The Birmingham age-herald., 1923-08-26

l ns
 provided, however, that said commits
 sion shall not purchase, lease or ac- l quire by exchange any property in | Is financially interested, either di'
 rectly or indirectly, whether as g
 stockholder of corporation ol | otherwise. The commission with the
 approval O. the governor, is hereby authorized to bring and prosecute l for and in the name of the state, all
 such suits, actions and other legal l proceedings as may be proper or i necessary for the enforcement of the l rights of the state growing out of l any of its transactions or operations | authorized by this act.
 Employment of Labor.
 Provided that the commission, SC
 far ac practicable to do so, shall
 utilize the labor of residents of this state in the construction of the works provided for in this act.
 Sec. 5. For the acquiring of rights 1 of way and property necessary for the construction of terminal railroads and structures, including railroad crossings, wharves, piers, docks quays, grain elevators. cotton com | presses, warehouse and other ripa- rian and littoral terminals and struc- lures and approaches thereto needful l for the convenient use of same, the state, acting through said commis- sion, shall have the right and power to acquire the same by purchase, by negotiation or by condemnation, and should it elect to exercise the right of eminent domain, it may proceed in the manner provided by the gen | Q e, 1~f, for procedure by any county, munich pality Or corporation organized under the laws of this state, or in any other manner provided by law. The said power of eminent domain shall ap- ply. not only as to all property of private persons or corporations put also as to- property already devoted | to public use, the use heFsin desig- mated being superior to any other public use to which said property so desired or necessary for the purposes hereinbefore declared shall have been already dedicated.
 Sec f6. The operation of the im- provements and facilities hereby au- thorized shall be conducted in the name of the state docks commission. In such operation, the commission may contract such current indebted ness as is necessarily incident to the prosecution of the work in accord
 
 commission may adopt rules not in- consistent with the provisions of this act for the purpose of regulating, controlling and conducting the said operation.
 Provision For Funds.
 Sec. 2. In order to provide funds for the purposes herein authorized, the governor Is hereby empowered to execute and, with the advice and con- currence of the commission, to sell the states bonds in such amounts, not exceeding in aggregate the sum of $10,000.000, as may be necessary for said purposes, but under and sub ject to the following provisions: The said bonds shall be appropriately designated as harbor improvement bonds of the state ana shall mature and be payable in equal annual in- stallments at such times as may be designated by the commission with the approval of the governor, not more than 50 years from the date of the issuance thereof, the first inN stallment to mature not more than l Q years from the date of issuance. They shall be in denominations of one thousand ($1,000) dollars and multi ples of one thousand dollars ($l,0OO), the number of each denomination in each lot of bonds executed to be de- termined by the commission by and with the consent of the governor. They shall be signed by the governor, the state auditor and the state treas urer and attested by the secretary of state, and the great seal of the state shall be affixed thereto, and said bonds shall be issued either in the coupon form or registered form, and trey shall bear interest at such rate, not exceeding per cent per annum, as may be determined by the com xrrit consent and proval of the governor, which inter est shall be payable semi annually the interest on coupon bonds being evidenced by interest coupons at tached. each of which coupons shall be authenticated by the facsimile signature of the state treasurer im- printed thereon. Bonds bearing in terest at per cent per annum shall be sold at not less than par. Bonds bearing interest at less than per cent per annum shall be sold at such price that the cost to the state or Alabama, including annual interest and amortization, shall not exceed D per cent per annum The state treas urer shah keep a complete record Of all bonds issued under authority of this act. Bonds issued in coupon form may be exchanged for fully registered bonds or bonds registered as to principal only. Coupon bonds c..d registered bonds shall be inter- changeable. Upon the issuance of & coupon bond for a registered bond all matfred and unearned coupons on said bond shall be by the state treasurer first clipped from said bond and cancelled. The governor is au- thorized to prescribe regulations for the registration of bonds and for the interchange of registered and coupon bonds and to fix a charge of not more than 50 cents per thousand dol lars for registration of bonds and not more than $1 per thousand dollars for interchange bonds. The commits sion, with the approval of the gov ernor and attorney general, is au- thorized to prescribe the exact form .n which said bonds shall be issued.
 o O O
 GiIcrest Provision
 The state treasurer shall keep record of all registered bonds. in cluding the names and addresses of the respective holders thereof The said registered bonds may be trans ferred only by an appropriate change of registration in such manner as may be prescribed by the commis- sion and approved by the governor The interest on al registered bonds shall be paid by check or draft of the state treasurer mailed to the holder at the address shown by the registration records. The interest on