The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1903-03-11

authorized by law to be created, nor any
temporary loans to be paid within one
year. made in anticipation of the collec-
ton of taxes, not exceeding one-fourth Of
the annual revenues of such city or town.
All towns and cities having population
of elk thousand or more. also Gadsden,
Ensley Decatur and New Decatur, are
hereby authorized to become indebted IN
an amount ircluding present Indebtedness
not exceeding seven per centum OF the as
sessed valuation OF the property therein,
provided, that there shall not be included
In the limitation of the Indebtedness of
such last described cities and towns the
following class of Indebtedness, to-wit:
Temporary loans TO be paid within one
year, made In anticipation of the collee-
ton of taxes and not exceeding one
fourth of the general revenues, bonds or
other obligations already issued or which
may hereafter be issued for the purpose
of acquiring, providing or constructing
school houses. water works and sewers /;
and obligations incurred and bonds Is
sued for street or sidewalk improvements,
where the cost of the same, In whole or
In part, is to be assessed against the
property abutting said improvements,
provided that the proceeds of all oblfga-
lions issued as herein provided, IN excess
used for any purpose ether than that for
which said obligations were issued. Moth
Ing contained in this article shall pre-
vent the funding or refunding OF existing
Indebtedness This section shall not ap-
ply to the cities of Sheffield and Tus-
eumbia.
Sec IL All bonds and interest coupons
attached to the same, issued under the
authority of this Act shall be exempt
from State. county and municipal taxa
ton, and the same shall have all the
properties and projections of commercial
paper
Sec. 10. The denominations of the bonds,
the time for which the same shall Pun,
the place of paymers and the rate of In
terest to be paid on the same shall be
fixed by the governing body of the munich
pality issuing the same, but no bonds is
sued under the provisions Of this Act shall
bear greater rate of interest than five
per centum per anDum, and the same
shall not be sold for less than face value.
Sec. 10. All bonds issued under the au-
thority of this Act shall be signed by
the chief executive officer, and counter
signed by the treasurer of the municipali-
ty issuing the same, and the official seal
of the municipality shall be impressed
upon or affixed to the same.
Sec IA. All bonds so issued shall have
attached to the same interest coupons,
which shall be signed by the chief execu-
tive officer and treasurer of the munich
pality issuing the same, but their sigma
ture may be printed or autographed in
fac smile upon said coupons.
Sec. Is. No irregularity in the proceed
ings to authorize the issue of bonds I'M
der this Act, nor the omission or neglect
of any officer charged with executing any
of the duties imposed by this Act. shall
affect the validity of any bonds issued
under the authority hereby conferred.
Sec. 16. All laws or parts of laws in
conflict with the provisions of this Act
are hereby repealed
Approved February %, 1903.
Official. j. Thos. Hehin,
Secretary of State.