Page:United States Statutes at Large Volume 50 Part 1.djvu/679

 654 Additional jurisdic- tion. Compositions of in- debtedness of taxing .agencies, etc. Agricultural im- provement districts. Sower, paving, etc ., districts. Highway, etc ., dis- tricts. Public-school dis- tricts. Por t, n avi gat ion, etc ., districts. Municipalities. Proviso. Separability provi- sion. Definitions. " Petitione r ." " Security ." "Creditor." U. S. agency holding securities, etc .,deemed s creditor. 75 Ta CONG RES S, 1sT SESSION-CH. 657AUGUST 16, 1937 Acts amendatory thereof and supplementary thereto be, and they are hereby, amended by adding thereto a new chapter, to be desig- nated "chapter X", to be and read as follows " CHAPTER X " ADD ITIONA L JUR ISDICT ION "SEC. 81 . This Act and proceedings thereunder are found and declared to be within the subject of bankruptcies and, in addition to the jurisdiction otherwise exercised, courts of bankruptcy shall exercise original jurisdiction as provided in this chapter for the composition of indebtedness of, or authorized by, any of the taxing agencies or instrumentalities hereinafter named, payable (a) out of ass essme nts o r taxe s, or both, levi ed ag ainst and c onsti tuting lien s upon property in any of said taxing agencies or instrumentalities, or (b) out of property acquired by foreclosure of any such assessments or taxes or both, or (c) out of income derived by such taxing agencies or instrumentalities from the sale of water or power or both, or (d) from any combination thereof ; (1) Drainage, drainage and levee, levee, levee and drainage, reclamation, water, irrigation, or other similar districts, commonly designated as agricultural improvement districts or local improvement districts, organized or created for the purpose of constructing, improving, maintaining, and operating certain improvements or projects devoted chiefly to the improvement of lands therein for agricultural purposes ; or (2) local improve- ment districts such as sewer, paving, sanitary, or other similar dis- tricts, organized or created for the purposes designated by their respective names ; or (3) local improvement districts such as road, highway, or other similar districts, organized or created for the pur- pose of grading, paving, or otherwise improving public streets, roads, or highways ; or (4) public-school districts or public-school authori- ties organized or created for the purpose of constructing, maintaining, and operating public schools or public-school facilities ; or (5) local improvement districts such as port, navigation, or other similar dis- tricts, organized or created for the purpose of constructing, improv- ing, maintaining, and operating ports and port facilities ; or (6) any city, town, village, borough, township, or other municipality : Pro- vided, however, That if any provision of this chapter, or the applica- tion thereof to any such taxing agency or district or class thereof or to any circumstance, is held invalid, the remainder of the chapter, or the application of such provision to any other or different taxing agency or district or class t hereof or t o any other or differe nt circum- stances, shall not be affecte d by such h olding. "DEFINITION "SEC. 82. The following terms as used in this chapter, unless a different meaning is plainly required by the context, shall be con- strued as follows "That the term petitioner' shall include any taxing agency or instrumentality referred to in section 81 of this chapter . "The term security' shall include bonds, notes, judgments, claims, and demands, liquidated or unliquidated, and other evidences of inde btedne ss, e ither secur ed or unsec ured, and certif icate s of bene- ficial interest in property. "The term credit or' m eans the ho lder of a s ecuri ty or secur ities . "A ny agency of the Un ited State s holding securitie s acquired purs uant t o con tract with any p etitio ner u nder this c hapte r sha ll be deemed a creditor in the amount of the full face value thereof .