The Laws of Texas, 1931-1933 [Volume 28] Page: 307 of 2,111
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FORTY-SECOND LEGISLATURE-THIRD CALLED SESSION. 79
tion, prima facie valid and binding obligation. And, in every
action brought to enforce collection of said bonds or interest
thereon, the certificate of the Attorney General, or a duly certified
copy thereof, shall be admitted and received as prima facie
evidence of the validity of such bonds, together with the coupons
thereto attached; provided, that the only defense that can be
offered against the validity of said bonds or coupons be forgery
or fraud.
SEC. 48. When bonds shall have been issued under the provisions
of this Act, the navigation board of said district shall
procure and deliver to the secretary of such district a well
bound book in which a record shall be kept of all such bonds,
with their numbers, amount, rate of interest, date of issuance,
when due, where payable, amount received for same, the tax
levy to pay interest on and to provide sinking funds for their
payment, and said book shall at all times be open to the inspection
of the parties interested in said district, either as taxpayers,
or bond-holders or otherwise; and upon payment of any
bond, an entry thereof shall be made in said book.
SEC. 49. When such bonds have been registered as provided
in the preceding section of this Act, the chairman of the navigation
and canal commissioners of the district shall offer for
sale and sell said bonds on the best terms and for the best price
possible, but none of said bonds shall be sold for less than
ninety per cent (90%) of the face par value thereof and accrued
interest thereon; and, as fast as said bonds are sold, all moneys
received therefor shall be paid to the district depository for the
credit of such navigation district.
SEC. 50. All expenses of any kind, after the filing of the
original petition for the creation of such district, necessarily
incurred in connection with the creation, establishment and
maintenance of any navigation district organized under the
provisions of this section, shall be paid out of the "Construction
and Maintenance Fund" of such navigation district; which fund
shall consist of all moneys received from the sale of bonds and
all other amounts received by said district from whatever
source, except the tax or other collections applied to the sinking
fund and payment of interest on the bonds of the district; provided,
that should the proposition of the creation of such navigation
district and the issuance of bonds be defeated at the
election called to vote upon the same then all expenses up to
and including said election shall be paid in the following manner;
when the original petition praying for the establishment
of a navigation district is filed with the County Commissioners'
Court it shall be accompanied by Five Hundred Dollars
($500.00) in cash, which shall be deposited with the clerk of
said county Commissioners' Court and by him held until after
the result of the election for the creation of said navigation
district has been declared and entered of record by the Commissioners'
Court; and should the result of said election be in
favor of the establishment of said district, then the Five Hun-
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Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1931-1933 [Volume 28], book, 1933; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth17293/m1/307/: accessed April 27, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .