thousand dollars ($3,000) or over in the hands of the treasurer, after the payment of interest and expenses of that year, purchase part or all of its bonds at the best price obtainable. If in the opinion of the board of directors the price asked for their bonds is excessive, they may loan the surplus for a period of not exceeding four years on real estate worth twice the value of the money loaned; provided, however, that said loan is consummated, it must be submitted to and approved by the county court.

SECTION 22. That each and all of the bonds issued by the board as hereinbefore provided, shall be signed by the president and countersigned by the secretary, and no such bonds so issued as aforesaid shall be valid or binding on said board or district until the same have been endorsed by the treasurer in writing that he has duly registered said bonds to the owners thereof, as hereinafter provided. Upon such registry and endorsement by the treasurer said bonds shall then, and not till then, be held as fully executed, and shall thereupon be negotiated, provided that the board may accept bids or otherwise contract for the sale of such bonds to purchasers before they are issued or registered as aforesaid. The treasurer of said board shall keep a registry, showing the dates, letter, number and place of payment and to whom issued or paid, whether for cash or on contract for labor or for work done or performed, of all bonds so issued, and shall keep the same kind of account on all bonds paid, received or taken up by the board, showing when and to whom payment was made, and from whom each bond was received or taken up and on what account, and no bond or coupon paid, received or taken up by said board shall again be used or reissued, but every such bond or coupon shall be cancelled by the treasurer and punched with an instrument provided for that purpose.

SECTION 23. The treasurer shall at the same time note on the register hereinbefore required to be kept by him, the fact of the payment, surrender or cancellation of each bond or coupon he may take up, and the bonds or coupons taken up by said treasurer, after cancellation, shall be preserved by him as vouchers in settlement with the board; and after due allowance of same in settlement by said board, said coupons shall be burned and destroyed by the president in the presence of the board, and said cancelled bonds shall be preserved by the board as part of its record. SECTION 24. That all moneys borrowed or arising from negotiation or sale of any of said bonds, shall be paid into the treasury of said levee board and shall constitute a levee fund to be used and applied only in building, rebuilding, raising, repairng, maintaining, purchasing or condemning levees, and expenses contemplated under this Act, and for no other purpose.

SECTION 25. That the secretary of said board shall, upon order of said board, cause said bonds to be lithographed, with such devices for identification and to prevent imitation as such secretary may think proper; and he shall register said bonds in a book to be kept for that purpose, as the bonds are issued, stating therein the date, number, letter, amount, place of payment and to whom issued or sold, or on what account used, or each bond issued, and shall take a receipt in said book from the party to whom each of said bonds is delivered.

SECTION 26. That it shall not be lawful for the said board of levee directors or any officer, member or agent thereof, to pledge or deposit any bond or coupon issued under the provisions of this Act as security for payment of any borrowed money or any debt or obligation of said board, or of any person, firm or corporation whatever; nor shall it be lawful for said board of levee directors, or any officer or member or agent thereof, to appropriate or use any

money arising from the sale of any bond or bonds authorized to be issued under this Act to any use or purpose whatever other than is herein specified and expressly directed. And any member, officer or agent of said board of levee directors who shall violate any of the provisions of this Act, shall be deemed guilty of a felony, and upon conviction thereof shall be punished by imprisonment in the penitentiary for not less than one nor more than five years; provided, however, if there is not sufficient money in the treasury, bonds may be pledged by resolution of the board to raise money to pay for emergency work.

SECTION 27. That no compensation shall be allowed the treasurer of the board of directors of the Red River Levee District No. 1, directly or indirectly, for receiving and paying out the proceeds of said bonds, but brokerage of not exceeding one-half of one per cent shall be allowed by the board, should it become necessary in order to sell said bonds.

SECTION 28. That to the payment of both the principal and interest of the bonds to be issued under the provisions of this Act, the entire revenues of the district arising from any and all sources and from all real estate, railroads and tramroads subject to taxation in the district is by this Act pledged, and the board of directors are hereby required to set aside annually from the first revenues collected from any source whatever, a sufficient amount to secure and pay the interest on said bonds.

SECTION 29. After five years from the execution of the bonds by said levee board any excess of taxes collected by said levee board after paying the interest accruing on said bonds and current expenses shall constitute a sinking fund and shall not be drawn out of the hands of the treasurer of the board for any other purpose than to pay the principal of said bonds.

SECTION 30. It shall be the duty of the levee board and all officers charged with the collection and disbursement of the levee tax to collect said tax and disburse the same as hereinbefore provided; and they shall collect and apply pursuant to the provisions of this Act, such revenues as may be necessary to pay in full the principal and interest as hereinbefore provided; and the authority herein granted to said board to provide for the principal and interest of said bonds shall be irrepealable and shall continue in force until said bonds have all been paid, and this provision shall be declared a contract in favor of the holder or holders of said bonds.

SECTION 31.

Should the board of. levee directors fail to vote the tax as required by this Act, or should any officer charged with the duty of collecting or disbursing revenues under the provisions of this Act fail, neglect or refuse to perform the duties devolving on him under this Act, any holder or holders of bonds issued under this Act may apply and obtain from any judge of a court of competent jurisdiction a mandamus against the board of directors requiring the tax provided for by this Act to be voted by them, or a mandamus to compel any delinquent officer to proceed to discharge his duties pursuant to the provisions of this Act.

SECTION 32. That for the purpose of assisting the citizens of the State to build and maintain a levee herein provided for, and in consideration of the general good of the State, all of the lands of this State lying within said levee district, except the sixteenth section school lands not subject to taxation, and all the right or interest the State has or may have within the next six years, by reason of forfeiture for taxes, to any lands within said levee district, except said sixteenth section school lands not subject to taxation, is hereby conveyed to said levee district under the

following restrictions and limitations.

Said levee dis

trict, represented by its board of directors, shall make a descriptive map of said lands, showing the location and character of the same. That said lands shall be graded into first, second and third grades, with reference to their relative elevation and timber, and a description of the land and timber given. The said levee district may sell said lands for the minimum price of five dollars ($5), three dollars ($3), and two dollars ($2) per acre as to grade, or may issue the bonds of said levee district secured by a mortgage on said lands or any part thereof, and payable as the board of directors may determine. The treasurer of the levee board of said district, upon receipt of payment of any part or parcel of said lands, shall certify the same to the president of said board, who shall execute a deed in the name of said corporation to the purchaser of said lands, the money arising from such sales or issuance of bonds to be applied solely to the construction and maintenance of the levee of said levee district. That said lands shall be exempt from State and county taxes for ten years, if not sooner sold by said district, and at the expiration of the term of said ten years from the passage of this Act, all of said lands. not previously sold by said district shall be assessed in the name of said district for said State and county taxes. That the levee district shall have the same power to confirm the tax sales to lands in said district in a court. of equity as is now conferred upon individuals who purchase lands at tax sales and the proceedings shall be the same as is provided by law for individuals, providing that the president of said levee board shall make bond to the Governor, payable to the State of Arkansas, in the sum of five thousand dollars ($5,000), conditioned upon the faithful and honest appropriation of the proceeds of the aforesaid lands to the building and maintaining the levee of said