The Brunswick news. [volume] (Brunswick, Ga.) 1906-2016, 1913-07-04
Refund MEASURE
81 INTRODUCED IN
IfHE LEGISLATURE
.LLoWs CITIES AND COUNTIES
TO REFUND rs PER CENT OF
BONDED INDEBTEDNESS.
r. L.R. AKIN PRESENTS BILL

..py interested in
pSssge oh As They Do Not
Care to Ta'se p Al Indebtedness.
8'he people Of Bra mmick will be
Hleased 10 know that N S4sday last
Kepresentative /. r.. Akin introduced
IL the house the general bill which is
Known as the refunding measure.
As is generally known some 10 on
a2 cities aud counties in Georgia. in
Guiding Brunswick. are deeply inter,
ested in the passage OF this bin for
the reason that it gives to city and
cannty the legal right to refund bond
ed Indebtedness to an amount not
exceeding rs per cent. Under the pres
ent law this is impossible and in con-
sequence works hardship on many
cities aud counties in the state that
for obvious reasons DO not care to
! take up the outstanding Indebtedness
#n full, aud the measure introduced by
Representative Akin will have the cor
4dial support Of the representatives in.
Kthe legislature thus affected.
II will be remembered that the may
4 appointed a bond commission not
ago, for the purpose OF bringing
Bnt this legislation and the bin in
question which Representative Akin
has introduced was done at the in
stance Of this commission. The fun
text Of the bill follows.
bin to be entitled AN act to
amend p&Tagraph Of Sec. I Of arti-
Gle Of - constitution Of this state
SO as to provide that any county. nll-
nleipal corporation or peialA diri-
.sion Of this state shall be a6horized
Mld empowered to renew or refand
"a exceeding 70 per centum OF any
#onded Indebtedness heretofore incur.
cd or which may hereafter be ineur
ID by such county, municipal cor
sBoration or political division and for
other purposes.
Sec l. Be It enacted by the gener
al assembly Of Georgia. and it is here
by enacted by authority of same that
paragraph ? Of section Of article z
OF the constitution OF this state be
amended by adding at the end OF said
paragraph the following words: The
counties, municipal corporations or
political DIVISIONS OF this state may
renew or refund, for term OF not
more than 30 years, not exceeding rs
per eentum of the principal of any
bonded indebtedness heretofore ori
hereafter lawfully incurred at or be-
fore maturity Of such indebtedness /
without submitting the question to
vote Of the people. under such safe
guards and conditions as may be en- /
acted ana provided by the general as
sembly' SO that when the said para
graph Is SO amended it viii read as
follows:
Par. ?. County and city bonds. how
paid. ANY county, municipal corpora.
tion or political division OF this state /
which shall incur any bonded indebt- I
edness under the provisions Of this
constitution, shall. at or before the /
time Of 50 doing. provide for the as /
sessment and collection of an annual
tax, sufficient in amount to pay the
principal and interest OF said debt
within 30 years from the date Of the .
incurring said Indebtedness. However.
the counties, municipal corporations I
or political divisions Of this state nav
renew or refund, for a term Of not
more than 3O years not exceeding rs 4
per eentum Of the principal of any
bonded Indebtedness heretofore or
hereafter lawfully incurred at or be-
fore the maturity Of such indebted
ness without submitting the question
to vote Of the people, nnder such
safe guards and conditions as may be
enacted and provided by tie general I
assembly.
Sec. 2. Be it further enacted by the
authority aforesaid. That upon the
adoption of the above amendment as
provided by paragraph ! Of Section /
of Article 13 ofEhe constitution. then =
said amendment shall be published in
two newspapers in each congressional
'distriet Of said state for two months
previous to the time Of holding the
next general election, and said amend
ment shall be submitted for ratifica-
tion to the electors of this state at the
APeNt general election to be held after
'sucn publication. All persons voting
a such election in favor of adopting
Ae proposed amendment shall have
written or printed on their ballot the
words For amendment to the eonsti.
tnilon allowing counties, municipalities
or political divisions of this state to
renew or refund not exceeding Is per
Of bonded Indebtedness" and