Imágenes de páginas
PDF
EPUB
[ocr errors]

ty convicts in

Board of County Commissioners, and out of municipal funds A. D. 1892. when employed by said municipal authorities: And it is further provided, That in case a suitable and efficient guard for the safe Labor of Counkeeping of convicts shall be provided by the authorities of an towns and cities incorporated city, town or village, and there shall be no such guard provided by the Board of County Commissioners of the County in which such city, town or village is situated, it shall be lawful for the Courts, State as well as municipal, to sentence to hard labor on the streets, or other public works of such city, town or village, persons convicted of offenses committed within the County, as well as persons convicted of offenses committed within the city, town or village; and such convicts so sentenced shall be under the direction and control of the said municipal authorities.

convicts by

SECTION 5. That the County Sheriffs charged with the custody Delivery of of prisoners so sentenced to hard labor shall during the work Sheriff. hours of the day or during a term of days to be specified by said municipal authorities or Board of County Commissioners, upon the order of said municipal authorities or Board of County Commissioners, as the case may be, deliver them to the safe keeping of the authorities herein provided for their control and direction: Provided, That no fees shall be charged by the Sheriff other than that of the original commitment and final discharge. Approved December 20th, A. D. 1892.

Fees

of

Sheriff.

AN ACT TO FURTHER REGULATE THE PUBLICATION OF THE
ACTS AND JOINT RESOLUTIONS OF THE GENERAL ASSEMBLY
OF THIS STATE.

No. 19.

directed.

SECTION 1. Be it enacted by the Senate and House of Representatives of the State of South Carolina, now met and sitting in General Assembly, and by the authority of the same, That hereafter in the publication of the Acts and Joint Resolutions of the One Index General Assembly of this State there shall be only one index, which shall include in alphabetical order all the indexed matter in the "General Laws and Joint Resolutions" and in the "Special Acts and Joint Resolutions" and in the List of Charters. SEC. 2. That whenever an Act or Joint Resolution of a previous Cross refersession is amended, repealed, or referred to, a reference shall be

ences in margin

A. D. 1892.

List of charters.

made in the margin to the volume and page of the Statutes at Large where such Act or Joint Resolution is to be found.

SEC. 3. That the list of charters granted by the Secretary of State for the then next preceding fiscal year shall be printed in alphabetical order as an appendix to the Acts and Joint Resolutions of How printed. every regular session, such list to be printed in the same type as the body of the Acts, embracing only the name of the corporation, in small caps, to be followed in lower case, and without paragraphs, with the location and purposes of the corporation, amount of authorized capital stock, and date of charter.

Repealing

clause.

SEC. 4. That so much of an Act entitled "An Act to provide for the separation of General Laws and Joint Resolutions from those relating to other matters in the binding and indexing 20 Stat., 280. thereof," approved December 23, 1889, and of all other Acts and Joint Resolutions as is inconsistent with this Act be, and the same is hereby, repealed.

When to take effect.

SEC. 5. That this Act shall take effect on the day of its approval.

Approved December 20th, A. D. 1892.

No. 20.

and Stocks to be

State Treasurer.

AN ACT TO PROVIDE FOR THE REDEMPTION OF THAT PART
OF THE STATE DEBT KNOWN AS THE BROWN CONSOL
BONDS AND STOCKS BY ISSUE OF OTHER BONDS AND
STOCKS.

SECTION 1. Be it enacted by the Senate and House of Representatives of the State of South Carolina, now met and sitting in General Assembly, and by the authority of the same, That Brown Bonds the State Treasurer shall cause to be prepared a sufficiency of prepared by blanks of coupon bonds and certificates of stock of uniform design and appearance, to be colored brown, as will provide for a total issue of an amount (face value) in the aggregate of such bonds and certificates of stock not to exceed the aggregate amount of bonds and stocks that have been or may be issued under an Act entitled "An Act to reduce the volume of the public debt and provide for the payment of the same," approved December, 17 Stat., 112, A. D. 1873, and Acts amendatory thereto, and other Acts providing for the funding of bills of Bank of this State, Acts to fund past due interest on Consols, and an Act to provide for

Amount.

15 Stat., 518.

221, 472.

17 Stat., 191, 261.

A. D. 1892.

17 Stat., 104,

the settlement of the consolidated debt of the State, in accordance with the decision of the Supreme Court of South Carolina, approved December 23d, 1879, and an Act amending the 240. same, approved 19th February, 1880, and other Acts authorizing the issue of said Consols, and also any other like bonds and stock which may be hereafter issued in pursuance of said Acts of the General Assembly, said bonds to be of the denominations of five Denominations. hundred and one thousand dollars, and said certificates of stock to have their respective face values left blank, so that the same may be filled as may be most convenient for the purpose of the exchange herein provided for.

That said bonds and certificates Semi-annual

interest of 4%

is payable.

of stock shall bear interest from the date of their issue until the per cent. date of their maturity at the rate of four and one-half per cent. (44%) per annum, payable semi-annually from and after said date on the first day of July and January in each year, at the When interest State Treasury, in the city of Columbia, or at the agencies of the State in the cities of Charleston and New York, which places of payment shall be expressed on the face of the bonds, and said bonds shall have coupons attached thereto for the interest which Coupons. shall become due on said bonds, as herein above stated, and the interest on said certificates of stock shall be paid semi-annually in the manner now provided by law.

of anticipation.

Order of anticipation.

