Bonds of State to Pay Maturing Bonds, etc.-Cities and Towns may Compromise Bonded Debt, etc. Money aris sale-how applied. as they may be needed to meet the installments of bonds issued under the Act of February, 27th, 1856, that become due during the years 1879, 1880 and 181, and the money arising from the ing from sale of said bonds shall be used for no other purpose. SEC. VI. Be it further enacted by the authority aforesaid, That Payment of the Governor of Georgia shall make suitable arrangements for the thereon. payment of the interest to become due on said bonds with some bank or banking house in the cities of Atlanta, Athens, Augusta, Columbus, Macon, Savannahı, Rome, Americus, Albany and LaGrange. interest Bonds to be with suita SEC. VII. Be it further enacted by the authority aforesaid, That prepared these bonds shall be prepared with suitable devices under the di- ble devices rection of the Governor. uder directions of the Governor. office of and Comp. General. both offices, shall be SEC. VIII. Be it further enacted by the authority aforesaid, That Bonds to be as soon as any installment of said bonds are signed by the Gover- recorded in nor and Treasurer, as aforesaid, the same shall be entered in a book Treasurer of record, to be kept in the Treasurer's office for that purpose, in which each bond shall be entered, with the number and amount, When so reletter and series, aud after this is done, said bonds shall be turned corded in over to the Comptroller, who shall give his receipt therefor to the said bonds Treasurer, and who shall proceed at once to enter the same in a ready for record to be kept in his office for said purpose; and after said bonds sale. are so registered and recorded they shall be returned to the Treas- and Compurer, who shall receipt to the Comptroller therefor, and said bonds shail then be ready for sale; and each of the aforesaid officers their act'gs shall make a full report to the Governor of said State of all their in the premactings and doings in said premises. SEC. IX. Be it further enacted by the authority aforesaid, That Faith and the faith and honor of the State of Georgia is hereby pledged for State pledg the prompt payment of the bonds and the interest thereon, authorized by this Act. Treasurer troller shall. each report and doings ises to the Governor. ho or of the ed. Approved December 14, 1878. CITIES AND TOWNS MAY COMPROMISE BONDED DEBT, ETC. No. 3. An Act to authorize municipal authorities of towns and cities to compromise their bonded debt; to provide for the issue and exchange of new bonds for outstanding bonds and coupons; to provide for the establishment and management of a sinking fund for the redemption of su.h new bonds and coupons, and for other purposes. SECTION I. Be it enacted by the Senate and House of Representatives of the State of Georgia, in General Assembly met, and it is hereby enacted by authority of the same, That the municipal authorities of Municipal to compro Cities and Towns may Compromise Bonded Debt, etc. authorities any incorporated town or city of this State are authorized and emauthorized powered to compromise and settle their bonded debt in accordance with the provisions of this Act: Provided, that this Act shall not be so construed as to prejudice the rights of such creditors as may refuse to assent to such compromise. mise their bond'd debt Proviso. May issue new bonds. Proviso. Ordinance therefor. SEC. II. Be it further enacted by the said authority, and it is hereby so enacted, That where there are outstanding bonds and coupons of any incorporated town or city of this State, as aforesaid, whether the said outstanding bonds or coupons are due or to become due, it shall be lawful for the municipal authorities of such town or city to issue new bonds, with coupons attached, to be exchanged and to stand for, and in the place of, such outstanding bonds and coupons: Provided always, that the new bonds so issued shall not exceed in amount the previously existing total bonded debt, with interest thereon, of such town or city. SEC. III. Be it further enacted by the said authority, and it is hereby so enacted, That when the authorities of such town or city shall to provide desire to avail themselves of the benefit of the provisions of this Act, they are hereby authorized and empowered to pass any ordinance, or ordinances, to provide for the issuance and exchange of new bonds to stand in the place and stead of outstanding bonds and coupons, and to determine the mode and method of such issuance and exchange, and to fix the length of time such new force of con- bonds shall run, and the rate of interest they shall bear. Such ordinance, or ordinances, shall have the force and effect of contracts between the said town or city and those who may receive or hold holders of such new bonds so issued and exchanged. Shall have tracts be tween towns or cities and the new bonds. Sinking demption of bonds. SEC. IV. Be it further enacted by said authority, and it is hereby so enacted, That if any town or city, availing itself of the provisions of fund for re- this Act, shall desire to provide a sinking fund for the redemption of such new bonds, it shall be lawful for the authorities of such town or city to pass all ordinances necessary for that purpose, and to create a commission for the management of said sinking fund, and for its proper use and application, which commission shall be composed of not less than three nor more than five freeholders of such town or city; and the ordinance, or ordinances, providing for said sinking fund and said commission, for its management and application, and the mode of appointing said commission, and preOrdinance scribing its duties, shall have the force and effect of law, and shall For to have be held and considered as part of the contract between such town force and or city and the acceptors or holders of such new bonds. providing eff. ct of law SEC. V. Be it further