The log cabin Democrat., 1915-03-06
Complete Official Text of the Faulkner County Road Improvement District Law


 in such denomination as may be de- termined by said board; provided that the amount of bonds issued by said district shall not exceed 20 per cent of the amount of the total assessed valuation of lots, lands, real estate, railroad right-of-way, tracks and grounds in said district, as shown by the assessment thereof for county and state purposes in force at the time of execution of said bonds. Said bonds may be made payable to bearer at such intervals as shall be fixed by the board of commissioners, and said bonds may be coupon bonds bearing interest at rate not greater than six per cent per annum and the prin- cipal and interest of said bonds shall be payable at such time and place as may be determined by the board of commissioners and said bonds shall be in such form as may be determined by the said board of commissioners; and the board of commissioners may, if they deem proper, issue interest bearing warrants or evidence of in debtedness in payment of any work done for or service rendered to said district; provided, that said warrants or evidence of indebtedness shall bear not exceeding six per cent interest per annum. Any bonds or evidence of indebtedness issued by said dis trict shall be signed by the president and countersigned by the secretary of the board of commissioners and shall be endorsed by the treasurer thereof that he has registered the same, and thereupon same shall be considered fully executed; provided that if the board of commissioners deem proper they may provide for further regis tration of said bonds by some bank or trust company to be selected by them. All such bonds shall be secured by a lien upon all lands and lots, blocks, and parcels of land, railroad right-of- way, tracks, and grounds situated in said district; and said board of con- missioners of said district shall see to 1t that annually an assessment and levy of taxes is made and collected under the provisions of this act, so long as it may be necessary to pay any bonds issued or obligation, con tract, or liability incurred under it's authority; and the making of said assessment and levy of tax may be enforced by mandamus or other ap- propriate proceeding instituted by any person interested And to the payment of both the principal and in- terest of the bonds to be issued under this act the entire revenue of said dis trlct arising from any and all sources Is hereby pledged, and the board of commissioners $ Hereby required out or the revenue collected from any source whatever to set aside each year a sufficient fund to pay the in terest on said bonds or evidence of in- debtedness and the principal of such bonds or evidence of indebtedness ma turing during any such year: and ont ot sald revenue the board of commis- Siohers may create sinking fund for the payment of said bonds or evidence of indebtedness and interest thereon II any bond, or interest coupon on any bond, or other evidence of indebt- edness issued by said district. is not pald within 90 days after maturity. it shall be the duty of the FauIkner chancery court or the judge thereof Tn vacation, upon the application of any holder of such bonds, interest coupon, or evidence of indebtedness so overdue, to appoint a receiver to collect the assessment and taxes aforesaid, and also a board of asses Sors, IT necessary, who shall make any further assessments on said property that may be required in order to pay 1 o. the said bonds, interest coupons or ether evidence of indebtedness. and said receiver shall have the now CT to institute suits in the name of sad district to foreclose the lien of sad assessment and tax on any lands and property in said district. and such sultS so brought by said receiver shall be conducted in all matters as suits by the board of commissioners of said dlstr'ct as hereinbefore provided and With like effect; and the proceeds of
 
 shall be applied, after the payment of the expenses of the receivership, to the payment of overdue interest, and then to the payment pro rata of all bonds and evidences of indebtedness issued by said district, which are are due and payable; provided that when such overdue bonds or evidences of in debtedness and interest coupons have been paid by said receiver, said re- ceiver shall be discharged and the af- fairs of said district shall thereafter be conducted by the board of com missioners of said district as herein before provided
 Sec. 13. It is hereby ascertained and declared that all lands, lots, blocks, and parcels of land railroad