SEC. 2. Said bonds and certificates of stock shall become paya- when payable. ble at the end of the term of forty years from the first day of January, A. D. 1893, but the State shall reserve to itself the Reserved right right to call in and pay the whole or any part of the issue at any time after the expiration of twenty years from date of issue, but in such event the bonds first called in will be those of the highest numbers or last issued, and thereafter the registered bonds or stock, calling first the highest number or last issued certificates. That said coupon bonds and certificates of stock shall be signed How executed. by the Governor of the State, countersigned by the ComptrollerGeneral, and have the great seal of the State affixed thereto by the Secretary of the State, which signing and sealing shall be made and done at the time of their issue and not before; the coupons shall bear the signature of the State Treasurer, his name being lithographed or engraved thereon. That the said Exchangecoupon bonds shall be exchangeable for certificates of stock, and and stocks. said certificates of stock shall be exchangeable for coupon bonds: Provided, That no bond or bonds shall be issued in exchange for stock so presented except in the sum of one hundred dollars or multiples thereof, and that for any fractional part remaining of

ability of bonds

A. D. 1892.

Cancellation of surrendered consols.

changes.

such certificate or certificates so presented new certificates of stock be issued.

SEC. 3. That all bonds and certificates of stock surrendered as hereafter provided for shall immediately upon such surrender be cancelled and filed by the State Treasurer with the permanent Registry of ex- records of his office, and a correct registry shall be kept by the State Treasurer of all exchanges made under the provisions of this Act, so as to exhibit in a separate account and convenient form the names of the holders thereof and the number and amounts of all such bonds and stocks received into the Treasurer's office, together with the numbers and denominations of all bonds and stocks issued in exchange therefor or sold by him under the Registry by provisions of this Act. And the Secretary of State is hereby required to keep at all times a correct registry of all the bonds sealed by him under the provisions of this Act. And the GovRegistry by ernor is in like manner hereby required to keep a similar registry of all bonds signed by him, each registry to be accessible to public inspection at all times.

State.

Governor.

Receivable in payment of taxes.

SEC. 4. That all coupons of said bonds, and all interest orders of said certificates of stock, the issue of which bonds and certificates of stock is herein above provided for, and the principal of such bonds when the same become due, shall be receivable in payment of all taxes which shall become payable to the State during the year in which said coupons and interest orders or the princiExceptions. pal of said bonds shall become payable, except for the tax levied for the support of public schools, and the fact that the said prinTo be express- cipal and coupons are so receivable shall be expressed on the face of the said bonds, coupons and interest orders respectively, and Pledge by the this pledge is hereby declared to be a contract between the State of South Carolina and every holder of said bonds and certificates of stock, which pledge shall be expressed on the face of said bonds and certificates of stock.

ed on face of

bonds.

State.

Pledge of phosphate roy

fund.

SEC. 5. That as further security for the reduction and payalty as sinking ment of this debt the revenue to the State arising from royalty on phosphate beds shall be set aside to the amount of thirty-seven thousand and five hundred dollars each half year, beginning with 1st January, 1894, as a sinking fund for the reduction of said debt, and this provision shall be expressed upon the face of the bonds, Sinking Fund and that the Governor, the State Treasurer, the ComptrollerGeneral, the Attorney-General and the Chairman of Committee on Finance (or Ways and Means) of the Senate, and the Chairman of Committee on Finance (or Ways and Means) of the

Commission.

A. D. 1892.

Investments

Fund.

Tax levy pledged.

House of Representatives shall be constituted a Sinking Fund Commission. And the said Commission shall from time to time invest all amounts which, and as the same may be paid into the by Sinking said sinking fund, in the bonds and stock issued under the terms of this Act, and hold the same as assets of such sinking fund, collecting the interest thereon as the same may become payable, and reinvesting the same in such bonds or stock, to be held in like manner, so that the said sinking fund shall be cumulative. But if in the judgment of the Commissioners of the Sinking Fund bonds are not offered or obtainable at a reasonable price, they shall in their discretion invest such funds or any part thereof in such other securities, giving preference to State securities of the States of the United States, until such time as may in their judgment be best to reinvest the money by purchase of State of South Carolina bonds: And it is further enacted, And the credit and faith of the State is hereby pledged to raise by levy upon the taxable property of the State such money as may be necessary to meet the semi-annual interest upon the debt of the State: And it is further agreed with the purchasers and holders of the bonds. and stocks of the State of South Carolina, that should the State at any time sell the phosphate interest, there shall be reserved Proviso as to from the proceeds of such sale a sum sufficient to provide for the phate beds. payment and retirement of these bonds when due or called for, and for the continuance of the sinking fund until such time as the whole debt shall be met and provided for, and the State of South Carolina pledges her faith and honor that under no other terms Faith pledged. shall the phosphate beds be alienated, and this pledge is hereby declared a contract between the State of South Carolina and every holder of bonds and certificates of stock issued under this Act, which pledge shall be expressed on the face of said bonds and certificates of stock.

sale of phos

issue.

SEC. 6. The Governor and State Treasurer are hereby author- Sale of new ized and instructed to sell the issue of bonds herein provided for at not less than par or face value, and the proceeds thereof shall be applied to the payment of the consolidated bonds and certifi- Application of cates of stocks, commonly called Brown Consols, and to no other purpose.

proceeds.

of outstanding

SEC. 7. That the said Brown Consols as paid shall be cancelled Cancellation by the Treasurer, and thereafter shall be compared with the consols. record and destroyed by the Sinking Fund Commissioner.

SEC. 8. That the State Treasurer be, and he is hereby, author- Present exized and required to receive from the purchasers of the new four ized.

change author

« AnteriorContinuar »