The comet. (Johnson City, Tenn.) 1884-1916, 1909-05-27
chasing sites, erecting and equipping
for State Normal schools.

chasing sites, erecting and equipping
buildings for State Normal schools.
Sec, 2. BE it further enacted, That
the bonds hereby authorized, whether
issued by municipality or county, shall
bear five per cent or less rate Of inter-
est, payable semiannually, which shall
be represented by coupons attached to
said bonds, and said bonds shall ma
ture and become payable in not more
than twenty-five years from the date
of their issuance.
Sec. 3. Be it further enacted, That
the city, through its Board of Mayor
and Aldermen, and the county, through
its County Court at quarterly session,
shall have the right and power to fix
the date upon which said bonds shall
be issued, the number of said bonds,
the place of payment of both interest
and principal, the time the semiannual
interest coupons shall fall due, the
numbering of the coupons and the de-
nominations of said bonds, the method
and expense of the sale of said bonds,
provided said sale of said bonds shall
not be below par: and that upon the
ISSUANCE of said bonds they shall be a
binding obligation and debt on said
Board of Mayor and Aldermen or said
Quarterly County Court shall levy an
nually tax on all the taxable proper
ty or said municipality or county for
the purpose of paying the interest on
said bonds as it becomes due and to
create a sinking fund with which to
retire and pay off said bonds when
they mature; and in counties or muni-
cipalities having no Sinking Fund
Commission, the Mayor of said muni-
cipality, with the approval of the Re-
corder, or the Judge or Chairman of
the Quarterly County Court, with the
approval of the County Court Clerk,
shall laon out said sinking fund upon
first-mortgage real estate security for
not less than four per cent per annum,
payable semiannually, and in amounts
not exceeding fifty per cent of the cash
value of the real estate security, the
interest to be added semiannually to
said sinking fund; provided, that said
Mayor, on the approval of said Record
er, or the County Judge or Chairman,
with the approval of the Comfy Court
Clerk, may purchase bonds at not
more than par value; provided, further,
that said issue of said bonds shall be
for no other purpose therein expressed,
and the proceeds from said sale Of said
bonds shall be turned over to the State
Comptroller and placed to the credit Of
the State Normal schools of the county
or municipality issuing said bonds, to
be used for the purpose of purchasing
sites, erecting and equpping buildings
for said State Normal school of said
county or municipality.
Sec. 4. Be it further enacted, That
said bonds and interest coupons, if is
sued by municipality, shall bear the
signature of the Mayor attested by the
signature of the Recorder of said city
or facsimile of thier signatures, ant
the said bonds and interest coupons
shall bear the signature, if issued by
a county, of the County Judge orChair
man of the County Court, and shall
be countersigned by the Clerk of sale
court, and shall have on them the off
cial seal of said Clerk.
Sec. 5, Be it further enacted, Tha
this Act take effect from and after it
passage, the public welfare requiring
it. Passed April 80, 1909.