The Montgomery advertiser., 1907-08-29


 shall be kept separate and apart from the general funds of the city and sub ject to the order of the board of pub lie works to be used by 1t, only for such paving and improving and the surplus, if any, for the redemption of said bonds issued therefor Thereupon said board shall proceed to have such baving or Improvement done
 Sec 1s5. The municipal authorities of any city or town in this State, which may have outstanding bonded fn- debtedness of any kind, are hereby au- thorized and empowered to settfe, ad- just and refund the same, upon the best terms they can obtain, and in order to carry into effect the settlement, adjust ment. and refunding of such bonded indebtedness, the municipal authori- ties of any such corporations are au- thorized and empowered to issue bonds for such an amount as may be neces- sary to pay the indebtedness of such corporation, which 1t Is proposed to settle, adjust and refund, and For no other purposes whatsoever, in such sum and form, and to run for such length of time, not exceeding thirty years. and 10 bear such rate of inter est. not to exceed five per centum pay able annually, or semi-annually, at such place as the municipal authorities may designate. and may levy and col lect in accordance with the constitu- tion and in the manner provided by law for general municipal taxes. such tax as may be necessary upon the real and personal property, and all other subjects of taxation. in such corpora ton, to pay the interest and principal of such bonds, provided, that the tax levied hereunder in any one year shall not exceed the constitutional limitation on the rate of taxation applicable to such city CT town; and, provided fur- ther. that said bonds shall not be sold at less than par. except upon vote in favor thereof of three-fourths of the members elected to the Council of the governing body of the municipality, which vote shall be taken by yeas and nays and entered of record, and unless the written assent of the Mayor is hled and spread upon the minutes of the governing body.
 Sec, 196. Where the debt which 1t is proposed to settle, adjust or refund, Is secured in whole or in part by lien, or deed of trust upon any property belong ging toi the municipality, such municipality is authorized. and efnpow- cred to make a new lien, mortgage or deed of trust upon such property to secure the payment of such refunding bonds.
 Sec. 1s7. Any city or town issuing refunding bonds hereunder is herepy subrogated and substituted to all or the rights and remedies prescribed III any local or special law, heretofore ehacted for the protection of It's stock holders or conferred upon it or any trustee, and it may sue for and recov- CT any taxes as other municipal taxes are collected or otherwise, Or any moneys or property which such muni- cipality or such trustee might have recovered under any special or local law heretofore enacted; provided. how ever, that the governing body or such municipality may by appropriate ord finances or resolutions compromise and make settlement of such delinquent takes as may have accrued under any special or local law, upon such terms ana in such manner as may be deemed proper and to the best interests of such-nupicipality and all taxes levied for the year 1907 and prior therto, by any and all officers of any municipal ity. acting under any local or special law authorizing the collection of taxes to pay interest on bonds to be refund ed hereunder, are hereby in all things ratified and confirmed.
 See 19S. Any member of the coun- ell who shall vote in favor of, or any mayor WAO oiA1AA &PPtOfN SN@NS tion or ordinance to apply the funds or any part thereof derived from such special tax to any other purpose than to the payment of such interest and principal of such bonds, may be tm- peached in the manner herein provided and shall be guilty of a misdemeanor and upon conviction shall be- imprison- ed for not less than thirty days and for not more than six months, and may be fined in sum of not less than sl00.00 nor more than $500.00.
 See. 199. Any municipal corpora ton existing under the laws of this State at the time of the passage of this Act, which shall desire to organize It's present city government under the provisions hereof at once. may, by the passage of an ordinance by the gov erninx body of such city or town stat ing that in the judgment of such gov erning body, That 1t Is for the best interest of such city or town to or ganize under this Act and that the city or town is hereby declared to be or Eanized under the General Municipal Laws of Alabama, and that the then existing offices ana officers of said city or town shall continue to exist and to hold such offices until the time fix ed herein for their term to expire as provided in section two of this Act. The then existing governing body shall proceed to elect such other officers as are required. by this Act and not pro vided for by the charter of such city or town, who shall hold office until the first election hereunder and until theiI successors are elected and qualified should there be any office existing un' der the charter of such city or town not authorized by this Act such office sha1 cease to exist at the first election here under.
 Sec. 200. That all laws and parts oi laws both general and special in con flict herewith be and the same are here by repealed.
 Sec. POI. That no Mayor or alderman of any municipality shall accept em- ployment, after his election, and during his term of office, from any public service company or corporation oper- ating under any franchise granted by the municipality, and any person ac- cepting such employment after his election, thereby vacates his office.
 Approved August 1s, 1907.
 official:
 Frank N. Julian.
 Sec'y of State.
 No. 739.) AN ACT (S. B: 399. :. To amend Sections ?, and 1 of An
 Act entitled An Act to regulate
 railroads and other common car
 riers in this State, to secure req
 sonable rates and adequate ser
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