St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1907-03-16
IUWcLAI
AN ORDINANCE

For the purpose of carrying out the provisions
of Act No. 81 of the General Assembly of the
State of Louisiana, adopted at its session in
the year 1906.
Section /. Be it ordained by the Town Coun-
Gil of the town of Covington, in legal session
convened, That by virtue of and in accordance
with the provisions of Act No. "a of the GEN
eral Assembly of Louisiana for the year 1906,
duly and legally passed, signed and promul-
gated, the issuance of sixty-one bonds of five
hundred dollars each is hereby authorized and
directed, said bonds to be dated, Covington,
Louisiana. March 80, 1907, and to bear interest
at the rate of five per cent per annum from
date until paid; payable annually at the Cow
ington Bank and Trust Company. on the 30th
day of March of each year thereafter, said in
terest to be evidenced by coupons attached to
said bonds.
Sec. 2. Be it further ordained. ETC., That the
special tax levied for the years 1907 to 1915,
within the corporate limits of the town OF
Covlngton, parish of ST. Tammany. Louisiana,
by virtue of school tax election held and car
ried in said town on the 5th day of October,
1906, or so much thereof as may be required,
shall be and the same is hereby dedicated and
applied to the payment of the annual accrued
interest thereon. as well as to the payment OF
/ the principal of said bonds, as they mature,
provided said bonds shall be redeemable before
maturity at par on call at the option of said
town of Covington.
Sec. 3. Be it further ordained, etc, That the
said bonds shall bear serial numbers from one
| to sixty-one, both inclusive, and shall mature
as follows: Number one, on March 30, 1908;
number two on March 80, 1909; numbers
| three and four. on March 80, 1910; numbers
five to nine, both inclusive, on March 80, 1911 ;
/ numbers ten to fourteen, both inclusive, on
| March 80, 1912; numbers fifteen to twenty
/ one, both inclusive, on March 80, 1913; num-
| March 80. 1914; numbers thirty to thirty
eight, both inclusive, on March 80, 1915;
/ numbers thirty-nine to forty-nine, both in
| elusive, on March 10, 1915; numbers fifty to
hot Incl NF1M
Sec. 4. Be 1t further ordained. ETC., That the
following form and phraseology be used for
/ the bonds to be issued by this body under
Act No. 81 of 1906:
UNITED STATES OF AMERICA,
| State of Louisiana, Parish of St. Tammany,
Covington, La, March 80, 1907.
years after date the
Town of Covingtor promises to pay to bearer
the sum of FIVE hundred dollars, at the Cow
/ ington Bank and Trust Company, with inter-
est thereon at the rate of five per cent per an
| mum from date until paid, said interest to be
| paid annually on the 3Oth day of March in
| each year, upon surrender of the respective
| interest coupons as hereto attached.
Both the principal and interest of this bond
| are secured by the proceeds for the years 1907
| to 1915, both inclusive, of special tax on the
| assessed valuation of property situated in the
| corporate limits of the Town of Covington,
tax having been voted for and duly carried at a
special school tax election held in the said
town on the 5th day of October, 1906, the
result of which election was pursuant to law
promulgated on the 22d day of December,
| 1906.
This bond is one of series of sixty-one
bonds numbered from one to sixty-one, OF
like amount, date, tenor and effect, and is sub
| ject to llupon payment of principal and ac-
| crued interest at the option of said Town OF
Covington.
In testimony whereof the said town of Gov
/ ington has caused the name of its Mayor and
Secretary to be fixed hereunto as its bond and
promissory note, at Covington, Louisiana, this
| fifth day of March, 1907.
To be written across the face of the bond r
red letters the following certificate:
| THEREBY CERTIFY, That have examined the
proceedings prior to and relative to the voting
of said special tax, the resolutions, ordinance!
and other proceedings of the Town Council Of
/ the Town of Covington, Parish of st, Tam.
many, State of Louisiana, pursuant to which
this bondhFaS issued; that the said proceed
Iings are regular in form, and that the proceeds
of the special tax dedicated to the payment o.
the same estimated upon the tax roll of saiC
| town for the year in which the tax was voted
that is to say, the year 1906, will be ample fo
the payment of said bond, principal and in
terest
This -- day of -, 1907.