The Birmingham age-herald., 1923-09-09
aport Enabling Bill Up For Consideration Next Tuesday

an actual necessity for the specific property or portion thereof or In- terest therein, shall be alleged and proven and unless 1t be shown Ghat said development cannot be properly made without the acquiring of such property. It is provided. however, that said commission shall not pur- chase. lease or acquire by exchange any property in which any member of the commission Is financially in- terested. either directly or indir ectly, whether as a stockholder of a cor poration or otherwise. The commits sion, with tho approval of the gov ernor. is hereby authorized to bring and prosecute, for and in the name or the state, all such suits, actions and other legal proceedings as may be proper or necessary for the en- forcement of the rights of the state growing out of any of It's transac- tions or operations by this act, pro- vided that the commission, so far as practicable to do so, shall utilize the labor of residents of this state in the construction of the works provided for in this act. No action shall be taken by the commission in any mat ter unless approved by two members of the commission and the governor. l Sec. 5. For the acquiring of rights 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, warehouses and other riparian and littora1 terminals and structures and approaches thereto needful for the convenient use of | -c hn ctr commission, shall have the right and power to acquire the same by pur- chase, by negotiation. or by con- demnation, and should 1t elect to ex- ercise the right of eminent domain, 1t may proceed in the manner pro- vided by the general laws of the state of Alabama for procedure by any county. municipality or corpora tion organized under the laws of this state, or in any other manner provided by law.
 Operation Of FScsiitiss.
 Sec. 6. The operation of the in- 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 ance with the terms of this act. The commission may adopt rules not in- consistent with the provisions of this act for the purpose of regulating, controlling and conducting the said operation.
 Sec. z. In order to provide funds Tor the purposes herein authorized,
 the governor Is hereby empowerd to execute and, with the advice and con
 currence of the commission, to sell the states bonds lii such amounts, | not exceeding in the aggregate the sum of s10,00o, 900, however, not more than $3,000.000 par value of said bonds shall be issued, emitted and sold prior to October 1, 1927, as may
 be necessary for said purposes, but
 under and subject to the following provisions: The said bonds shall be appropriately designated as harbor improvement bonds of the state and shall mature and be payable In equal annual installments at such times as smay be designated by the commits sion, with the approval of the gov ernor, not more than 50 years from the date of issuance thereof, the first installment to mature not more than
 10 years from the late of the issu- ance thereof. They shall be in de- nominations of one thousand ($1,000) dollars and multiples of one thousand dollars ($1,000), the number of each
 denomination in each lot of bonds executed to be determined by the comission by and with the consent of
 the governor. They shall be signed | by the governor, the state auditor
 and the state treasurer and attested
 by the secretary of state, and the | great seal of the state shall be af- I fixed thereto and said bonds shall be issued either in the coupon form or registered form and they shall ali bear interest at such rate, not ex- ceeding 5 per cent per annum, as may
 be determined by the commission, with the consent and approval of the | governor, which interest shall be
 payable semi-annually, the interest on coupon bonds being evidenced by
 interest coupons attached, each of l which coupons shall be authenticated
 by the facsimile signature of the
 state treasurer imprinted thereon
 Bonds bearing interest 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 of Alabama, including an | nual interest and amortization, shall | not exceed per cent per annum. The state treasurer shall keep a complete record of all bonds issued under
 authority of this act. Bonds issued l