The Birmingham age-herald., 1904-12-07

bonds of the state of Tennessee subject | to call. At the end of each quarter or period of three months the funding board, with the accumulation of money in the said sinking fund, shall buy any of the | outstanding bonds of the state at the | lowest price at which they are offered or can be obtained, not exceeding par and accumulated interest, and In the event the funding board shall be unable to buy said bonds at less than par, as herein au- thorized, it shall call as many of said bonds as there are funds on hand sufficient to pay the principal and accrued interest thereof. Said bonds which it Is designed and intended by the said funding board to pay, redeem, and retire shall be esig- mated by number in the call and such call shall be published and advertised for not less than sixty days in one or more of the financial journals of repute and wide circulation in the city of New York, and in one of the daily papers published in Nashville Tenn. The call for bonds as aforesaid, shall fix and designate the time when and the place or places where the holders thereof shall deliver them for poyment, and such place or places shall be either the office of the treasurer at Nashville, or one or more of the desig- mated Repositories of the state of Tennes- see, in Nashville, Tenn, and New ! ork :; and interest on the bonds called shall cease on the day fixed on the said call for their payment and redemption. When said bonds called as aforesaid shall be presented for payment and redemption and are paid and redeemed they and the coupons thereon shall be cancelled forth with. and after cancellation shall be held and securely kept by the treasurer until they shall be ordered to be destroyed by the general assembly.
 Sec. 3. Be 1t further enacted that in aA tA ,,ar 4t.5z receipts and collections of the treasury to be set apart and paid into the sink Ing fund. as hereinbefore in this act pro- vided, there shall be paid into the said sinking fund by the treasurer out of the general funds and revenues of the state, at the end of each year, as much money as would equal the amount of in- terest that would have been paid on all the bonds previously retired, had they not been purchased, redeemed, or paid There shah also be added to the sinking fund annually whatever surplus remains in the state treasury at the close of busi- ness on the first day of January of each and every year, after deducting from the amount of cash in the treasury the total amount of current obligations against the state due and unpaid on that day.
 Sec. 4. Be it further enacted, that all payments and disbursements out of the sinking board, In which the object and purpose of the payment shall be plainly stated. Said order shall be addressed to the treasurer, and upon said order the treasurer shall use the money in the sink ing fund to purchase. redeem or pay for said bonds. Said orders of the funding board shall be carefully preserved and kept by the treasurer in his office in well bound book
 Sec. B. Be 1t further enacted, that the funding board shall make bennially to the general assembly a detailed and item ized statement of the amounts paid into the sinking fund, and of all dlsburse- ments made therefrom under the provi-