The Laws of Texas, 1934-1935 [Volume 29] Page: 641 of 2,086
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82 GENERAL LAWS.
The State Board of Control shall make application to the
Texas Bond Commission for the sale of such part of said three
million five hundred thousand dollars ($3,500,000.00) of bonds,
as, in its judgment, is needed to procure State money necessary
for the relief of the unemployed and needy, and upon the filing of
such application, said Texas Bond Commission shall sell the
amount of bonds so requested by the State Board of Control.
Upon further application of the State Board of Control, said
Texas Bond Commission is hereby directed to sell additional
bonds in the amount so applied for. Upon the sale by the Texas
Bond Commission of any part of the three million five hundred
thousand dollars ($3,500,000.00) of Texas Relief Bonds, as herein
provided for, the said Bond Commission shall by order provide
that said installment of bonds shall mature over a period of
eight (8) years beginning with April 1, 1936, and shall mature
approximately in the same proportions as set out in Subsection
"C" of Section 1 hereof. The order of the Bond Commission
designating the maturities shall be entered upon the minutes of
the Commission. In no event shall the total amount of the
bonds sold under authority of this Act exceed a total principal
amount of three million five hundred thousand dollars ($3,500,000.00).
No bonds, as provided for hereunder, shall be sold from
and after the 26th day of August, 1935. It is further provided
that no officer, or officers, board, commission, or any person
whatever shall borrow from any government, or from' any
source, or permit advances of any amount whatsoever, for any of
the purposes stated in Section 51-a, Article 3, of the Constitution,
in anticipation of the future issuance of bonds, and any
such loan or advance shall be void, and shall create no obligation
against the State of Texas, and any officer of the State of
Texas or any officer or member of any board or commission
of the State of Texas participating in such attempted loan or
advance shall be guilty of high crimes and misdemeanors.
SEC. 3. The bonds authorized to be sold by this Act shall be
sold by the Texas Bond Commission at a time and a place to be
designated by the Bond Commission, and, after advertisement,
published in three (3) newspapers of general public circulation
in the State of Texas, which publication shall be made once, at
least one (1) week prior to the day fixed for the sale of the
bonds, the advertisements specifying date, amount, and maturities
of the bonds, the rate of interest, and such other provisions
as the said Commission may deem proper, provided that the
notice of sale shall contain proper provisions offering said bonds
on basis of different and various rates of interest none of which
shall exceed a rate of four per cent (4%) per annum. Said
Commission may in its discretion publish a similar advertisement
in one (1) newspaper of general circulation outside the
State of Texas. Offers for said bonds shall be made upon
sealed bids filed with the Secretary of said Bond Commission
and accompanied by such earnest payment as the Bond Commission
may direct; the said Bond Commission shall reserve the
right to reject all bids, but in the event a bid is accepted, the
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Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1934-1935 [Volume 29], book, 1935; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth17292/m1/641/: accessed May 25, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .