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Senate Bill 781

items 13 of 20 items
  • wcu_great_smoky_mtns-11087.jp2
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  • by pledged for the payment of the principal and interest of the bonds and notes herein authorized. SECTION 12. BE IT FURTHER ENACTED, That the coupons of said bonds and notes after maturity shall be received in payment of all taxes, debts, dues, licenses, fines, and demands due the State of any kind whatsoever. SECTION 13. BE IT FURTHER ENACTED, That all of said bonds and notes and coupons shall be exempt from all State, County, and Municipal taxation or assessments, direct or indirect, general or special, whether imposed for the purpose of general revenue or otherwise, and the interest on said bonds and note shall not be subject to taxation as for income, nor shall said bonds or notes or coupons be subject to taxation when constituting a part of the surplus of any bank, trust company, or other corporation. SECTION 14. BE IT FURTHER ENACTED, That it shall be lawful for all executors, administrators, guardians, and fiduciaries generally, and all sinking fund commissions, to invest any monies in their hands in said bonds and notes. SECTION 15. BE IT FURTHER ENACTED, That from and after January 1st, 1932, the income derived from and representing one-tenth of one cent per gallon of the State Gasoline Tax shall be and is hereby set apart and held in the State Treasury as a sinking fund for the payment and retirement of the principal and interest of the bonds herein authorized, such fund to be designated as "Park Bonds Retirement Fund," and the interest earned on such fund shall be added to the Fund, and such sinking fund shall be and it is hereby specially pledged for and shall be exclusively applied to the payment of the principal and interest of such bonds until all of them shall be paid and retired. Said fund shall be held to the credit of the Park Commission herein created, and may be drawn on by said Commission in the manner prescribed by law, but solely for the purpose herein authorized. Said Commission shall likewise have the right at any time in its discretion to re-purchase from the holders thereof _____
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Object’s are ‘parent’ level descriptions to ‘children’ items, (e.g. a book with pages).