Bond Issues - Historical Notes

A listing of the acts which authorized various bond issues for Wayne County is included below for reference purposes, although these acts are no longer current.

Bridges

1. Private Acts of 1929, Chapter 288, ratified, confirmed, and validated all the prior proceedings of the Quarterly Court of Wayne County held in connection with the issuance and sale of $35,000 in Bridge Bonds, bearing an interest rate of 5¼%, and maturing $10,000 in 1939, $15,000 in 1949, and $10,000 in 1954, notwithstanding any defects, errors, or omissions which may have occurred, and despite the lack, if any, of any statutory authority. The Act required a tax levy by the Quarterly Court in any amount sufficient to amortize the bonds according to the above maturity schedule.
2. Private Acts of 1931, Chapter 745, declared that all the prior proceedings of the Wayne County Quarterly Court had in reference to the issuance of $35,000 in Bridge Bonds for the purpose of erecting two bridges across Indian Creek, one at the Sherman Phillips Ford, and the other at the ford on said Creek below the location of the old New Providence Church, and to build one bridge across Butler Creek at or near John Hayes ford were validated. The bonds had an interest rate of 5%, and would mature in 15 years. Provision for a tax levy was included.

Buildings

1. Private Acts of 1945, Chapter 334, allowed the Wayne County Quarterly Court to issue and sell up to $75,000 in bonds, at an interest rate not to exceed 3%, and to mature as the Quarterly Court might direct, to acquire a site and to erect thereon a county building which would be used for county purposes. All the essential details of valid bond legislation are present in the Act, the mandatory tax levy is authorized and the Trustee is charged with the responsibility of handling the funds and keeping records. These bonds were exempted from taxation by state and local government.
2. Private Acts of 1955, Chapter 226, was a properly ratified Act which permitted the Quarterly Court of Wayne County to purchase, or to otherwise acquire some land in Wayne County on which to buy, build, erect, construct, and maintain thereon a building or buildings for such public purposes as may be designated and the same may be accomplished in conjunction with the cities of Collinwood, Clifton, or Waynesboro, or done independently. Bonds were limited to $200,000, the interest rate to 6%, and the maturity period to 35 years. The bonds must be issued in accordance with the prescribed details and a tax levy made sufficient to pay the yearly amortization rate.

Debts

1. Acts of 1866-67, Chapter 41, allowed Hawkins County, pursuant to a two-thirds vote of the Quarterly Court, to issue its coupon bonds to pay the amount of its indebtedness outstanding at the time, except that no debt which was incurred in aid of the recent rebellion could be included. Section 5 extended the same right and privilege to several other counties including Wayne.
2. Private Acts of 1925, Chapter 774, allowed the Quarterly Court of Wayne County to issue and sell up to $30,000 in warrants, at 6% interest or less, to pay off and retire outstanding warrants issued for county purposes and common and high school purposes, broken down to $15,000 for County purposes, $10,000 for common school purposes, and $5,000 for high school purposes. Details are supplied, a tax levy required, and the Trustee obligated to disburse the money and keep the records.
3. Private Acts of 1929, Chapter 218, provided that all the actions of the Quarterly Court of Wayne County taken with reference to the issuance of $100,000 in Funding Bonds, dated March 1, 1929, bearing interest at 5¼% and maturing according to the schedule appearing in the Act, running through 1954, are hereby validated, confirmed, and ratified. The Quarterly Court was given the responsibility of levying a tax suitable to amortize the bonds.
4. Private Acts of 1945, Chapter 81, was the authority for the Quarterly Court of Wayne County to borrow up to $30,000 each calendar year with which to pay the current obligations of the County for that year when the funds in the County Treasury are insufficient. The Court may issue interest-bearing notes therefor which shall mature no later than June 1 of the next ensuing year, and the interest rate shall not exceed 6%. All the revenues accrued that year shall be constituted a sinking fund to amortize any notes which may be issued.
5. Private Acts of 1945, Chapter 138, allowed the Quarterly Court of Wayne County to issue up to $30,000 in funding bonds, at an interest rate not to exceed 6%, and for a maturity period no longer than 30 years, to discharge the outstanding floating indebtedness of the County. Substantial Compliance with the details furnished would be sufficient. The bonds were made tax exempt.

General

1. Private Acts of 1915, Chapter 44, recited that Wayne County was heavily in debt for running expense, the tax revenues were insufficient to meet them, and there was little prospect of it becoming easier, this Act granted the County Judge the power to issue interest bearing warrants up to $7,500 a year, at legal rates of interest. The County Court was authorized to levy a tax of 10 cents per $100 of taxable property to amortize those warrants.

Schools

1. Private Acts of 1939, Chapter 602, permitted the Wayne County Quarterly Court to issue up to $100,000 in 4%, 25 year bonds to build a public school building at Waynesboro and to make certain additions and improvements to the schools at Collinwood and Clifton. The bonds would be general obligation bonds with a tax levy mandated.