The Key West citizen., 1952-09-19

; lZeQ.
/ (2) To establish and maintain a
| sinking fund or funds to meet future
! requirements for debt service, or re-
serves therefor, on bonds or motor ve-
| 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 shall deem It necessary or ad-
/ visable. and in such amounts and
| under such terms and conditions as
! the state Board shall in its discretion
| determine.
| (3) To distribute annually 60 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 be used. IN the con-
struction. ACQUISITION. improvement.
enlargement. furnishing. or equippinr
Of capital outlay projects in such
county. and which capital outlay pro-
| iects have been approved bv the Board
Of Public Instruction Of the county
pursuant TO a survey or surveys con.
Quoted subsequent to july /. 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 anv bonds
by any Board Of Public Instruction
TO covenant and agree with such
Board as to the rank ana rriority Of
| nayments TO be made for different
issues Of bonds under this Subsection
(O. and NAV further agree that env
amounts to be distributed under this
Subsection (3) may he 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 NJ comnetent Jurisdiction.
az TO distribute annually to the
several Boards OF Public Instruction
NJ the counties for the payment Of the
cost Of the construction. acquisition
improvement. enlargement furnishing
nr equipping Of capital outlay projects
for school purposes in such county as
shall bA requested bv resolution OF
the County Board OF Public Instruc-
tion Of such eountv.
(5l When all major capital outlay
needs Of county have been met az
determined by the State Board, or
the basis of a SURVEY made pursuant
to regulations NJ the State Board and
approved bv the StatA Roard. all such
funds remaining shall be distributed
annually and used for such school
purroses In such county as the Board
of Public Instruction Of the county
shall determine. or as may be provid.
ed bv general law.
(d) Canital OUTLAY projects Of a
county shall he eligible to participate
IN the funds accruing under this
Amendment and derived from the pro-
ceeds Of bonds and motor vehicle tax
anticipation certificates and from the
motor vehicle license taxes. only IN the
ordeP Of priority Of needs. a. shown
hv a survey or SURVEYS conducted IN
the county under regulations pre-
scribed by the State Board. 70 deter
mine the capital outlay needs Of the
county and approved by the state
Board: provided. that the prioritv n
such projects NAV be changed from
time 70 time uuon the request ot the
Board of Public Instruction Of +he
county and with the approval Of the
state Boerd: and provided further
that this Subsection (d) shall not IN
any manner affect anv covenant
agreement. or pledge made by the
state poard IN the issuance BY said |
state Board Of anv bonds or motor |
vehicle tax authorization certificates
or in connection with the Issuance ~
L
struc''nn NJ any county.
(no The State Board NAV invest anv |
sinking fund or funds craated nUr-
suant to this Amendment IN direct |
"hliga Hons of tho United States oF |
America or IN the bonds or motor |
vehicle tax authorization certificates
""atured or IN ratUrA 'Ssued hy The |
~tn+" Ro7rd on behalf Of the BOARD Of |
prhlic obstruction ~ arv county
ffN
Nower IN make and enforce all rr'n~ |
md regula tons necessary 70 the fur |
"Narcise ~ fhe powers herein grante' |
md no LEGISLATION shaT ne re1rired n |
-nrder this Amendment ~ fun fo~cn |
md operatiro effect from and afte~ |
January I. 1a53 The T.eeisla+ure shnr |
nnt reduee the levies of said mo'or
vehiclH license taxes during thn lifc |
~ this Amendment 70 INV derra- /
which will faF to provide tha f,,l' |
amount necessary 10 comply with the /
~rovisions NJ this Amendment md na,
'he necessary evnnneeS NJ administer.
NO the laws relatinD 70 thA ticer sim |
~ motor vnh'cIes. md shall nn% enact
NV law having thA effect NJ with
'raw'ng the proceeds ~ such rnotar
vAhtclA fceuse taTAq from the nnera- |
'ion NJ this Amendment and shall rn'
H0act anv law 'r1nai-ine nr V-a+Aria11-'
"lteFinE the RIGHTS Of the holders ~
anv honds ~ motor vehicle tax anti
"inntion certificates iesned nureuar'
~ This Amendment or innairine or 81
'nrin0 anv covenant or a~-ssrrent ~
che state Board. pc nraviied n EucN
N"nds ~ n7o'o- vehicle tax anticira-
49, ca~4ifto~taz
The state BOARD shan have power
to anpoint such nersons and FIX their
comnensstion for the aaninistratiou
Of the provisions of this Amend
ment AZ Il shall deem necessary.
and the exnenses ~ the state Board IN
administering the provisions of this
Amendment shall he prorated amone
the various counties and Maid out OF
the nroceeds OF the bonds or motor
vehicle tax authorization certificates or
from the funds diStrihutabls 70 each |
county on the same basis ne su~h
motor vehicle license taxes are dts
trihutahla - the varions counties
under the provisions % this Amend
ment. Interest or proflt on sinking
fund investments shall ac~rue - the
counties n pronortlon 20 their resnec-
tive equities in the sinking fund or
funds.