The attorney of the town of Newberry, elected by the town council thereof, shall.be'the attorney, for said commission and for his services | to the commission shall not receive ' any compensation except such as is fixed and paid by the town council of the town from the treasury thereof. ! The secretary and treasurer of the commission shall receive such com-; pensation as shall be fixed by the town council, to be paid out of the treasury of the town, and he shall give bond, in a surety company authorized to do business in this ~ ~ ~ Vy *t f | State, tu oe appi ivcu uy mc | council, in such amount as shall from I time to time be fixed by the town I council, the expense of such bond to ! be borne by the town and paid from ; | the treasury thereof. No member of j I said commission, except the secretary ; ! and treasurer, shall receive c-ompen-; | sation for his. seivices. Sec. 4. Any member of said commission may, and shall be, removed from his said office by the town j council' of said town, when it shall | appear to the satisfaction of said ! town council, or to a majority of the j members thereof, that said member I of the commission has been guilty of j malfeasance, breach of trust, fraud, or gross or wilful neglect of duty as | such commissioner, or for any violaj tion of the provisions of this Act. I Sec. 5. . Within ten days after the organization of the bond commission of Newberry, S. C., as provided for herein, the town council of the town of Newberrv, S. C., the clerk and treasurer of said town, the commis-' sioners of public works of said town, i j and -\11 other officers thereof, shall! 'turn*over and transfer to said com- j i mission all moneys of said town, in the hands of such officials or entrusted to their, care and keeping, held as a sinking fund for the payement of | the bonded indebtedness of said town - 1 iVinronn tncrpf" ' ana xur tnc mlcicol* tnv>i w?a I with all bonds, promissory notes, ! securities, collaterals and choses in action and property of every kind, i held as a part of any sinking of said ! town for the payment of the bonded indebtedness thereof, and all papers, books, records and memoranda or certified copies of the same, pertain11 * -1?' A"f j mg to tne Doncieci iiiucuicum.oo v>j. said town and the sinking funds thereof. Sec. 6. It is, and shall be, the duty of the bond commission of Newberry, i j S. C., to hold, manage, control and 1 invest, as provided herein, all moneys j held by said commission and turned ; over to it as a sinking fund at any i time: Provided, That said commission shall only invest moneys coming into i their hands in bonds and securities of ' J' " j 0 + 1 nionVn OT ?}!?? , tne unitfu ciaic^ ui _ ? State of South Carolina, of counties, j municipal corporations, school dis- j j tricts and townships in the State of | j South Carolina, and in the savings j i departments of banks and trust com-1 ' panies doing busings in this State j ' and chartered under the laws of this ! State or of the United States: Proj vided, further, That at 110 time shall Isaid commission keep on deposit f.ny i of the funds charged to its keeping I and control in any banking instituition or trust company which ha.3 a [ paid up capital of less than twentyifive thousand dollars, and at no time | shall they have on deposit in any j ; such institution or company any sum I | of such moneys greater in amount! ithan the paid up capital and surplus: ; of such institution or company.; -- - I Said commission shall l:cep a com-; plete record of all bonds of the town j ' of Newberry, the purposes for which i , issued, the amounts thereof, the dates ! when irs'Ted, the times cf mnturifv. 1 I ; place of payment, the rate cf ir.ierer1 ther^^i. ar*'? t]".M * '1 r f ^^ ..J. f ? . u ? , 3 . 