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STATE BOARD OF AFFAIRS-EXCHANGE OF PROPERTIES.
AN ACT amending House Bill No. 209, chapter 197, Session Laws of the 1913 Legió
lature, by adding a new section, conferring further duties upon the Stare
Board of Public Affairs; and declaring an emergency.
Exchange of Properties Produced by State Institution.
Section 1. That House Bill No. 209, chapter 197, being an act conferring additional duties and powers on the State Board of Pulic Affairs, be amended by adding thereto a new section to be known as section 5 of said act, and to read as follows:
Section 5. That the State Board of Public Affairs shall have full and complete authority to trade and transfer any products produced or manufactured by any state institution for any commodity required for tre support, maintenance or operation of any farm or manufacturing industry located at said institution. Provided further, that in making said transfer or trade of any product or manufactured article, as provided in this act, that said State Board of Public Affairs shall keep a full record of said trade or transfer, and report same to the Governor of State of Oklahoma each quarter. Emergency.
Section 2. For the preservation of the public peace, health and safety, an emergency is hereby declared to exist, by reason whereof this act shall take effect and be in full force from and after its passage and approval.
AN ACT making an appropriation to pay deficiencies in the State Examiner and
Inspector's office; making an appropriation for the enforcement of the oil and gas conservation laws of the State; and for the Industrial Institute and Col
lege for Girls, Chickasha, Oklahoma, and declaring an emergency. Be It Enacted By The People Of The State Of Oklahoma :
Examiner and Inspector-Court Commissioners-Oil and Gas.
Section 1. There is hereby appropriated out of any funds in the State Treasury, not otherwise appropriated, the sum of sixteen thousand three hundred twenty-seven dollars to pay the deficiency for the fiscal year ending June 30, 1915, in the State Examiners' and Inspector's office and the Industrial Institute and College for Girls, at Chickasha, Oklahoma, for the period ending June 30, 1915; and to pay salaries and expenses of the Supreme Court Commission for the balance of the fiscal year ending June 30, 1915; and for the enforcement of the oil and gas conservation laws of the state, five thousand ($5,000.00) dollars.
STATE EXAMINER AND INSPECTOR.
SUPREME COURT COMMISSION.
$1,800.00 Contingent fund, stationery, stamps, telephones and incidentals
$200.00 Extra pay for district judges..
Approved April 2, 1915.
BONDS OF CITIES-RENEWAL BONDS-EXCHANGES OF SAME.
AN ACT to authorize the mayor and councilmen or other legislative body of cities
of the first class to issue renewal bonds to extend the time of payment of any past due street improvement bonds and interest thereon at a lower rate of interest to extend the time of paying paving assessments and to distribute the surplus remaining in any separate special fund of any street improvement after all bonds or renewels thereof have been fully paid.
Be It Enacted By the People of the State of Oklahoma:
Section 1. The mayor and councilmen, or other proper legislative body of cities of the first class, are hereby authorized to issue renewal bonds bearing a rate of interest not to exceed six per cent per annum and to extend the time of payment for a period not to exceed ten years of any past due street improvement bonds and interest thereon heretofore issued or hereafter to be issued by any city of the first class under authority of an act entitled: "An act to provide for the improvement of streets and other public places within cities of the first class by grading, paving, macadamizing, curbing, guttering and draining the same and declaring an emergency," approved April 17, 1908, and amendments thereof.
Terms of Exchange.
Section 2. Before any such renewal bonds shall be issued or delivered to the holder of any past que improvement bond or the interest thereon said holder must have first entered into a written agreement with such lgislative body of such city containing the terms of surrender and cancellation of past due bonds and interest thereon and the acceptance in lieu thereof of said renewal bonds bearing not to exceed six per cent interest and containing such other terms and conditions as said legislative body of such city deem advisable or for the best interests of said city and the property owners interested; provided, that nothing in this act shall be held to abrogate the right which
any property owner now has by law to pay his paving assessments and be discharged from said lien independently of any other property owner or street improvement district of the lien of any paying assessments or bonds on such property owner or district.
Section 3. Such renewal bonds shall be authorized by resolution or ordinance, shall be signed by the mayor and attested by the clerk or, in cities, not having such officials, by officers performing the duties of such officials, shall be authenticated by the corporate seal or such city, shall be registered by the city clerk or other similar officer of such city in a book to be provided for that purpose and certificates of such registration shall be endorsed by such clerical officer on each of said bonds. Said renewal bonds must recite on their face that they are issued in pursuance to this act setting forth the date and the maturity of the bonds extended or renewed, the name or number of the improvement district, or having no name or number, then the street or streets for the improvement of which said bonds were issued. Two or more installments or maturities of the same issue of improvement bonds may be extended or renewed in one resolution or ordinance, but a separate issue or series must be authorized ror each installment or maturity renewed so that the installment of assessments levied for the payment of that particular maturity or installment of bonds will be kept separate and applied by the city treasurer upon the payment of the proper installment of bonds and any renewals thereof. All payments on any issue of renewal bonds shall be applied by the city treasurer first to the payment of interest accrued thereon and the balance applied pro rata upon the principal of said renewal bonds which must be optional from their date. Old Bonds Held as Basis of Payments.
Section 4. Prior to the delivery of any renewal bonds, the past due bonds renewed thereby must have been filed
with the city treasurer who shall compute and endorse thereon the total amount unpaid and owing on said past due bond including interest thereon up to the date of the renewal bond with a further endorsement substantially as follows:
"Surrendered and cancelled this.
.and a like amount of renewal bonds issued in lieu hereof dated and authorized by resolution (or ordinance) passed Said cancelled bonds shall not be destroyed, but kept in the files of the city treasurer until the renewal bonds issued in lieu thereof have been fully paid and shall be used by such treasurer as the basis for computing the amounts that shall be apportioned to and applied upon the payment from time to time of the renewal bonds issued in lieu thereof in the same manner as if no renewal bonds had been issued; the holder of such renewal bonds being entitled to receive the same proportion of any future collections or payments made by the city treasurer that he would have received had he continued to have held the past due bonds; such method of apportionment and application to be continued by the city treasurer until the holder of any renewal bonds is paid in full. It being expressly provided that the holders of such renewal bonds shall in all respects, except as provided in this act, be subrogated to the rights of the holder of the past due bonds so extended, and renewed and that such renewal. bonds shall in no event become a liability of the city issuing the same. Extension of Payment of Assessments.
Section 5. The mayor and councilmen or other proper legislative body of any city, may, with the written consent of all the bond holders, property owners and mortgagees of any street improvement districis, extend the time of payment of any assessment or assessments and interest thereon, as provided for in section 630 of the Revised Laws of 1910, or any other provision of law for a period of not to exceed twenty years, and to issue bonds upon such terms and conditions as may be determined by said