Art. 12. - Authorizing acceptance of town bonds for payment of taxes.

The General Assembly of North Carolina do enact:

Section 1. That the action of the Board of Aldermen of the Town of Sanford in authorizing the Tax Collector of said town to accept certain bonds of the Town of Sanford as payment of taxes and street-paving assessments of said Town, heretofore, is hereby approved and validated.

Sec. 2. The acceptance of bonds of the Town of Sanford by the Tax Collector of said Town as payment of taxes and street-paving assessments upon authority heretofore given by the Board of Aldermen of the Town of Sanford is hereby approved and validated; and the said Tax Collector shall be allowed full credit therefor in settlement of such taxes and assessments.

Sec. 3. That the Board of Aldermen of the Town of Sanford is hereby authorized and empowered, in its discretion, to accept at par value, Town of Sanford bonds and/or coupons either past due or which may mature in the future in payment of taxes due the Town of Sanford for the year one thousand nine hundred thirty-two and prior years, and/or street-paving assessments whether past due, current or future: Provided, if the par value of said bonds and coupons so tendered and accepted in payment of said taxes and/or street-paving assessments shall be in excess of said taxes and/or street-paving assessments so paid, the Town of Sanford shall not be required to pay the difference in cash.

Sec. 4. That two or more persons, firms or corporations who are joint holders of bonds of the Town of Sanford may tender the same to the Town of Sanford as pro rata payment of their respective taxes for the year one thousand nine hundred thirty-two and prior years and/or street-paving assessments as hereinbefore set forth, and as their respective interest in said bond or bonds may appear, and it shall be lawful for the Town of Sanford, in the discretion of the Board of Aldermen of said Town, to accept the same as payment thereof at the par value of said bonds and coupons.

Sec. 5. That the Tax Collector of the Town of Sanford is hereby authorized, empowered and directed, upon authority from the Board of Aldermen of said Town, to accept any such bonds and/or coupons at par value and accrued interest in payment of said taxes for the year one thousand nine hundred thirty-two and prior years and/or street-paving assessments, and the said Tax Collector shall be allowed full credit therefor in settlement of such taxes and assessments.

Sec. 6. That all laws and clauses of laws in conflict with this Act are hereby repealed.

Sec. 7. That this Act shall be in full force and effect from and after its ratification.

Ratified this the 10th day of April, A.D. 1935.

(Private Laws of 1935, chapter 137)