1 posfir-" -he la-.Vej >*s oi > i the purchasers and holders of such bonds. Said commission shall, from time to time, when due, make payments of such bonds and the interest thereon: Provided, That at no time shall any moneys collected by way of; taxation from citizens of said town 1 of Newberry for the purpose of meet- j ing the payment of interest on any , specific bond issue or for the sinking 1 fund for the payment of any specific j bonds or income from such moneys i be used in the payment of any other I bonded indebtedness of said town orf for any other purpose than the bond- j ed indebtedness for which said money was so collected, except that! when any bonds of the town have ] been retired any surplus on hand! from moneys received by the commis-1 sion for the payment of such bonds | and interest shall be invested and used noi'mnnf nf ntVtor Knnrls nf 1V/X trll^ |/a> lUVlib VJL VV44V4 WV*iV*!V VA . the town and the interest thereof. The commission shall keep, in a secure place, all papers, books, records, bonds, securities and properties held by it. All checks and warrants for , j. \ i . tne payment 01 money drawn un nr.y banking institution or trust company by said commission shall b;> signed by the chairman and secretary and treasurer thereof, and sliall be approved in writing or countersigned by at least one other member of said commission. Hereafter, when bonds are issued by the town of Newberry, in this state, puvsiuir.: to law, it shall be the duty of sail bond commission of Newberry, S. C., t) sell and dis pose of said bo/ids, as required by j law, and to hold the moneys received i from such sales and disposition and keep the same on deposit in banking institutions and trust companies, as required herein, and such moneys and j ! accrued interest thereon shall only be paid out by said commission on the authority and order of th3 town council of said town of Newberry, 01 a i majority of the members of said town council, to such persons, firms or I corporations as said town council i| 1 - -- .... , . n.. I 'shall certify to be due to receive me same, and only when said town counj cil, or a majority thereof, shall ceri tify that said moneys are to be paid 1 out for the purposes for which the i bonds, from the sale of which said ! moneys were received, were issued; | Provided, however, That when such moneys were received from the sale of bonds issued for water, lighting or sewerage purposes, the same shall only be paid out by the commission on the order and authority of the commissioners of public works of said : town, or a majority of the members thereof, to such persons, firms or : corporations as said commissioners of public works shall certify to be due to receive the same, and only when ' said commissioners of public works shall certify that said moneys are to ! be paid for the purposes for which ! the bonds, from the sale of which i ' ! said moneys were received, were ' ' smM wiiccinn Refill j i^sueu. i::c miu ^vunu>^iv? ?? | make full and complete reports of all its acts and doings to the town council of said town semi-annually, In the months of March and September of | each and every year; such reports , j shall show all investments made by j the commission, all amounts of. ! moneys received and paid out, the ' sources of receipt, and to whom and ^ for what purposes such moneys were J paid, the amount of cash on hand and where kept, the total bonded indebtedness of said town, in detail;; I and the report made in the month of September shall set forth the amounts i, of money necessary to be raised by | said town by taxation for the sinking funds to pay the various issues of j i bonded indebtedness of said town j, and the interest thereon in the year j< next ensuing. The commission shall; 1 keep minutes and records of all its ' 1 transactions and the same, together j 1 1 witn ine dooks, papers una jjiuul-iul- , i thereof, shall at all times be open to i inspection and examination of the ji town council of the t> avy ;, cor;tp't ee of ti c srmj, .0 ar.y : < n?cou?it<jnt authorize ! to inspect i.nd ; < evf ire fhe sine * y .he Fa id to'.vn ' s cr^cP. 7ur coni* '-Vi'l ncc*: 1 at I^ast once in every month in i'e^-ji uf r" L &JL-4 JLAA 3. TA J IV/ iDD BETTt 1 ' 1 * 9 Make yourself bel pretty Spring hat ings are all on dis UatMMflf Mice Tfl Ill 1101 V Xllg ATAAOC? * spending a month and buying the la on display a greal that each one will 1 for. Miss Taylor on to their job an time. Come earl 4 The whole store i * < n dise. A lot of dp Come in, we can : Blacks ular session and shall meet at other finio? in snecial session, when called ! -x - | to do so by the chairman or by any two members thereof. Said com- Jj mission shall make such rules and regulations as it may deem necessary i for the proper transaction of its busi- j ness: Provided, That no such rule or; regulation shall be inconsistent with j the provisions of this Act. No action : shall be taken