NORTH CAROLINA GENERAL ASSEMBLY

1963 SESSION

 

 

CHAPTER 758

HOUSE BILL 944

 

 

AN ACT AUTHORIZING INVESTMENT AND DISPOSITION OF PROCEEDS OF PREFERRED RAILROAD STOCK HELD BY WINDSOR TOWNSHIP IN BERTIE COUNTY.

 

WHEREAS, in a special election in 1926 the people of Windsor Township voted to sell fifty thousand dollars ($50,000.00) of railroad bonds of the Township and to levy a special tax therefor and to subscribe to fifty thousand dollars ($50,000.00) of preferred stock of the Carolina Southern Railway Company; and the issue of bonds and the subscription for the stock were validated by the General Assembly in Chapter 230 of the Public-Local Laws of North Carolina of 1927; and

WHEREAS, the fifty thousand dollars ($50,000.00) in Windsor Township, Bertie County, railroad bonds were issued and sold and dated December 1, 1926; and fifty thousand dollars ($50,000.00) in the preferred stock of the Carolina Southern Railway Company was thereupon issued to Windsor Township; and

WHEREAS, on or about February 28, 1942, the Carolina Southern Railway Company redeemed ten shares of its preferred stock held by Windsor Township; and on February 28, 1942, there was issued to Windsor Township a new certificate for four hundred ninety shares of preferred stock in the Carolina Southern Railway Company having par value of one hundred dollars ($100.00) per share; and thereby the total amount of preferred stock held by Windsor Township in the Carolina Southern Railway Company was reduced to forty-nine thousand dollars ($49,000.00); and

WHEREAS, from year to year the County Commissioners of Bertie County levied the special railroad bond tax in Windsor Township; and the tax money thus levied was applied to the payment of the Windsor Township railroad bonds; and all of said bonds have been fully paid and cancelled; and

WHEREAS, through inadvertence there was a failure to levy the special railroad tax in Windsor Township for the year 1947 in which the last railroad bonds matured, and on or about December 1, 1947, there was applied from the General Fund of Bertie County the sum of one thousand five hundred eighty-three dollars and ninety-one cents ($1,583.91) to complete the full payment of the Windsor Township railroad bonds; and by subsequent collections on delinquent taxes the indebtedness of Windsor Township to the Bertie County General Fund has been reduced to one thousand four hundred fifty-four dollars and eight-three cents ($1,454.83); and

WHEREAS, the Carolina Southern Railway Company has discontinued operation and is now being liquidated; and the railway company has paid over to Bertie County forty-one thousand nine hundred dollars ($41,900.00) in partial redemption of the preferred stock held by Windsor Township; and seven thousand one hundred dollars ($7,100.00) of preferred stock of the Carolina Southern Railway Company is still held by Windsor Township, and this stock is expected to be redeemed in the further liquidation of the railway company; and

WHEREAS, several proposals have been made for use by and for Windsor Township of all funds from the liquidation of its preferred stock in the Carolina Southern Railway Company; and it is necessary that studies be conducted and decision made on the use and application of the funds by the registered voters of Windsor Township: Now, therefore,

 

The General Assembly of North Carolina do enact:

 

Section 1. The Treasurer of Bertie County is hereby authorized, empowered and directed to receive for the use and benefit of Windsor Township any and all sums paid in the liquidation of the Carolina Southern Railway Company for redemption of the forty-nine thousand dollars ($49,000.00) par value preferred stock of the railway company reissued to Windsor Township on February 28, 1942; and to hold the same pending disposition as authorized by this Act.

Sec. 2. The Treasurer of Bertie County is hereby authorized, empowered and directed to forthwith pay over and transfer to the General Fund of Bertie County the sum of one thousand four hundred fifty-four dollars and eighty-three cents ($1,454.83), without interest, from funds heretofore received for Windsor Township in redemption of the railroad stock; and thereupon the indebtedness of the Debt Service Fund of Windsor Township to the General Fund of Bertie County shall be fully satisfied.

Sec. 3. The Treasurer of Bertie County is hereby authorized, empowered and directed to invest the balance of funds held by her and received from time to time for Windsor Township from the redemption of its railroad stock, in obligations of the United States, or of the State of North Carolina, or of Bertie County, or in savings accounts or certificates of deposit in banks in amounts fully insured by the Federal Deposit Insurance Corporation, or in shares or accounts in savings and loan associations in amounts fully insured by the Federal Savings and Loan Insurance Corporation. All such investments by the Treasurer of Bertie County shall be first approved by resolution of the Board of Commissioners of Bertie County.

