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

authorized. It Is intended hereby to so provide that all of the revenue and income arising from the opera tions authoried hereby and from all visions hereof shall be devoted to the payment of the expenses of such operation, to the payment of inter- est upon the bonds Issued pursuant to the provisions hereof, and to the payment of the principal of said bonds as they respectively mature, thus relieving the other revenues of the state from any burden in that behalf unless the aforesaid income be insufficient for the purposes mentioned. The commission may re- tain from the money coming into it's hands such amount as may reason ably be acquired for operating capi- tai. and all amounts so retained shall be deemed to be an operating expense within the meaning of this act
 Sec. g. For the payment of both bonds issued under the authority of this act according to their tenor, the faith and credit of the state of Ala bama is hereby pledged. If the funds supplied by the commission to the state treasurer under the pro- visions of this act be insufficient to fully pay at maturity any install men of interest on said bonds, or to pay at maturity the principal of any of said bonds, then the deficiency shal be paid by the state treasurer from any funds in the state treasury not otherwise appropriated.
 Interest And Sinking Fund.
 Sec 10. In order to enable the said operation to earn funds sufficient to pay operating expenses and in terest on the bonds and to create FDr ha of the bonds, the said commission shall have the right and power to fix from time to time reasonable rates of charges for services to all persons using said facilities and schedules of all rates so fixed shall be filed with the state public service com mission within seven days after the fixing thereof All private concerns corporations or individuals operat- ing similar facilities at Alabama seaports must make and collect charges therefor which shall not pc less than the charges so fixed by the said commission for the use CT the states facilities.
 Sec. Il. The commission shall make to each regular session of the legls- lature a report showing the indebted ness of the state created under this act, the property acquired, the facill- ties owned, the results of the opera tion, and such other information as may be necessary to fully advise the legislature of the status and progress of the improvement and development hereby authorized.
 Sec 12. The governor and the com mission, respectively, are hereby di- rected and required to exercise the power and authority by this act con- ferred upon them, respectively, to whatever extent is necessary to the accomplishment of the improvement and development hereby authorized. Any approval or consent by the gov ernor required by this act shall be sufficiently evidenced by a certificate to that effect sighed by the governor and filed in the office of the state treasurer. and approval or consent by the commission shall be suffi- ciently shown by a certificate signed by the president of the commission, attested by its secretary y-treasurer and filed in the office of the state treasurer.
 Sec. 1s. No officer or agent. other than subordinate employees. shall be employed. nor any expenditure ex- ceeding S5,000-incurred by the com mission except with the approval of the governor
 Section 1874. No indebtedness in- cured by the present board shall be paid out of any funds received by the board created under this act.
 Sec. 14. All laws and parts of laws in conflict with this act are hereby repealed.
 Sec. Is. If any section or provision of this act be held unconstitutional, 1t shall not invalidate any other sec ton or provision of this act.