1903_public laws_235_5
CHAPTER 234 AN ACT TO AUTHORIZE THE BOARD OF COUNTY COMMIS- SIONERS OF GRANVILLE COUNTY TO REFUND THE BONDED INDEBTEDNESS OF OXFORD AND SALEM TOWN- SHIPS. Whereas, by virtue of the Public Laws of 1885, chapter 116, and the Public Laws of 1887, chapters 3 and 148, the Board of County Commissioners of Granville County, upon the vot of the majority of the qualified voters of Oxford Township, to aid in the construction of the Oxford and Clarksville Railroad, did issue the ecupon bonds of said township to the amount of twenty theisand dollars, payable in thirty years, bearing interest at the rate of six per cent per annum; And whereas, by the Laws of 1891, chapters 63 and 300, the township of Salem was erected out of a portion of said Oxford Township, with the proviso that the property of said Salem Town- ship should still be responsible for its proportionate part of the debt incurred in aid of the construction of the Oxford and Clarks- ville Railroad; And whereas, the people of said two townships have paid off three thousand dollars of said indebtedness, and now wish to extend the date of the payment of the seventeen thousand ($17,000) still due on said bonded indebtedness, and refund the same at a lower rate of interest: Now, therefore, The General Assembly of North Carolina do enact:
That after the expiration of ten years said Board of County Commissioners may redeem one or two thousand dollars of said bonds each year, if they deem it advisable, by giving netice to the holders of said bonds and paying the principal and interest up to date.