1909_public laws_682_13
CHAPTER 681 AN ACT TO AUTHORIZE THE BOARD OF TRUSTEES OF LEXINGTON TOWNSHIP TO ISSUE BONDS. The General .Assembly of North Carolina do enact:
That for the purpose of paying the interest accruing on said bonds issued under this act the board of trustees are authorized and directed to take and appropriate of the money collected for public-road purposes, as is provided for by existing laws applicable to Lexington Township in chapter three hundred and seventyfive, Public Laws of one thousand eight hundred and ninety-nine, and apply as much thereof as is necessary for the payment of said interest whenever the same is due; and said board may at any time, after the expiration of five years from the ratification of this act, create a sinking fund from the taxes collected for said road purposes by setting aside a sum thereof annually for the payment of the principal of said bonds at maturity. Any money thus appropriated may be invested in the purchase of said township bonds, if they can be purchased at par, but in case such bonds cannot be purchased the said board may lend said sinking fund, or any part thereof, in sums as they may deem proper, for a length of time not greater than the time elapsing six months prior to the maturity of the bonds next coming due, for the redemption of which such money may be needed, taking as security for the payment thereof mortgages or deeds of trust on real estate sufficient to amply secure the same, or said township bonds may be taken as collateral security for said loans at not exceeding their par value. In issuing said township bonds the board of trustees shall cause to fall due in any one year not more than ten thousand dollars of the bonds, exclusive of all interest.