The Montgomery advertiser., 1903-03-11

authorized by law to be created, nor any temporary loans to be paid within one year, made In anticipation of the coilec- ton Of taxes. not exceeding one-fourth of the annual revenues of such city or town. All towns and cities having a population Of six 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 collec- 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; i; 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 obliga- tions issued as herein provided, in excess ol seven per CeDlulU SildiI HOL De 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- cumbia.
 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 tion, and the same shall have all the properties and projections of commercial, paper.
 Sec 12. The denominations of the bonds, the time for which the same shall run, the place of payment and the rate of in- terest to be paid on the same shall be fixed by the governing body of the munici- pality issuing the same. but no bonds is- sued under the provisions of this Act shall bear a greater rate of interest than five per centum per annum, and the same shall not be sold for less than face value.
 Sec. 13 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 municpali- ty issuing the same, and the official seal of the municipality shall be impressed upon or affixed to the same.
 Sec. A. All bonds so issued shall have 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 slmile upon said coupons.
 Sec. 15. No irregularity in the proceed ings to authorize the issue of bonds un- 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 25, 1903.
 Official. J. Thos. Hefiin,
 Secretary of State.