Page:United States Statutes at Large Volume 49 Part 1.djvu/841

 796 Aug ust 24, 1935 . [1 1. R. 8345 .1	[Public, No . 324.] Duval County, Fla. Acce ptance of cer tain l ands in, autho rized. Description. Pr ovis o. Maintenance. Aug ust 24, 1935 . [S. 3123.] [Public, No. 325.] Public school dis- tricts, etc. Reconstruction Fi- nance Corporation to make lo ans for the benefit of certain. Sums to be equally allocated . Purpose of loan s. Terms and c ondi- tions. Vol. 47, p. 6; U. S. C.,p. 573. Security. Borrower not to as- sume further indebted- ness. 74T]a CONGRESS. SESS. I. CHS. 645, 646. AUGUST 24, 1935. [C HAPTE R 645 .] AN ACT Authorizing the Secretary of the Navy to accept without cost to the United States certain lands in Duval County, State of Florida. Be it enacted by the Senate and House of Representatives of the United States of America in Congre ss assembled, That the S ecret ary of the Navy be, and he is hereby, authorized to accept on behalf of the United States, free of all encumbrances, and without cost to the United States, a title in fee simple to the following tract of land in Duval County, in the State of Florida, to wit : Lots 20 to 29, both inclusive, in block 1, central business addition to South Jacksonville, and the foot of Hendricks Avenue (formerly known as " Ferry Street ") from Commerce Street to the Saint Johns River, together with all riparian rights thereunto belonging or in anywise apper- taining : Provided, That the cost of maintaining same for the Naval Reserves shall be paid for by the State of Florida. Approved, August 24, 1935. [C HAPTE R 646 .1 AN ACT To provide for the relief of public-school districts and other public-school author- ities, and for other purposes. Be it enacted by the Senate and House o f Representatives o f the United States o f America in Congress assembled, That the Recon- struction Finance Corporation is hereby authorized and empowered to make loans out of the funds of the Corporation in an aggregate amount not exceeding $10,000,000 to or for the benefit of tax- supported public-school districts or other similar public-school authorities in charge of public schools, organized pursuant to the laws of the several States, Territories, and the District of Columbia. Such aggregate amount shall be allocated equitably among the several States and Territories, and the District of Columbia, on the basis of demonstrated need. Such loans shall be made for the purpose of enabling any such district or authority which, or any State, municipality, or other public body which, is authorized to incur indebtedness for the benefit of public schools (herein referred to as the "borrower ") to re duce and r efina nce o utsta nding inde btedn ess or obligations which have been incurred prior to the enactment of this Act for the purpose of financing the construction, operation and/or maintenance of public-school facilities. Such loans shall be subject to the same terms and conditions as loans made under section 5 of the Reconstruction Finance Corpora- tion Act, as amended, except that (1) the term of any such loans shall not exceed thi rty-three years ; (2) e ach su ch lo an sh all, in the opinion of the Corporation, be reasonably and adequately secured, and, in respect to the type of security, shall be secured (a) by bonds, notes, or other obligations for the payment of which shall be pledged the full faith and credit and taxing power of the borrower or of such taxing authority as may be authorized pursuant to State law to levy assessments, ta xes, or other charges for the benefit of public schools, and/or (b) by bonds, notes, or other obligations which are a lien on real property of the borrower, and/or (c by such other collateral as may be acceptable to the Corporation ; (3) the borrower shall agree not to issue during the term of the loan any other obligations so secured, and insofar as it may lawfully do so, shall agree not to assume during such term any further indebtedness for the benefit of public schools, except with the consent of the Corpora-