January, and shall hold his office for one year, and until his successor is elected by said board of directors and qualified. The collector shall make annual settlements with the treasurer of the board of directors of said levee district on the first Monday of June of each year, and at such time he shall turn over to said treasurer all moneys so collected by him, and shall also turn over to said treasurer the tax books of said levee district, showing such taxes as have been paid and such as are delinquent; and the collector shall receive such compensation as the board of directors may determine.

SECTION 14. The board of directors of Levee District No. 1, of Faulkner County, Arkansas, shall elect a treasurer of said levee board, who shall hold his office for such time as shall be determined by said board of directors. Said treasurer shall give bond in such sum as may be determined by said board of directors not less than twice the sum of the moneys that may come into his hands during the term of his office, with good and approved sureties. Said bond shall be payable to the president of said board of directors and his successors in office, conditioned on the honest and faithful accounting of all funds of said board of directors of Levee District No. 1, of Faulkner County, Arkansas, coming into his hands; he shall be the financial agent of said board of directors, shall receive and receipt for all funds due said board of directors of said levee district, and shall pay out the same only upon warrants signed by the president and secretary of said board of directors. Said treasurer shall receive such compensation as may be determined by said board of directors.

SECTION 15. If any person shall be aggrieved by running any levee through his lands he shall give notice to the president of the board of directors of said levee district, who shall thereupon immediately notify the

sheriff or any constable of Faulkner County to summons six landowners of the county, not interested in the lands through which the levee runs, and not related or connected by marriage or otherwise with the owner thereof, to meet at a time and place fixed by such president of said board of directors, of which such landowner shall have at least three days' notice, which six persons, after being duly sworn, shall proceed to examine said premises and without delay take such other testimony as is present, and after taking into consideration the advantages and disadvantages of said levee to claimant, shall award to him such damages, if any, as they may deem just and right; the finding shall be signed by the jurors, and delivered to the president of the board of directors, and by said board entered of record on its minutes, which finding shall be final in the premises. The damage, if any, awarded shall be paid by the board of directors out of the funds herein provided for levee purposes. The sheriff or constable and jurors shall be allowed the same fees as for similar services in the circuit court, and to be paid by the claimant if no damages are awarded, otherwise to be paid by the board of directors out of the levee fund, and if the sheriff or constable certifies such cost to the clerk of the circuit court of Faulkner County for failure of payment of same after demanded, the clerk shall issue fee bill with fieri facias, the same as prescribed by law in other courts for enforcing collection of costs.

SECTION 16. No injunction or other process shall issue to stay any work on any levee or the collection of any levee tax unless the party applying therefor shall first enter into bond with good and sufficient securities, to be approved by the judge or court granting the same, and payable to the board of directors in double the amount of the value of the work sought to be stayed and the tax to be enjoined, and also conditioned for the

payment of all such damages to all landowners and costs as shall be maintained by granting same, if wrongfully granted, nor shall any such injunctions be heard out of the county where all or a part of the Act complained of is being threatened or committed, and then not except on ten days' notice to the president of the board of directors of said levee district of the time and place of the intention to make the application for the same.

SECTION 17. That for the purpose of building, rebuilding, repairing and maintaining levees, locks, dams and culverts, within the limits of said levee district, and to carry out the ends and purposes of this Act, the board of directors of Levee District No. 1, of Faulkner County, Arkansas, shall have the power to borrow money, and to that end may issue bonds of the said board to the amount of not exceeding forty thousand dollars, payable in lawful money of the United States, to build, rebuild, repair and maintain levees, locks, dams and culverts within the limits of Levee District No. 1, of Faulkner County, Arkansas, which bonds may be registered bonds or made payable to bearer, and shall be made payable at annual intervals, commencing after a period of one year and not extending beyond fifteen years. Said bonds shall be coupon bonds, bearing interest at a rate not greater than six per cent per annum, interest payable annually on the first day of June of each year, and the place of payment of interest and principal shall be fixed by said. board of directors, and the said bonds may be sold or negotiated in any market; provided, that in no case shall any of said bonds be sold or negotiated at less than par; and the money arising from the sale of said bonds shall be paid into the treasury of said board of directors, and only paid out on the warrant of the president of said board, countersigned by the secretary.

SECTION 18. That each and all of the bonds issued by the board as heretofore provided shall be signed by the president and countersigned by the secretary, and no such bonds so issued as aforesaid shall be valid or binding on said board or district until the same has been endorsed by the treasurer in writing, that he has duly registered said bond to the owner thereof, as hereinafter provided. Upon such registry and endorsement by the treasurer said bond shall then and not until then be held, as fully executed, and shall thereupon be negotiable. The treasurer of said board shall keep a register, showing the date, letter, number, amount and maturity, and place of payment of each bond so issued, and to whom issued, and shall keep the same kind of account on all bonds paid, received or taken up by the board, showing when and to whom payment was made, and from whom each bond was received or taken up, and on what account, and no bond or coupon paid, received or taken up by said board shall again be used or reissued, but every such bond or coupon so taken up shall be cancelled by the treasurer, and punched with an instrument provided for that purpose. The treasurer shall at the same time note on the original register hereinbefore required to be kept by him, the fact of payment, surrender or cancellation of each bond or coupon he may take up and the bonds or coupons taken up by said treasurer after cancellation shall be preserved by him as vouchers in settlement with the board, and after due allowance of same in settlement by said board, said coupons shall be burned and destroyed by the president of the board of directors in the presence of the board, and said cancelled bonds shall be preserved by the board of directors as part of its record.

SECTION 19. That all moneys borrowed or arising from the negotiation or sale of any of said bonds shall be paid into the treasury of said board of directors and shall

constitute a levee fund, to be used and applied only in building, rebuilding, repairing and maintaining levees, locks, dams and culverts within the limits of said levee district, and in paying off any indebtedness arising from any such work heretofore done in said levee district, and for paying for such other work and services as are contemplated by this Act, and for no other purpose.

SECTION 20. That the secretary of said board shall upon the order of said board cause said bonds to be lithographed with such devices for identification and to prevent imitation as such secretary may think proper; and he shall register said bonds in a book to be kept for that purpose, as the bonds are issued, stating therein the date, number, letter, amount, place and time of payment, and to whom issued or sold, or on what account used, of each bond issued, and shall take a receipt in said book from the party to whom each of said bonds is delivered.

SECTION 21. That it shall not be lawful for said board of directors, or any officer, member or agent thereof, to pledge or deposit any bond or coupon issued under the provisions of this Act as security for the payment of any borrowed money or any debt or obligation of said board, or any person, firm, or corporation whatever, nor shall it be lawful for said board of directors, or any officer, agent, or member thereof to appropriate or use any money arising from the sale of any bond or bonds authorized to be issued under this Act to any use or purpose whatever other than as herein specified and expressly directed. And any person, officer, or agent of said board of directors who shall violate any of the provisions of this Act by selling, transferring, or negotiating or using any bond for and at an amount or price less than par, as expressly authorized by the terms of this Act, or any part