1929_private laws_2_2
CHAPTER 1 AN ACT TO AUTHORIZE THE BOARD OF COMMIS- SIONERS OF THE CITY OF HENDERSONVILLE TO ISSUE BONDS FOR HOTEL AND OTHER PURPOSES. The General Assembly of North Carolina do enact:
That subject to the approval of a majority of the qualified voters of the City of Hendersonville at an election to be held in the manner hereinafter set forth, the board of commissioners of said city are hereby authorized and empowered to issue negotiable coupon bonds of the City of Hendersonville in the aggregate principal sum of five hundred thousand dollars; the said bonds to be issued and used for the purpose of authorizing the City of Hendersonville to lend its financial aid towards the completion of the Fleetwood Hotel, and also to authorize the city to acquire, own, operate and control lands to be used as a public park or public golf course. The said bonds shall bear interest at not exceeding five per centum per annum, payable semi-annually, and shall be in such form and in such denominations, and the principal and interest shall be payable at such time and place as the board of commissioners may determine. The said bonds shall mature in annual installments, payable at such time or times as the board of commissioners may determine; Provided, the first installment of said bonds shall mature in not less than ten years after the date of issue, and the last installment of said bonds shall mature not more than forty years after the date of said issue. The said bonds shall be signed by the mayor and attested by the clerk of said city and shall bear the corporate seal, and the coupons attached to said bonds shall bear the printed, lithographed or engraved facsimile signature of said clerk. The said bonds shall be designated and known as Park and Hotel Bonds.