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

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 the coupon bonds and the principal
 nf all bonds shall be made payable in gold of the present standard of weights and fineness, or it's eQuiv- alent at the state treasury or such other place as may be selected and named by the commission, with the approval of the governor. Said bonds shall be emitted and sold only when and ns funds are needed for the car rying out ana accomplishing of a particular improvement or plan which has bGNn submitted to ano approved by the governor as herein provided, or for the payment of temporary loans and interest u@ler the provis- ions of this act. Each sale of bonds hereunder shall be for only such amount as is reasonable necessary to pay interest and temporary oans os herein provided .and to cover the cost of-carrying out the plan or plans heretofore submitted to ana approved by the governor, it being intended to so provide that the ip- provement and development will be accomplished in such units or install- ments as the commission, with the approval of the governor. shall adopt. and to further so provide that the obligations of the srate hereby authorized shall be emitted only when necessary to supply the funds required for said purposes provided. however, that the act of the commits sion and the governor in offering such bonds for sale shall be con- elusive evidence that the proceeds are intended for use only for the work of internal improveemnt in promoting, developing, constructing, maintaining and operating harbors
 !. 41ar fdN0 It's Jurisdiction. Each issue oL sai~ bonds shall be designated by uia- tinctive series number. letter or other designation. A-.s- S- s~osus or all said boAds issued ana sold under the provisions hereof sHnD Ve paid into the treasury and kept by the state treasurer in a separate account and in a separate fund ana paid over to the secretary treasurer of the com@ mission from time to time in such amounts as shall be directed by the governor as in his judgment the pur- poses of this act may require or the money paid over to the secretary treasurer of the commission shall be held and used only for the accom-. plishment of the purposes of this act The state. at the request of tne commission approved by the Eover- nor, may borrow from time to tin
 such sums of money as may be inn mediately necessary in it's general operations, or in the development and improvements hereby authorized, or for the payment of interest on our~ standing bonds or other indebtedness Lawfully incurred; and the commls- sion, subject to the approval of the governor, acting by and through It's president and secretary treasurer, Is hereby empowered to execute notes or other like obligations of the
 
 sums so borrowed. No Ihsans so ob- tained shall run for moro than six months or bear interest at a greater than six per cent per annum, but they may be renewed from time to time as may be necessary. The pro- ceeds of all loans so obtained shall be paid to the ecretary-treasurer of the commission and be held aNA use only for the accomplishment of the purposes of this act All tenn porary loans so obtained shall be re- paid from and out of the proceeds of the next sale of bonds hereby au- thorized or other funds in the hands of the commission when niuy be availa ble. At no time shall the amount of outstanding obligations of the state issued hereunder, including bonds, notes or other evidences of debt, exceed in the aggregate ten million dollars. The secretary treas arer of the commission snail deposit the proceeds of the sale of all bonds herein authorized in such bank or banks as may be designated by the commission. but the commission shall require that any bank Or banks re- ceiving such deposits shall secure the same by a deposit of Harbor I'm provement Bonds authorized by thlS act or by other bonds of the State of Alabama, United States bonds, or such other securities as may be ap- proved by the governor and the commission. The commission may re- quire interest to be paid on deposits of any monies it may have in bank. Improvements And Facilities.
 Sec 8. The proceeds of the ham ding and operation of the improve ments and facilities hereby author ized shall be applied and used as follows All expenses of carrying out the purposes of this act shall be paid from said proceeds. Not less than 80 days before each semi-an- nual date upon which interest ma lures on the bonds hereby author- jed, or any inst6llment of principal natures, the secretary treasurer of the commission shall pay to the state treasurer from such receipts an amount sufficient to cover such installment of interest, and there from the state treasurer shall pay such interest or principal If the receipts of the commission be insuf- hcient to cover any expense herein provided for, or any installment of interest, 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 eX- penses and interest on bonds for only the first three years after the and putting into opera tion of the unit or improvement ac- quired with the proceeds Of such bonds, or the amount necessary for the payment of such interest may