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

expenses of such operation, to the payment of interest upon the bonds issued pursuant to the provisions hereof, and to the payment of the principal of said bonds a sthey re- spectively mature, thus relieving the other revenues of the state from any burden in that behalf unless the afoi said income be sufficient for the purposes mentioned. The commission may retain from the money coming Into It's hands such amount as may reasonably be acquired for operating capital, 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 the principal and interest of all bonds issued under the authority of the act according to their tenor, the faith and credit of the state of Alabama is hereby pledged. If the funds sup piled by the commission to the state treasurer under the provisions of this act be insufficient to fully pay the maturity any installment of interest on said bonds, or pay at maturity the principal of said bonds as they re- the deciciency shall be paid by the state treasurer from any funds in the state treasury not otherwise ap- propriated.
 Sec. 10. In order to enable the said operation to earn funds to pay op- erating expenses and interest on the bonds and to create sinking fund for the retirement of the bonds. the said commission shall have the right and power to fix from time to time reasonable rates of charges for serv- Ices to all persons using said facili- ties and schedule of all rates, so fixed shall be filed with the state public service commission within seven days after the fixing thereof All private concerns, corporations or individuals operating similar fa- cilities at Alabama seaports must make and collect charges which shall be not less than the charges so fixed by the said commission for the use of the states facilities.
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 Report of Indebtedness.
 Sec. Il. The commission shall make to each regular sesion of the legisla- ture a report showing the indebted ness of the state created under this act, the property acquired, the facil- ities owned, the results of the opera ton. and such other information as may be necessary to fully advise the legislature of the status and prograss of the improvement and development hereby authorized.
 Sec. 12. The governor and the commission, respectively, are hereby directed 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 certifi- cate to that effect signed by the governor and filed by the office of the state treasurer, and approval or consent by the commission shall be sufficiently shown by a certificate signed by the president of the com mission attested by its secretary treasurer and filed in the office of the state treasurer.
 Sec. 13 No officer, agent CT clerical employe whose, salary ex- ceeds $1,50o per annum Ishall be ap- pointed, nor expenditure or obliga- ton exceeding $5,0o0 be incurred by the commission, without the approval of the governor.
 Sec. 13h No indebtedness in- cured by the present board shall be paid out Cf any funds received by the commission created under this bill
 Sec IA. Said improvements shall be constructed in units and each unit of construction shall be completed before any other unit shall be begun, provided, however, that more than one unit may be under construction at the same time, if the estimated combined costs Gf such units do not exceed $3,00o,000.
 Sec. 15. No funds provided by this act shall be made available by the governor for port improvement until there has been transferred to the state, and a title in fee-simple vested In the state without cost to the state, all lands and water frontage neces- sary to the proper completion of all the develt pments contemplated by this statute.
 Sec. Is. That the commission shall appraise and value all property con veyed to the state by virtue of the provisions of Section 15 of this act, and when said value is approved by the governor, the same shall be placed upon the minutes of the com mission Whenever the proceeds from the operation of the port improve ments provided by this act shall be greater than Is necessary to pay the operation expenses of the port and
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