by said commission ex-j cept by a clear majority of all the j; members thereof, and at the request of any member the vote by yeas and ! ( nays on any question or matter shall i ( be recorded in the minutes of the ,. commission. Sec. 7. Hereafter, when any ! bonds are issued by the town of New- 1 berry, it shall be the duty of the town < council, the mayor, aldermen, clerk j 1 and treasurer and other officials j i charged with the duty of issuing j J bonds, to certify to the said bond ! < commission of Newberry. S. C., the 1 amounts and denominations of bonds so issued, for what purpose issued, ? the date of issue, rate of interest, z time and place of payment of nuch ' j bonds a"d the interest, together with i copies c.f tlio rri'inftnccs and repolu- t tions " 1 ?hit ( ;cri;i.o. md svrh oilier t ir formation p; laining to such bonds t .md ] o insu: thereof as shall be re-'} ^uirc1 by said commission, and c Dfacials ;i jaid t/vTi, \lC x,~i:'a ' 'hall, wifhi'i f?ve d ys afi ,-r a1 / i,.' C'CiJs a. J j?jved, 'Vive? ;1" r.i-.j chairman and the . A CL IC NEWBEF R LOC tter looking by bu; from us. Patterns, play. We are indee 1 - *.1 tyior Willi US again. i in the markets stud test things to be had c assortment of patte # be able to find what and Mrs. Nance are d will be glad to set y and avoid the rust ? ?-11 ?Ji nvcffir . f $ llliCU Willi - it iring Suits and Dress suit you in anything Dry Go< Prosperity. S. C. ?????fc?iwfli jtfffljtia? treasurer of said bond commission. Sec. 8. All the necesary expenses j incurred by the commission herein I provided for in carrying out the terms of this Act and in performing the duties herein imposed shall be paid by the town council of the town of Newberry out of the treasury of said town. Said bond commission shall certify to the council itemized statements of such expenses, when making requests for payment thereof. Sec. 9. It shall be the duty of the officials of the town of Newberry, charged with the collection of the taxes, to turn over to the chairman I and the secretary and treasurer of; ' * ? - ?v-j ? f.'Urt i said Dona commission ueiwecu mc first and tenth days of each and Bvery month all moneys collected by them in said town within the month next preceding to the credit of the sinking funds for the bonded inlebtedness of said town and for the payment of interest thereon. Sec. 10. Any violation of this Act shall be deemed a misdemeanor, and my person convicted of violating the Came shall be subjected to punish-1 nent by a fine of not less than wentv- five dollars and not more j han ten thousand dollars, or to im- j jrisonment, with or without hard abor, for a term of not less than ten | !a7r? and not more than five years, > n+if>n of the Court. In ! purJsbrrent herein ' -i J in uiiy court Ox . i / DAY t I .USE. t ' . - . ; . * [ i H r. . , ? r i r IRY, S. G. I - - * ?1, | t .'.y ' . * , , .. V V r , , < | , VI/^IIU/^ I ;mi\U | . .. ..S. ... , , ~ . i ying yourself a shapes and trimid very fortunate ' i j She has been i > 9 J i>ing the styles, \ I. There is now - A: . < i ;rns and shapes f they are looking on the job, and ve you al any j i. i * * , f Spring merchan Jk ^ 4 * es are on display. <? to wear. ? i . ^ f -' ' \ i j 4 ads Co. i ft competent jurisdiction aBj: Ibsses or damages sustained by ifc. or the citi- , zens and taxpayers of said tawiu cxr account of the malfeasance, breach of trust, or gross or wilful neglect orgross or wilful mismanagement on tfcs part of any official or person, violating the provisions of this Act, suck recovery to be had of such, person, or persons or official or ofFiciaife- g&i of such violation ana ox tneusureties. Sec. 11. This Act shall go into, effect upon its approval by the Governor, and all Acts or parts of Acts, inconsistent with the same are hereby renealed. Notice to Colored Teachers. The Colored Teachers' association of Newberry county will hold its. regular meeting at Hoge school out Saturday, February 28th, at II o'clock a. m. All teachers are aske&j to be present. U. S. Gallman.. I i Chapter Meeting. The Jasper chapter, D. A. R., will meet with Mrs. C. J. Purcell on Fris>. day afternoon at 4 o'clock. Mrs. W. H. Hunt.. President.. (Miss) Elizabeth Dominici:, Secretary. The whole world contains sons* 710,000 miles of railway, the United? ^ta'xs rpsily topping the list w:ti? 2<j5,000 miles. 4