The Laws of Texas, 1934-1935 [Volume 29] Page: 46 of 2,086
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36 GENERAL AND SPECIAL LAWS.
them are outstanding, for the purpose of paying the interest
and principal of said bonds as the same accrues or becomes
due, it being the intention of the Legislature, and the Legislature
hereby does set apart, preserve and appropriate an adequate
fund to pay off and discharge the principal and interest
of said bonds as and when the same becomes due and payable.
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
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, Second 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, Second 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, Second Series." Said Texas
Relief Bonds Sinking Fund, Second Series, shall be kept by
said State Treasurer as a separate fund out of which the interest
on said Texas Relief Bonds, Second 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 them are outstanding,
for the purpose of paying the interest and principal of said
bonds as the same accrues or becomes due; it being the intention
of the Legislature, and the Legislature hereby does set
apart, preserve and appropriate an adequate fund to pay off
and discharge the principal and interest of said bonds as and
when the same becomes due and payable.
SEC. 6. The State Treasurer is hereby directed to pay the
interest and principal of said Texas Relief Bonds, First and
Second Series, as and when the same become due from the
respective funds set aside for that purpose.
SEC. 7. If, on the twenty-sixth of August, A. D. 1935, all
of the bonds which have been issued herein have not been sold,
it shall be the duty of the State Treasurer, in the presence of
the other two members of the Commission, to destroy by burning
any unsold bonds and any interest coupons appended thereto.
After said bonds shall have been destroyed by burning as
above provided, it shall be the duty of said members of said
Commission to make! a certificate in writing to the effect that
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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/m1/46/: accessed September 22, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; .