The Birmingham age-herald., 1923-09-09

temporary loans as herein provided, and to cover the cost of carrying out the plan or plans heretofore sub mitted to and approved by the gov ernor. it being intended to so pro- vide that the improvements and de- velopment will be accomplished in such units, or installments as the commission, with the approval of the governor, shall adopt, and to fur ther so provide that the obligations of the state hereby authorized shall be emitted only when necessary to supply the funds required for said purposes provided however, that the act of the commission and the gov ernor in offering such bonds for sale shall be conclusive evidence that the proceeds are intended for use only for the work of internal Inn provement in promoting, developing. constructing, maintaining, and op CT rating harbors and seaports, with in the state or its Jurisdiction. Each issue of said bonds shall be desig- mated by a distinctive series nImber. letter or other designation. The pro- ceeds of all of said bonds issued and sold under the provisions here of shall be paid into the treasury and kept by the state treasurer in separate account and in a separate fund and paid over to the secretary treasurer of the commission from time to time in such amounts as shall be directed by the governor as in his Judgment in the purposes of this act may require or the money so paid over to the secretary treasurer of the commission shall be held and used only for the accom- plishment of the purposes of thls act. The state, at the request of the commission approved by the governor, may borrow from time to r time such sums of money not ex ceeding in the aggregate fifty thou sand ($50,000.00) dollars as may be immediately necessary in it's gen deposit such funds as are received by him as such secretary treasurer from time to time in such bark or banks as may be designated by the commission and approved by the governor; provided, that such funds shall not be deposited in any bank in which any member of the com mission is interested either directly or indirectly. The commission shall require that any bank or banks re- ceiving such deposits shall secure the same by a deposit of harbor inn provement bonds authorizedby this act, or by state bonds of the state of Alabama, United States govern ment securities, or such other se curities as may be approved by the governor and the commission. The commission and the governor shall if possible require interest to be paid on such deposits carried in any bank or banks.
 Section 7Is. Not more than three million dollars par value of said bonds shall be issued, emitted and sold prior to October 1st, 1927, and not over one million dollars of said three million dollars authorized in this section shall be issued within twelve months after the approval of this act; provided, further, that not over three million dollars par value of said bonds shall be is- sued, emitted and sold unless the net income from the operation by the commission of such improve ments constructed and in use for the three years shall equal duCing the twelve months prior to sale of bonds in addition to said three mill lion dollars at least five per cent or the costs of the improvements made by the state.
 Proceeds From Operation.
 Sec. S. The proceeds of the handling and operation of the improvements and facilities hereby authorized shall | be applied and used as follows: All | expenses of carrying out the purposes of this act shall be paid from said l DrOCGeQS. NOL less than oU QdyS D6- | fore each semi-annual date upon which interest natures on the bonds hereby authorized. or any installment of principal natures, the secretary treasurer of the commission shall pay to the state treasurer from such re- ceipts an amount sufficient to cover such installment in interest, and therefrom the state treasurer shall pay such interest or principal. If the receipts of the commission be insuffi- cient to cover any expense herein provided for, or any installment of in terest. the deficiency may be paid from the proceeds of any sale of bonds hereby authorized provided that such use of said proceeds shall be limited to the payment of expenses and interest on bonds for only the first three years after the com pletion and putting into operation of the unit or improvement acquired with the proceeds of such bonds, or the amount necessary for the pay ment of such interest may be ob- tained from temporary loans negoti- ated therefor as hereinbefore author ized. It is intended to so provide that all of the revenues and income arising from the operations author ized hereby and from all property ac- quired under the provisions hereof shall be devoted to the payment of the