The Birmingham age-herald., 1923-08-05

commission which may be available. At no time shall the amount of out standing obligations of the state is sued hereunder, including bonds, notes or other evidences of debt. eX- ceed in the aggregate ten million dollars. The treasurer of the com mission shall deposit the proceeds of the sale of all bonds herein author ized in such bank or banks as may be designated by the commission, but the commission shall require that any bank or banks receiving such deposits shall secure the same by q deposit of harbor improvement bonds authorized by this act or by other bends of the state of Alabama, United States government bonds, or such otker securities as may be ap proved by the governor and the com mission. The comm ssion may re- quire interest to be paid on deposits of any moneys it may have in bank. Expense of Operation.
 Sec. 8. The proceeds of the handl- ing and operation of the improve mcnts ard facilities hereby author ized shal be applied and used as fol- lows: All expenses of the said opera tion shall be paid from said proceeds. Not less thar thirty days before each semi- annual date upon which interest natures < n the bonds hereby author lzed, CT any installment of principal matuieS, the treasurer of the com mission shall pay to the state treas urer from such receipts an amount sufficient to cover such installment oe interest, and therefrom the state treasurer stall pay such interest or rrincipal. If the receipts of the com mission be insufficient to cover any insta' !ment of interest, the deficiency may be paid from the proceeds of any sale of bonds hereby authorized provided that such use of said pro- ceeds shall be limited to the payment of interest on bonds for only the first three years after the completion and putting into operation of the unit or iniprovement acquired with the pro- cacds of such bonds, or the amount necessary for the payment of such interest may be obtained from tenn poraIy loans negotiated therefor as hereinhefore authorized. It is in tended hereby to so provide that all cf the revenues and income arising from the operations authorized here by and from all property acquired t:nder the provisions hereof shall be devoted to the payment of the eX- pcnse of such operation. to the pay meut of interest upon the bonds issued pursuant to the provisions
  principal of said bonds as they re- sprctiveiy- mature. thus relieving the othe. revenues of the state from any burden in that behalf unless the 2 afort5ai,. income be insufficient for the purposes mentioned The com mission may retain from the money coming into its hands such amount as may reasonably be required for ope- rating capital, and all amounts so re- tainee shell be deemed to be an ope- rating expense within the meaning or this act.
 Sec. 9. For the payment of botn tte principal and interest of all bonds issHcd under the authority or tniS act according to their tenor, the laitn and credit of the state of Alabama IS hereby pledged. If the funds sup piled by the commission to the sta.e treasurer under the provislonso or thl ; act be insufficient to fully pay at maturity any installment of interest OF said bonds, or to pay at maturity tho principal of any of said bonas. tLen the deficiency snail be paid nE fine state treasurer from any funds III the state treasury not otherwise ap- propriated.
 Sec 10. In order to enable the saIo operation to earn funds sufficient to pay operating expenses and interest on the bonds and to create slnk- ing fund for the retirement or the bonds. the said commission shall nave the right and power to fix from time to time reasonable rates o'