The Laws of Texas, 1934-1935 [Volume 29] Page: 45 of 2,086
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FORTY-THIRD LEGISLATURE-SECOND CALLED SESSION. 35
said bonds, which shall in no event be less than par and accrued
interest. In the event bids are not received for the purchase
of all or any part of said offer of bonds or in the event
the Bond Commission rejects all bids for any or all of said offer
of bonds said Commission may readvertise said bonds as above
provided, or may in its discretion proceed to sell at private
sale all or any part of same to the Reconstruction Finance Corporation,
or to any other governmental agency or to any person,
firm or corporation for cash and in such manner as provided
by the Bond Commission, provided, however, that none
of said bonds shall be sold for a price less than the par value
thereof and accrued interest thereon. No commission, directly
or indirectly, shall be allowed upon the sale of said bonds or
any of them.
The funds other than accrued interest and/or premiums received
from the sale of said bonds shall be credited by the State
Treasurer to the "Relief Bond Fund." Any amounts received
as accrued interest and/or premiums from the sale of said
bonds shall be placed to the credit of a fund designated as "The
Texas Relief Bond Sinking Fund, Second Series." Both of
said funds shall be deposited in accordance with the depository
laws of the State of Texas for the deposit of other State funds.
SEC. 5. Texas Relief Bonds, First and Second Series, shall
be redeemed and retired in the following manner:
In obedience to Section 51-a of Article 3 of the Constitution,
which places upon the Legislature the duty to make such appropriations
as are necessary to pay the interest and principal
of such bonds as the same becomes due, there is hereby appropriated
out of the General Revenue Fund of the State of Texas
and/or from funds which would accrue to the General Revenue
Fund of the State of Texas, accruing from sources other than
a tax on real property, for each and every year that any Texas
Relief Bonds, First Series, are outstanding, a sum sufficient
to pay the principal and interest on such bonds as the same
accrues or becomes due. From and after the effective date of
this Act and until all Texas Relief Bonds, First Series, have
been retired, the Treasurer of the State of Texas, as he receives
any and all moneys (from sources other than taxes on real
property) for the use and benefit of, and which under the
present law would go to the General Revenue Fund of the State
shall, first, before such moneys go into the General Revenue
Fund, annually set up out of such moneys a special and separate
fund in anticipation of and sufficient to meet all interest
and maturity requirements on said bonds for the fiscal year
next succeeding, which said fund shall be deposited to the
credit of "Texas Relief Bonds Sinking Fund, First Series."
Said "Texas Relief Bonds Sinking Fund, First Series," shall
be kept by said State Treasurer as a separate fund out of
which the interest on said Texas Relief Bonds, First Series,
shall be paid, and out of which said bonds shall be redeemed
and retired as they become due, and the same is hereby appropriated
for each and every year while such bonds or any of
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Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1934-1935 [Volume 29], book, 1935; Austin, Texas. (texashistory.unt.edu/ark:/67531/metapth17292/m1/45/: accessed January 21, 2018), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; .