1905_private laws_114_3
CHAPTER 114 AN ACT TO AUTHORIZE THE TOWN OF KINGS MOUNTAIN TO ISSUE BONDS FOR STREET IMPROVEMENTS. The General Assembly of North Carolina do enact:
For the purpose of properly carrying out the duty imposed by the preceding section the said mayor and board of commissioners are hereby authorized and fully empowered and directed to issue bonds of the denomination of five hundred dollars each, aggregating the sum of fifteen thousand dollars, the said bonds to be denominated street and sidewalk improvement bonds, to be signed by the mayor and countersigned by the secretary, bearing the corporate seal of said town, be written in the usual form, and bear interest from date until paid at five per centum per annum, which interest shall be payable semi-annually from the date of said bonds and shall be evidenced by coupons thereto attached, in the usual form; that said bonds shall mature at the end of thirty years from their date, and shall be fully binding upon said town and its property: that the mayor and board of commissioners shall issue said bonds in installments of five thousand dollars each as the work on the streets and sidewalks progresses and the necessity for payment thereof arises, but all of said bonds shall bear the same date, and bear interest as aforesaid, but the coupons for interest on the installments delayed shall be torn off before issuing, to the date of maturity of the coupons next preceding the date of such issue.