Chap. 154.—An ACT to amend and re-enact an act approved April 15, 1903,
entitled an act to authorize the board of supervisors of the several coun-
ties of the State to retire outstanding bonds and to issue new bonds at
the same or a lower rate of interest; and to validate all bonds heretofore
issued by any county of the State under said act. (S. B. 199.)

Approved March 20, 1914.

Whenever the bonds of any county, whether heretofore or here-
after issued, become payable and it is desired by the board of
supervisors of such county to retire them and to issue new bonds
for the payment thereof at the same or a lower rate of interest,
they are hereby authorized and empowered to do so. Such new
bonds shall recite on their faces the date of the act authorizing the
issue of the bonds to be retired or paid thereby as well as the date
of this act, and any other fact preserving the identity of the debt.
Such new bonds may be made payable or redeemable at such time
or times as the board of supervisors may deem best, but in no event
shall such new bonds run for a longer period than fifty years from
their date; and all bonds heretofore issued under authority of said
act approved April fifteenth. nineteen hundred and three, author-
izing the board of supervisors of the several counties of the State
to retire outstanding bonds and to issue new bonds at the same or
a lower rate of interest, are hereby made valid and binding on the
several counties issuing the same.

The treasurer of a county shall, for receiving and disbursing the
fund received from the sale of the bonds and for cancelling the old
bonds, receive one-fourth of one percentum on the amount of the
bonds sold. ;

An emergency existing by reason of the former act not having
been read the requisite number of times as required by the Constitu-
tion, and the validity of bonds heretofore issued under the act being
doubtful, this act shall be in force from its passage.