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

ernor. They shall be signed by the governor, the state auditor and the state treasurer, and attested by the secretary of state, and the great sear of the state shall be affixed thereto. They shall bear interest at such rate, not exceeding per cent per annum, as may be determined by the com mission, with the consent and ap- proVal of the governor, which inter- est shall be payable semi-annually and be evidenced by interest coupons attached, each of which coupons shall be authenticated by the facsimile sig nature of the state treasurer inn 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 of Alabama, including annual interest and amortization, shall not exceed , per cent per annum. The state treasurer shall keep a complete rec ord of all bonds issued under author- fly of this act. Said bonds shall be issued In either coupon form or reg istered form Bonds issued in cou- pon form may be exchanged for fully registered bonds or bonds registered as to principal only. Coupon bonds and registered bonds shall be inter- chang cable. The governor is author lzed to prescribe regulations for the registration of bonds and for the in- terchange of registered and coupon bonds and to fix charge of not more than 90 cents per thousand dollars Tor registration of bonds and not more than S1 per thousand dollars for interchange of bonds. The com mission, with the appro >l of the governor and attorney < neral, is authorized to prescribe the exact form in which said bonds shall be issued. The state treasurer shall including the names and addresses of the respective holders thereof
 Pay yment Of Interest.
 The said registered bonds may be transferred only by an appropriate change of registration in such man ner and form as may be prescribe d by the commission and approved by the governor The interest on all 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 the coupon bonds an l the principal of all bonds shall be made payable in gold of the present standard of weight and fineness, or its equivalent. at the state treasury or such other place as may be se- lected and named by the commi ssio n. with the approval of the governor Said bonds shall be emitted and sold only when and as funds are needed for the carrying out and accomplish ing of a particular improvement or plan which has been submitted to and approved by the governor as herein provided, or for the payment of temporary loans and interest un- der the provisions of this act Each
  oEly such amount as Is reasonably necessary to pay interest and tenn poraEy loans as herein provided and to cover the cost of carrying out the plan or plans heretofore submitted to and approved by the governor, it being intended to so provide that the improvement and development will stallments as the commission. with the approval of the governor, shall adopt, and to further so provide that tho obligations of the state hereby authorized shall be emitted only when and as necessary to supply the funds required for said purposes; provided, however, that the act of the commission and the governor In offering such bonds for sale shall be conclusive evidence that the proceeds are intended for use only on par ticular improvement or plan which has been submitted to ana approved by the governor. and that the neces- sity herein referred to exists. Each issue of said bonds shall be desig
 mated by a distinctive series number, letter or other designation. The pro ceeds of all of said bonds issued and sold under the provisions hereof shall be paid to the treasurer of the commission and be held and used only for the accomplishment of the purposes of this act. The state, at the request of the commission ap- proved by the governor, may borrow from time to time such sums of money as may be immediately neces- sary in it's general operations, or In the development and improvements hereby authorized, or for the pay ment of interest on outstanding bonds or other indebtedness lawfully incurred; and the commi ission. acting by and through it's president ana secretary, is hereby empowered TO execute notes or other like obliga liens of the states but in its own name, for all sums so borrowed. No loans so obtained shall run for more than six months or bear interest at rate greater than 6 per cent per an mum, but they may be renewed from time to time as may be necessary. The proceeds of all loans so obtained shall be paid to the treasurer of tho cc commission and be held and used only for the accomplish of the purposes of this act. All temporary loans so obtained shall be repaid from and out of the proceeds of the next sale of bonds hereby authorized or other funds In the hands of the