The Montgomery advertiser., 1907-08-29

o..52e.) AN ACT, (H. B. 1160 To amend "An Act to provide for the
 settlemen adjustment and refund
 ing of the bonded indebtedness or
 municipal corporations. Be It en-
 acted by the Legislature of Ala
 bama. That "An Act to provide for
 the settlement, adjustment and re- 1 funding of the bonded indebted
 ness of municipal corporations"
 approved February 26, 1903, be and
 the same is hereby amended to
 read as follows:
 Section 1. Be 1t further enacted, that the municipal authorities of any coun- ty. city, town or village of any klnd, are hereby authorized and empowered to settle, adjust and refund the same upon the best terms they can obtain, and in order to carry into effect the settlement, adjustment and refundlng of such bonded indebtedness, the mu- nicipal authorities of any such corpo- rations are authorized and empowered to issue bonds for such an amount as may be necessary to pay the indebted ness of such corporation which 1t IS proposed to settle, adjust and refund, and for no other purpose whatsoever in such sum and form and to run for such length of time not exceeding thirty years, and to bear such rate Of inter est not to exceed five per centum per annums payable annually or seml-a an nually at such place as the municipal authorities may designate and may lew and collect, in accordance with the constitution and in the manner provided by law, such tax as may be necessary upon the real and personal property and all other subjects of tax ation in such corporation to pay the interest and principal of such bonds, provided, that the tax levied under the authority of this act in any one year shall not exceed the constitutional lim- itation on the rate of taxation appli- cable to such county, city, town or vil- lage. where the debt which it is proposed to settle. adjust or refund is secured III whole. or in part, by a mortgage, lien, or deed of trust upon any property oe- longing to the municipality, such mu- nicipality is authorized and empowered to make a lew lien, mortgage or deed of trust upon such property to secure the payment of the entire issue or sucn refunding bonds.
 Sec. 8. Any county. city, town or vil- iage issuing refunding bonds hereun- der is hereby subrogated and substi- tuted to all the rights and remedies prescribed by any local or special law heretofore enacted for the protection of its bond nOluSrS, or CohAStASu uEc" if. or any trustee, and it may sue for and recover any taxes as other munlc- final taxes are collected, or otherwise, or any money or property which sucn municipality or such trustee might have recovered under any special or local law heretofore enacted; provided, however, that the governing body or such county, city, town or village may bv appropriate ordinance or resolution, compromise and make settlement or such delinquent taxes as may have &C., crued under any special or local law upon such terms and in such manner as may be deemed proper and for the best interest of said county, city, town or village. and all taxes levied for the year 1907 and prior thereto by any and all officers of any such county city town or village, acting under any local or special law authorizing the collee- tion of taxes. to pay interest on bonds to be refunded hereunder are hereby in all things ratified and confirmed.
 Sec. 4. Be 1t further enacted that such refunding bonds may be issued under the provisions of this Act, not withstanding the existence of any oth- CT Act, general or special authorizing the issuance of such bonds.
 Approved August 6, 1907.
 Official,
 Frank N. Julian,
 Secretary of State.