The Key West citizen., 1952-09-05

ipation certificates, a. herein author
lied.
(2) To establish and maintain q
sinking fund or funds to meet future
requirements for debt service, or re-
serves therefor, on bonds or motor We.
hicle tax anticipation certificates issu-
ed on behalf Of the Board of Public
instruction Of such county. under the
authority hereof, whenever the State
Board shah deem II necessary or ad-
visable. and in such amounts and
under such terms and conditions as
the State Board shall in its discretion
determine.
(3l To distribute annually to the
several Boards Of Public instruction Of
the counties for use In payment OF
debt service on bonds heretofore or
hereafter issued by anv such Board
where the proceeds Of the bonds were
used. or are to he used. in the con-
struction. acouisition, Improvement.
enlargement, furnishing. or equipping
Of capital outlay projects In such
county. and which capital outlay pro-
jects have been approved bv the Board
Of Public Instruction of the county.
pursuant to a survey OF surveys con-
Quoted subsequent to Julv I. 1947 in
the county, under regulations pre-
scribed by the State Board TO deter
mine the capital outlay needs Of the
county.
The state Board shah have power
at the time Of issuance Of any bonds
by any Board Of Public Instruction
TO covenant and agree with such
Board as to the rank and priority OF
payments to be made for different
issues OF bonds under this Subsection
(3), and NAV further agree that snv
amounts TO be distributed under this
Subsection (3) may be pledged for the
debt service on bonds issued by any
Board Of Public Instruction and for
the rank and priority of such pledge.
Any such covenants or agreements Of
the State Board NAV be enforced by
any holders Of such bonds in any
court Of competent jurisdiction,
(ll To distribute annually TO the
several Boards Of Public Instruction
Of the counties for the payment Of the
cost OF the construction. acquisition
Improvement, enhancement. furnishing.
or euuipping Of capital outlay projects
for school purposes in such county as
shall be requested by resolution OF
the County Board Of Public Instruc-
tion OF such county.
81 When all major capital outlav
needs Of county have been met as
determined by the State B0ard. on
the basis Of a survey made pursuant
20 regulations of the State Board ard
approved BY the State Board al such
funds remaining shall be distributed
annually and used for such school
Durpoees IN such county AZ the Board
OF Pubic Instruction OF the county
shall determine. or ~ may be provid-
ed hE general law.
(d1 Capital outlay projects Of
county shall be eligible to participate
t. - se
Amendment and derived from the pro-
ceedg Of bonds and motor vehicle tar
anticfpa ton, certificates and from the
motor vehicle license taxes. only In the
order Of priority Of needs. as shown
nv . survey or surveys conducted IN
the county under regulatious pre-
scE9bed by tha state Board. 70 deter
mine the cabital outlay needs Of The
county and approved by the State
Board: provided. that the pEioritv OF
such projects may be changed from
Board OF Public Instruction of the
county and With che apnRoval Of the
state board: and provided further.
that This Subsection (d) shall not IN
any manner affect anv covenant
agreemAnt. or pledge made by the
State Roard IN the issuance by said
State Board Of anv bonds or motor
vehicle tar anticipatiou certificates
or IN connection with fhe issuance nf
anv bonds IT any Board OF Public In
efructinn Of apy county.
fe1 The State Board NAV invest eny
sinking fund or filnds created ollr.
snahf TO this Amendment IN direct
ohiiRations of the Tinted States of
America OF IN the bonds or motor
vehicle tax antIcinatiop certificates
-nafured or to mature. ssg,led 6v the
state Board on Behalf OF the Board Of
Pnhlic obstruction 81 apv county
20 The State Board shall have
mower 70 mako and enforce sIi rpiev
md Eaeulatipns NECESSARY 70 The full
Axercise Of the p0weEs herein sgantee
rerder this Amendment % fun force
md operating effect from ana after
January I. 1893 The Lesislatprs shar
not reduce the levies of said noter
vehicle license taxes durin9 the life
NJ this Afnendmeut 10 any degree
which wfll fan 70 provide fra fur
aunoupt necessary 70 conpIv with the
~rovisions ~ this Amendment and ra~
.he necessary exnenses of administer
'rR the laws relating 60 the IicsnBin~
nf motor vehicles. and shan not enart
euv law having the effect ~ with
drawing the proceeds ~ such motor
vehicle license taxes from the onera-
zion Of this Amendment and shall mt
enact anv law ihnuairinR or naateviall~
altering the rights ~ thp holders ~
any honds or motor vehicle tax anti
~'pstion certificates issue6 purEnart
70 fhis Amendment OF innDaiFinR or al
eerine any covenant or aGreement ~
the state Board. a. provided In euch
hauds oF MOTOR vehicle tar anticlpa-
ssr- cnrsisiea4as
The state Board shan have power
70 appoint such persons and fir their
compensation for the administration
Of the provisions Of this Amend
ment as n shan deem necessary,
and the expenses Of the state Beard IN
administering the provisions Of this
Amendment shah be prorated among
the various counties and paid ont Of
the proceeds of the bonds or motor
vehicle tar aBticipation certificates or
from the funds distributabls TO each
county on the same basis aR such
motor vehicle license taxes are dis
tFthutabie 10 the various counties
under the provisions Of this Amend
ment. Interest or profit on sinking
fund Investments shall accrue 20 the
counties in proportion 70 their resnee-
tive eouities In the sinking fund or