The Laws of Texas, 1934-1935 [Volume 29] Page: 155 of 2,086
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FORTY-THIRD LEGISLATURE-SECOND CALLED SESSION. 145
Each and all of the bonds enumerated and described in this
Section shall be refunded. All bonds held by each eleemosynary
or educational permanent fund bearing a particular rate of
interest shall be refunded by the issuance of manuscript bonds
bearing the same rate of interest. The Governor is hereby authorized
to refund each and all of said bonds in such denominations
as he shall deem best. Said bonds shall be payable serially
not less than ten (10) years and not more than twenty (20)
years from their date. Interest on the refunding bonds herein
authorized shall be payable on the same dates each year as was
heretofore provided in the bonds for which they are exchanged.
SEC. 4. After said refunding bonds have been prepared,
signed and sealed the same shall be delivered to the State
Comptroller of Public Accounts for registration by him and
held by said Comptroller to be exchanged by him upon the
delivery and surrender to him of a like amount of bonds for
which said refunding bonds were issued. When the Comptroller
shall have received the bonds now outstanding in exchange
for refunding bonds, said outstanding bonds for which
refunding bonds shall be exchanged shall be by him destroyed
by burning the same in the presence of the State Treasurer
and the Attorney General. When said bonds shall have been
destroyed each of said officers shall sign a certificate to the
effect that said bonds have been destroyed and file same with
the Secretary of State of the State of Texas.
SEC. 5. It shall be the duty of the State Auditor and Efficiency
Expert to inspect and audit all of the outstanding State
bonds held by the various State funds as outlined in this Act
and to submit his findings and recommendation to the Governor
as to the respective amounts of outstanding indebtedness held
by the various funds that will be necessary to be refunded
under the terms of this Act. The State Treasurer is hereby
directed and instructed to make the exchange of bonds herein
provided for.
SEC. 6. The sum of Fifteen Hundred Dollars ($1500.00) or
so much thereof as may be necessary, is hereby appropriated
out of any money in the General Fund of the State Treasury
not otherwise appropriated, to defray the expense of printing
the manuscript refunding bonds herein authorized. The State
Board of Control shall, when requested by the Governor, cause
said bonds to be printed and pay the expense and cost of same
in the manner prescribed by Statute.
SEC. 7. The fact that many of the bonds described in this
Act are in default, and the further fact that such condition is
believed by many to hinder the sale of Texas Relief Bonds
issued for the relief of distressed and needy people of this
State, and the further fact that refunding of all the issues of
State bonds and placing them in current condition will materially
aid the sale of Texas Relief Bonds, create an emergency
and an imperative public necessity requiring the suspension of
the Constitutional Rule that bills be read on three several days
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Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1934-1935 [Volume 29], book, 1935; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth17292/m1/155/: accessed April 25, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .