The Birmingham age-herald., 1915-10-23

iry not otherwise appropriated
 Approved September 20, 1915.
 Official:
 JOHN PURIFOY,
 |, Secretary of State.
 AN ACT
 No, 55i) 0I. 1869 Davis. To authorize the governor to issue and
 sell $l,500.000 of per cent coupon bonds
 of the state of Alabama in denomina-
 tions of $50O, each bearing interest at
 tho rate of , per cent per annum and
 to prescribe the manner in which said
 bonds are to be sold.
 Be it enacted by the legislature of Ala
 bama as follows:
 Section l. Thirty days after the adop- ton of the constitutional amendment au- thorizing the issuance of bonds for the retirement of the floating debt of the state, the governor is hereby authorized and empowered to have prepared and to issue Sl,500o00 of per cent coupon bonds of the state of Alabama in denominations of $500 with interest payable semi-annual- ly. which bonds shall be an obligation of the state to pay the principal of said bonds as hereinafter set out and interest as evidenced by coupons attached to said bonds, which said principal and interest shall be chayge against the revenues Of the state not otherwise appropriated, , said bends sgill bear the date of issuance, the date of payment, shall have attached thereto the coupons evidencing the in terest to be due thereon and shall be issued ri the following amounts, the prin- cipal Of which shall be made payable as 1ollt<ws: s150000 of said bonds shall be payable January 1, 1920; $l50,000 January l. 1921: S150000 January 1, 1922; S150,01 January l, 1923; $150000 January 1. 1924; $150,0o0 January 1. 1925; sl5O,000 January 1. 1926; s150,00o January l, 1927; s150,000 l.. 1929. The said bonds shall be similar in form to other bonds issued by the state of Alabama and shall be signed by the governor attested by the secretary or state and shall have the great seal of the state of Alabama attached thereto.
 Sec. 2. Said bonds setting forth and containing the provisions as set out in section 1 of this act may be in form usual to bonds issued by the state of' Alabama, and shall be prepared under the supervision and with the approval of the governor, but said bonds shall not be held void nor the obligation of the state questioned on account of the form in which said bonds are issued. A copy ot tnS said bonds together with the coupons thereunto attached shall be filed with the secretary of state which copy shall be plainly marked ''copy and can celled."
 Sec. 3. Bt it further enacted, That said bonds issued under and by authority of this act shall be exempt from state, county and municipal taxes
 Sec. 4 After said bonds have been prepared and are ready for sale the gov ernor shall cause to be advertised in three of the daily newspapers of the state and in at least two financial journals out side of the state that such bonds are ready for sale and delivery and calling Tor bids upon the entire issue of bonds or an alN ticaf, nt Of sale shall state the date at which the bids will be opened which shall not be less than 90 days from the date of advertisement the terms and conditions of the sale and the right to reject any and all bids made for said bonds. On the date set for the opening of the bids the governor in the presence of the audi tor and state treasurer shall open said bids and if sufficient amount has been bld therefor shall make sale of said bonds to the purchaser or purchasers bid ding the highest amount for the same, pro- vided that said purchaser or purchasers shall immediately pay the cash therefor and provided further that in the opinion of the governor, the auditor and the treasurer the bonds have not sold for 8n amount less than their real value and in no event less than par.
 Sec. 5. All bids for the bonds pro- vided for in this act shall be accom-
 
 the state of Alabama for 10 per cent of the amount of bonds bid for which said certified checks shall be held by the governor until the awarding of the bonds to the purchaser as provided in this act. and upon the awarding of the bonds to the successful purchaser the certified checks of the unsuccessful bidders shall be returned to them and the proceeds of the successful bidders may be accepted in part payment for said bonds, provided the balance of said purchase money is immediately paid, and if not so paid, then the proceeds of said certified checks of the successful bidders shall be paid into the state treasury as liquidated damages for the failure of such bidder to complete his contract of purchase.
 Sec. 6. The governor is hereby au- thorized and there is hereby appropri- ated for that purpose out of any moneys fin the treasury not otherwise appro- priated sufficient amount to pay the costs incident to the issue and sale thereof, including the necessary ex- penses of placing said bonds on the mar ket, which costs and expenses the gov ernor shall itemize and file with the state auditor at the time the proceeds of said bonds are paid into the state treasury and upon the receipt of the proceeds thereof the governor shall pay
 
 of Alabama in the manner prescribed by law, thereupon the auditor, upon the order of the governor. shall draw his warrant or warrants on the state treas urer for the costs incident to the issue and sale of said bonds, including the necessary expenses of placing said bonds on the market
 Sec T. If for any reason the sale of said bonds herein provided is not made or completed at the time as hereinabove set out or if in the opinion of the gov ernor. the auditor and the treasurer, all of said bids for the purchase of said bonds should be rejected. then the gov ernor is hereby authorized at any time to offer said bonds for sale in accord ance with the terms and conditions as prescribed in this act, or if portion of said bonds are for any reason not sold at the time of the advertisement or if a purchaser or purchasers should fail to comply with the terms hereof then the governor is hereby authorized to re- advertise and sell such bonds in &C., cordance with the terms of this act.
 Approved September IS. 1915. Official:
 JOHN PURIFOY.
 Secretary of State.