The Birmingham age-herald., 1907-08-19

proved February 26. 1908, be and the
 same Is hereby amended to read as fol-
 lows:
 Section 1. Be 1t further enacted. that ths municipal authorities of any county. city. town or village in this State, which may nave outstanding a bonded indebtedness Of any kind, 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 refund- ing of such bonded indebtedness the mu- nicipal authorities of any such corpora tons arc authorized and empowered 10 issue bonds for such an amount as may be necessary to pay the indebtedness of such corporation which it Is proposed 10 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 interest not 10 ex- ceed five per centum per annum. payable annually or seml-annually at such place as the municipal authorities may desis- nate and may levy and collect in ae- cordance 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 taxation in such corporation to pay the interest anu pt iutipdi hA HhCif DDlluSt pfuAlueu ill3I the tax levied under the authority of this act in any one year shall not exceed the constitutional limitation on the rate of taxation applicable to such county, city, town or village.
 Sec. 9 Be 1t further enacted that where the debt which 1t Is proposed to settle, adjust CT refund Is secured In whole. or in part, by mortgage, lien. or deed of trust upon any property belonging to the municipality such municipality is author ized and empowered to make a new lien. mortgage or deed of trust upon such property to secure the payment of the entire issue of such refunding bonds
 Sec. g. Any county, city, town or village issuing refunding bonds hereunder is here by subrogated and substituted to all the rights and remedies prescribed by any local or special law heretofore enacted for the protection of it's bondholders or conferred upon 1t. or any trustee. and It may sue for and recover any taxes as other municipal taxes are collected. or otherwise. or any money or property with such municipality or such trustee might have recovered under any special or local law heretofore enacted; provided, how ever, that the governing body of such county. city. town or village may. by ap- propriate ordinance or resolution. compr1- mise and make settlement of such delln- quent taxes as may have accrued 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 there to by any and all officers of any such county, city town or village. acting under any local or special law authorizing the collection of taxes, to pay interest on bonds to be refunded hereunder are here by In all things ratified and confirmed
 Sec. 4. Be it further enacted that such refunding bonds may be issued under the provisions of this Act, notwithstanding the existence of any other act, general or Special, authorizing the issuance of such bonds
 Approved August 6 1907.
 Offclal
 Frank N. Julian.
 Secretary of State.