enacted by the said authority, and it is hereby so enacted, That all laws and parts of laws conflicting with the provisions of this Act be, and the same are hereby, repealed. Approved December 11, 1878. [Picquett vs. City Council of Augusta, decided by Supreme Court, September Term, 1879.] Bond of Treasurer of Lunatic Asylum. BOND OF TREASURER OF LUNATIC ASYLUM. No. 13. An Act to increase and fix the amount of the bond to be given by the Treasurer of the State Lunatic Asylum. Lunatic bond of. SECTION I. Be it enacted by the General Assembly of the State of Treasurer of Georgia, and it is hereby enacted by the authority of the same, That Asylum, from and after the expiration of the term for which the present Treasurer of the State Lunatic Asylum has been elected, the official bond of the Treasurer of said institution shall be for the sum of Ten Thousand Dollars ($10,000). SEC. II. Be it further enacted, That all laws and parts of laws militating against this Act be, and the same are hereby, repealed. Approved December 16, 1878. Creation of State Depositories in Certain Cities. TITLE VII. DEPOSITORIES. ACT. Creation of State Depositories. CREATION OF STATE DEPOSITORIES IN CERTAIN CITIES. No. 283. An Act to establish State Depositories in the cities of Atlanta, Athens, SECTION I. Be it enacted, by the General Assembly of the State of State depoɛ- Georgia, That from after the passage of this Act, the Governor of pointed by the State of Georgia shall name and appoint a solvent chartered Governor. bank, of good standing and credit, in each of the following cities itories ap which ap of this State, to wit: in the cities of Atlanta, Athens, Augusta, Columbus, Macon, Savannah, Rome, Americus, Albany, Hawkinsville, Gainesville, Griffin and LaGrange, which shall be known and designated as State Depositories. SEC. II. Be it further enacted by the authority aforesaid, That Terms for said State Depositories shall be appointed for the term of four pointed. years from the date of their appointment, and shall be liable to be removed by the Governor, in his discretion, for any neglect of their official duty, and they shall receive no salary or fees from the State of Georgia, but it shall be the duty of the Governor to make with said depositories the most advantageous contracts he can for interest to be paid by them to the State for the use of the State's money which may be deposited therein, as hereinafter provided by this Act: Provided, that no officer of this State shall be allowed to receive any commission, interest or reward to himself from any source for the depositing of such money in such depositories, or for continuing such deposits. But the receiving of any such benefit by any officer shall be a felony punishable by imprisonment in Interest on deposits. Proviso. Creation of State Depositories. penitentiary for not less than seven nor longer than twenty years, and disqualification to hold any office in this State. ment of SEC. III. Be it further enacted by the authority aforesaid, That the ApportionGovernor shall, at the time of appointing the said State Depositories, counties to make a list of the counties whose Tax Collectors shall be instructed depositories to pay State funds into each depository, and said Tax Collectors shall pay into no other depository than the one named by the Governor, and the Governor shall also make known the apportion⚫ment of counties by a proclamation duly published in the city where such depository is located, giving the name of the depository, and the names of the counties whose Tax Collectors shall be instructed to pay into said depository all moneys collected by them for and on account of State taxes. positor.es. SEC. IV. Be it further enacted by the authority aforesaid, That Bond of deeach of said depositories shall, before entering upon the discharge of their duties by their proper officers, execute a bond with good and sufficient securities, to be approved by the Governor, in a sum of fifty thousand dollars. Said bond shall be conditioned for the faithful performance of all such duties as shall be required of them by the General Assembly, or the laws of this State, and for a faithful account of all the public money or effects that may come into their hands during their continuance in office. Said bond shall be filed and recorded in the Executive office, and a copy thereof, certified by one of the Governor's Secretaries, under the seal of the Executive Department, shall be received in evidence in lieu of the original in any of the Courts of this State. And said bonds, when given, shall have the same binding force and effect as the bond now required by law to be given by State Treasurers, and, in case of default, shall be enforced in like manner. depositories check of State Treasurer. statements turs. SEC. V. Be it further enacted by the authority aforesaid, That said Funds in depositories shall hold all tunds received by them for and on ac- to be subcount of the State, subject to the check or order of the State Treasurer, and shall render to the State Treasurer, on the first day of every month, a statement of the money on hand belonging to Monthly the State, showing the time when, and from whom, received, to- by deposi gether with a statement and balance sheet showing the exact condition of its account with the State Treasurer on that day; and whenever any Tax Collector shall make a deposit in said depositories, they shall give to said Tax Collector a receipt, which shall be a good and sufficient voucher to said Collector, and they shall mail to the State Treasurer a duplicate of the receipt so given to said Tax Collector, and so soon as the Treasurer shall receive said duplicate receipt, he shall issue his certificate in favor of the depositing Tax Collector, and transmit the same to the ComptrollerGeneral, who shall pass the amount therein mentioned to the credit of said Tax Collector, and at once mail to him a receipt for said amount. |