interest becomes due. The bonds shall be of the denomination of one hundred dollars or its multiple, provided that any odd amount over one hundred dollars or its multiple may be included in the last bond to mature. No bond shall be issued for less than one hundred dollars unless the total amount for which bonds are issued for any particular improvement is less than one thousand dollars. All improvement bonds shall have the name of the street, alley or other public way, or part thereof, for the improvement of which they are issued, printed, engraved or written thereon, and shall state the character of the improvement. They shall bear interest at a rate not exceeding six per centum per annum from the date of the assessment of the tax, and shall have suitable coupons attached thereto evidencing the semi-annual interest. The bonds and coupons shall be signed by the mayor and countersigned by the treasurer, but the coupons may be signed by lithograph. The clerk shall attest the signatures to the bonds under seal of the city. It shall not be necessary, in such bonds, to recite the steps taken in ordering the improvement or in making the assessments, but it shall be sufficient to make a general reference to such proceedings and to this statute. Such bonds shall be negotiable as inland bills of exchange, and shall be free from all defenses by any property owner. Such bonds shall be exempt from all taxation, and shall not be sold for less than par and accrued interest: Provided, if no offer is made for said bonds equal to par and accrued interest, after reasonable advertisement, the city shall have the right to turn them over to the contractor in full payment of the contract price of the improvement for which they are issued. Any premium realized from the sale of such bonds and any penalties col

lected on delinquent installments of taxes, as in the preceding section, provided, shall go into the fund. for the payment of such bonds and interest thereon. Said bonds and interest thereon shall be payable exclusively out of funds actually paid to and collected by the city on account of the improvement taxes in anticipation of which the bonds are issued and except as provided in this section the city shall, in no event, be liable on any such bond except to the extent of funds actually paid to it as above set out. Any and all such bonds shall be subject to payment and redemption at any interest payment period thereon that does not occur within five years from the date thereof. Provided that the city treasurer shall give the owner of the bond proposed to be redeemed at least twenty days' notice by registered letter. It shall be the duty of the owner of any bond, subject to redemption as herein provided, to notify the city treasurer of his post office address and any changes. therein, and the treasurer will keep a record of the address opposite the number of the bond on his records. The notice herein provided for shall be directed to such address, and if no address be given, the notice shall be directed to such owner at his last known address, and the bond specified therein shall bear no interest after the date fixed for its redemption, and this provision shall be shown in substance on the bonds. Mailing such registered letter twenty days before the time fixed for such redemption shall be deemed a compliance herewith. After the issue of such bonds no suit shall lie to enjoin or resist the collection of any assessment or tax in anticipation of which the bonds are issued, and the validity of the same shall not be questioned, but all property owners shall be conclusively estopped and precluded from in any manner assailing the effectiveness or validity

thereof. Such bonds shall convey and transfer to the owners thereof all lien, right, title and interest in and to the assessments, taxes and liens upon the respective lots and parcels of ground, including any railway property liable for said tax as hereinbefore provided for, which liens shall stand as security for such bonds and coupons until they are paid, with full power to enforce the collection thereof, if such bonds or coupons be not paid on presentation to the treasurer, by foreclosure in any court of competitent (competent) jurisdiction as provided in Section 3574. If any lots or lands be sold for the payment of any special tax or assessment thereon, or any installment thereof, or for any general municipal tax, such lots and lands shall not thereby be released from any other special tax or assessment, or installment thereof, existing thereon unless the same be asserted in the action in which such lots or lands are sold. In any foreclosure suit brought by the city or any bondholder as provided herein, it shall not be necessary to make the other bondholders parties, but the proceeds of the suit shall be paid into the city treasury to be applied to the redemption of matured bonds in the same manner as if the same had been paid without suit. When any such city has been authorized to incur any indebtedness for such purpose, at any election by the voters thereof, held pursuant to law, either before or after the improvement in question is made, the council may, to the extent of such authorization, issue and sell bonds of the city in anticipation of the collection of the local taxes levied and assessed for any such improvement as provided in this act, pledging the faith and credit of the city, in addition to the assessments, taxes and liens herein provided for, for the payment of the principal and interest of such bonds. Such bonds

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shall constitute an indebtedness of the city, for the payment of which with interest, the city shall be liable in its corporate capacity. Such bonds shall be issued and sold in all respects as provided by law with reference to the issue and sale of bonds by the city, and the board of council shall provide for the collection of an annual tax sufficient to pay the interest on such bonds and to create a sinking fund for the payment of the principal thereof within the the period of time, not exceeding ten years, provided by the ordinance for the payment of the local taxes, in anticipation of which such bonds are issued. Provided, that in any year in which the collections from such local taxes are sufficient to pay the interest on such bonds and to provide the necessity sinking fund, it shall not be necessary for the city, in such year, to collect any tax for that purpose; and in any year, it shall be necessary for the city to collect only such an amount of general taxes as will be sufficient, when added to the local taxes collected for such improvement to meet the requirements of this act. Upon payment by the city of any such bond, the city shall become the owner thereof, and be subrigated to all the rights of the bondholder with reference thereto. Thereafter, all collections of the local taxes, in anticipation of which such bond was issued, shall belong to the city.

Section 8a. Provided, that any and all duties imposed upon, and authority or power given to, or restrictions or prohibitions placed around and upon the board of council in the foregoing sections of this act, shall be exercised by and be imposed upon the commissioners of any city of the fourth class now or hereafter operating under a commission form of government, as provided by Section 3606b, 1915, Kentucky Statutes, and, provided that in cities which

may not have a city engineer, all duties, power and authority given city engineers by the foregoing, may be performed and exercised by such other officer, committee or board, as may be by law, or authority of the commissioners, or council, clothed with such power and authority.

§ 9. All laws or parts of law in conflict herewith are hereby repealed.

(Neither approved nor disapproved by the Governor.) (Words in brackets added by compiler.)

CHAPTER 114.

AN ACT to Provide for Collection of Delinquent Taxes in Cities of the Fourth Class, same being now provided for by the provisions of Section 3544 Kentucky Statutes Carroll's Edition 1903, which section is a part of an Act entitled "An Act for the government of cities of the fourth class," approved June 28th, 1893, as amended.

Be it enacted by the General Assembly of the Commonwealth of Kentucky:

That Section 3544 Kentucky Statutes, Carroll's Edition 1903 be and the same is hereby repealed and in lieu thereof it is enacted as follows:

§ 1. That tax receipts, except as herein provided, shall be turned over to the Collector or Treasurer, as may be provided for by ordinance, who shall receipt to the clerk for same, and shall, within ten days after receipt of same, and before the first day of July, and ten days before September first, in each year, give notice, by printed notice posted for ten days in ten public places in said city, or by such notice for ten days in a newspaper, to be designated by the council, that the taxes for the current year are in his hands for collection and are due, and that in default of payment on or before November first,