A Bill to Be Entitle* an Art to Vali date the Formation and Incorpora tion of Epsom School District la * Franklin and Vaaee Counties mid to Empower the Board of Trustees of Epsom School District to Call an Elec tion and to Isiae School Bonds The General AssetnDiy of North Caro llna do enact: - Section 1. That the formation, cre ation and Incorporation of Epsom 8chool D tartlet, comprising contigu ous portions of Franklin and Vance Counties be, and the game la validat ed, ratified, approved and confirmed and said Epsom School District as at present constituted and defined U de clared a Updy corporate by the name and style of Epsom School District, with oil the authority, rights and pow ers and prlvlledges and the same plan of covernment conferred upon other joint.school districts by and under the provisions of Article 17 of Chapter 136 of the Public Laws of North Caro lina, Session of 1923. Section 2. That In addition to the powers mentioned above the Board of Trustees of Epsom School District, for the purpose of erecting or other wise providing adequate public school buildings or other necessary school property and equipment for the maln tennnce of the public school or schools of said district Is hereby empowered and authorized to call a special elec tion, to be held In said district at such time and place as said board may tie tignate after the ratification of this act. to ascertain tt*e will of the peo ple of said district upon the question of issuing bonds for the purpose or purposes above set forth, not to exceed Fifty Thousand Dollars, and the levy ing of a sufficient advalorem tax tor the payment of said bondB and the in teroat thereon. Section 3. The Mid Board of Trus tees shall designate the polling place, appoint the registrar and two poll holders who sbajl constitute the Jud ges of election, and the said Board shall canvass and Judicially determ ine the result at said election when the returns have been tiled with them oy the oUlcers holding the election and shall record such determination on their records. The notice ot the elec tion shall be given by publication at leust three times In some newspaper published or circulated in the territory It shal set forth the boundary lines of the district and the purpose ot the election. The first publication shall be at least thirty days before the election. A new registration ot the qualified voters of the territory shall be order ed. and notice of said new registration shall be deemed to be sufficiently giv en by publication once In some news paper published or dlrdulated In said district at least thirty days before the close ot the registration books. This notice of registration may be consider ed one of the three notices required ot the election. Such published notice ot registration shall state the days on which the books will be opened tor-registration ot voters and the place or places on which they will be open on Saturdays. The books of such new registration shall dlose on the second Saturday before the election. The Sat urday before the election shall be chal lenge day and except as otherwise provided In this act such election shall be held In accordance with the law governing generaf elections. At the election those who are in favor ot Ahe issuing of such bonds and the levy ?nd collection ot the taxes necessary for the payment of said bonds shall ?vote a ticket on which shall be print ed or written the words "For School Bonds" and those who oppose shall ' vote a ticket on which shall be- printed I or written the words "Against School Bonds." All other details of said elec tion shall be fixed by the said board and the expenses of holding and con ducting the election shall be prorid ed by the said boafd out of the local tax of said district. Section 4. If a majority of the qua lified voters of said district shall vote In favor of the lssuappe of said bonds then the said board of trustees shall have power to Issue the said bonds which bonds shall be Issued in tfae name of the Epsom School District and shall be Issued in such form and de monstration and with such provisions as to time, place and medium of pay ment of principal and Interest aa the said board may determine, subject to the limitations and restrictions ot this act. The bonds shall be serial bonds and shall so mature that the principal amount of the issue shall be payable in annual Installments or series, be ginning not more than three years after date of the bonds of such issue and ending not more than thirty years after auch date. No such Installment shall be more than two and one-half times as great in amount as the small est prior Installment of same Issue. The bonds shall bear interest at the rate of not more than six per cent per anum, payable annually and may have interest coupons attached, and may be registrable as to principal or as to both principal and interest. They shall be signed by the chairman of the said board of trustees and the seal of the district shall be affixed to or Im pressed on each bond and attested by the secretary of said board; and the interest coupons shall bear the print ed lithographed or etched facsimile signature of such chairman. The de livery of the bonds, signed as afore said by officers in office at the time of such signing shall be valid not withstanding any changes in office oc curing after such signing. Section 5. Said bonds shall be sold by the Board of Trustees of Bald Ep som School District by and with the approval of the County Superintend ents of Public Instruction of the conn ties of Franklin and Vance, after such advertisement as the said ounty Su perintendents shall deem proper and necessary, but said bonds shall not be sold for less than par and accrued interest. Section 6. The proceeds derived from the sale of said bonds shall be turned over to the Treasurer of the County 8chool Fund of the ounty in which the school building is or is to be located and this shall be held as a separate fund by the treasurer and placed to the credit of the district and shall be disbursed or paid out by said treasurer upon order or voucher signed by the chairman and secretary th? board of trustees of Epsom School District and countersigned by the Superintendent of Public Instruc "?" ?f the County in which the school building or buildings is or is to be erected for the purpose or purposes set forth In this act. Section 7. In the 'event the issue of said bonds is authorized by the vot ers as above provided and when the same are issued the boards of County Commissioners of the counties, Frank lin^ and Vance are hereby authorized and uirectgd to levy annually- a special faX' "^valorem, on all taxable proper ty within their respective counties sit ,w.ithl" the 8ai,l Epsom School i iCi',8 ent t0 pay the Princi pa ahd Interest of said bonds as such princlpad and interest shall become due. Such Bpecial tax shall be in ad dition to all other taxes authorized to be levied in such county or district. Kn ai*e8 pr0Tide<1 for in this section shall be collected by the officer or In ooilf ??HfctinS the special taxes said district and paid over by him or them to the treasurer of the county School Fund of the County in which the school building, or buildings, is or Is to be located, and stiall be held as a separate fund by said treasurer in th* payment of said bonds and inter est as the same become due and the said bonds or Interest coupons shall be, when paid by said treasurer, vouch ere in accounting for the disbursement of said taxes so turned over to him. Section 8 Said Board of Trustees of Epsom School District are here bT authorized and directed to adopt a corporate seal of such design as It may aeein fit and proper. Section 9. All laws and clauses of laws in conflict with this act are. inso far as they may affect this act, here by repealed. fJtOCt,OV0 ~Th,s act 8han be full ratification. 601 fr?m and af,"r ,U A Bill to B? Eatltled an Art Prohibit lag Um County Hoard of Education or th? Board of Commissioner* For the County at Franklin, or the Board ol Aldermen of the Town of Loalabarv, Said Coaaty, Pledgtag the Cre dit ol SaM Coaaty or City With Hit First Sab mlttlag the Qaes tloa to the Qaali fled Votern Thereof The General Aaaembly of North Carolina do enact Section 1. That It ahall be unlaw ful for the county board of education' or the'board of commiaaloners for thai county of Franklin of the board of, alderman of the town of Loulnhurf, aald county to pledge credit of or laaue bonds whereby the aald county, town, or any township or district In aald county, la pledged for any purpoae other than to pay existing floating In IdKMadaaaa of aald county, town, town ilp or dlatrlct, heretofore Inc-urrjed r neceaaary expenaea of aald county ?, township, or dlatrlct, without submitting the question of pledg . the credit and teaulng auch boada ,_T the anallHed roters of aaid county, lt?.w*, township or dlatrlct. at an elto tton t? ha held aa hereinafter provided : I Prorlded, heweTsr, that tbta act shall | not prerent. aald board of education borrowing snftdsnt money In antldpa tlon of the collection of taxes to oper ate the public achoola of aald county the total amount of the money bo bor rowed x'.iall not exceed eighty per cent 'of the taxes levied for public schools for the current fiscal' year in which such lean la made and the amounrso Ljirovn