Sec. 4. There is hereby created the Windsor Township Study Commission, composed of five members appointed by the Board of Commissioners of Bertie County. The members of the Commission shall be selected in the discretion of the Board of County Commissioners to fairly represent all parts of Windsor Township. The members of the Commission shall serve without compensation. Their term of office shall extend from the date of appointment to the lst day of January, 1965. Vacancies on the Commission shall be filled by the Board of Commissioners of Bertie County. The Windsor Township Study Commission is hereby authorized, empowered and directed to hold one or more public hearings in Windsor Township at times and places, after notice in the Bertie Ledger-Advance, and upon procedure as may be determined by it, for the purpose of receiving proposals from the people of Windsor Township for the permanent disposition, use and application of funds and investments held by the Treasurer of Bertie County for Windsor Township as proceeds of the redemption of the railroad stock.

Sec. 5. The Board of Commissioners of Bertie County is hereby authorized, empowered and directed to pay from the General Fund of Bertie County the cost of publication in the Bertie Ledger-Advance of notices of all public hearings by the Windsor Township Study Commission.

Sec. 6. At the public hearing the Windsor Township Study Commission shall determine and certify to the Board of Commissioners of Bertie County and to the Board of Elections of Bertie County such proposals, buildings or other public projects, not more than three in number, for which the Commission recommends that there be spent the fund held by the Treasurer of Bertie County for Windsor Township from the redemption of the Township's preferred stock in the Carolina Southern Railway Company; and the amount of money or the proportion of the total fund which the Commission recommends shall be applied to each proposal or building or public project. The Windsor Township Study Commission shall conclude its hearings and make and certify its acts and recommendations to the Board of Commissioners of Bertie County and to the Bertie County Board of Elections on or before the 1st day of July, 1964.

Sec. 7. At the general election to be held in Bertie County on the Tuesday next after the first Monday in November in the year 1964, there shall be submitted to the registered voters of Windsor Township on ballots to be provided by the Bertie County Board of Elections the question of whether or not to approve one or more of the three proposals or buildings or public projects and the amounts or proportions of money therefor as recommended by the Windsor Township Study Commission.

Sec. 8. The Board of Commissioners of Bertie County is hereby authorized, empowered and directed to cause to be acquired, constructed and equipped buildings and other public projects, if any, which shall be approved by a majority of the registered voters of Windsor Township at the general election on the Tuesday next after the first Monday in November, 1964; to use the funds held by the Treasurer of Bertie County for Windsor Township from the redemption of its railroad stock for that purpose; and to employ architects and engineers, to advertise for and let contracts, and to have the said buildings or other public projects acquired and built in Windsor Township according to the laws applicable to the acquisition of public grounds and the construction and equipment of public buildings in the counties of North Carolina.

Sec. 9. The Bertie County Accountant is hereby authorized, empowered and directed to keep and examine the accounts on the fund held by the Treasurer of Bertie County for Windsor Township from the redemption of its railroad stock.

Sec. 10. The Bertie County Attorney is hereby authorized, empowered and directed to assist the Windsor Township Study Commission upon its request; to prepare notices of any public hearing of the Commission; and to prepare the ballot to be submitted to the registered voters of Windsor Township.

Sec. 11. The Treasurer of Bertie County is hereby authorized, empowered and directed to redeem or liquidate all investments held for Windsor Township in the special railroad stock fund and to pay out the same

for the purpose or purposes approved by the registered voters of Windsor Township and at times and in amounts as shall be determined by resolution of the Board of Commissioners of Bertie County.

Sec. 12. This Act shall be in addition to all other powers and authority conferred by law upon the Board of Commissioners, the Treasurer, the County Accountant, the County Attorney, and the Board of Elections of Bertie County.

Sec. 13. There shall not be made any charges upon, or payments from, the money held by the Treasurer of Bertie County for Windsor Township from the redemption of its railroad stock, for the services or expenses of Bertie County or its Board of Commissioners, County Accountant, Treasurer, County Attorney, County Board of Elections or any other officer or employee of Bertie County, in connection with the receipt, holding, investment or expenditure of these funds for Windsor Township.

Sec. 14. All laws and clauses of laws in conflict with this Act are hereby repealed.

Sec. 15. This Act shall be in full force and effect from and after its ratification.

In the General Assembly read three times and ratified, this the 7th day of June, 1963.