The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1908-09-26

through the Boards of Commissioners theraof
may incur indebtedness and issue negotiabl,
ponds therefor payable in principal and inter
est out OF. and not to exceed in princina) anf
interest," the aggregate amount to be raised
oy SAID annual contributions during the period
| iof which the same are levied. No Sucl
! drainage bonds shall be issued for any othe,
purpose than that for which said contribu
lions We're voted and shall not run for a longe,
period than forty (40) years from their date
hui pear d greater rate of interest than five
pei cent per annum, nor be sold for less than
! par.
All contributions and acreage Ia xes hereto
lore authorized by vote of a majority in
huhl9ef and amount of the property toy nav.
ers. qualified to vote under the lows of .hi.
s'a.e at elections held in drainage districts or.
sahiZed under existing laws are hereby rati.
heo ana confirmed and their validity Shall not
be questioned"
rro'iueu mat Tor the purpose of reducing
the total rate Of taxation. municipal cornoro-
IONS, parishes and school sewerage and drain
aye districts, when authorized to do 81 .,s
ABOVE shown for the issuance of bonds may
issue new bonds covering any particular issue
OF issues OF bonds, or the whole OUTSTANDING
bonded Indebtedness incurred under and for
Ihe purpose shown in, the first paragranb of
TINS article the said new bonds to be known
as fefund Issue Bonds of political Subdiyis
ioh) IN the Sear,.-....,' Said Refund Issue
Bonds shall run for period of forty (to) wears
from their date. shall not bear greater rate
OF interest than five t0 per cent per anntm
payable annually or semi-annually. as The ors.
nance calling for the election may direct and
shall not be sold by the municipal corporation.
parish, school sewerage or drainage district is
suing same for less than par.
Ihe SAID Refund Issue Bonds may be either
10 whole or in part exchanged for the bonds
previously issued under or by authority of this
article, Value for value, or sold and the pro-
ceeds thereof used for the purpose of purchas-
ing outstanding bonds Said elections, If ia.
vorable to the issuance of said bonds. shall not
occur TO cover the same issue or issues at fire..
quenter intervals than five % years; and each
election shall not only cover any or all unre
pursuance OF the first paragraph of this article
out may also include any or all previous re-
fund issued And when the bonds OF any
! issue shall have been obtained eth
er by purchase 0rexchange. the tax
rate levied to pay for such bonds shall at
once cease and said bonds be cancelled. Mon
eys accumulated to the credit OF any bond is.
sue that is exchanged for. or purchased by the
| proceeds OF the sale of. any refund bond issue
Shall be credited to the said refund issue and
made part of its sinking fund,
Section 2. Be it further resolved, etc. That
THIS proposed amendment shall be submitted
to the qualified voters of the state for adop-
| ton or rejection at the presidential and con-
| grcssiOnal election to be held in November
nineteen hundred and eight O9OS). if adopted
the same shall take effect Immediately there
after.
Section 3. Be it further resolved. etc. That
on the official ballots to be used at said cleo
ton, there shall be placed the words: 'Fo
the proposed amendment to Article two hun
dred and eghty'one esd Of the Constitution
of Louisiana" and the words Against the
proposed amendment to article two hundred
and eighty one esd of the constitution of Lou
iSiana.' and each elect0r shall indicate. Il.
provided in the general election laws of thi
state, which of the propositions for OF
| against" he votes.
III. G. DUPRE,
Speaker of the House of representatives.
p. NJ. LAMBREMONT.
Lieutenant Governor and President of tn,
| Senate.
Approved July g. 1903.
J. Y. SANDERS,
Governor of the State of Louisiana.
A true copy.
JOHN Y. MICHEL,
Secretary of State.