The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1908-10-31

through the Boards OF Commissioners thereof
may incur Indebtedness and issue negotiable
bonds therefor payable in principal and inter
EST out OF, and not to exceed in principal and
interest, the aggregate amount to be raised
ny SAID annual contributions during the period
Ior winch the same are levied No such
drainage bonds shall be issued for any other
purpose than that for which said confirm.
lions were voted and shall not run for longer
period than forty 4O years from their date
nor pear greater rate of interest than five
| per cent. per annum nor be sold for less than
par.
All contributions and acreage taxes hereto
| lore authorized by q vote of n majority in
hunloer and amount OF the property tax Day.
CTS aualiied TO vote under the laws of this
state at elections held in drainage districts or
canned under existing laws are hereby rati
hed and confirmed, and their validity Shall not
be questioned"
| fro'lded that for the purpose of reducing
ehe total rate OF taxation, municipal corpora
| ions, parishes and school sewerage and drain.
age districts, when authorized to do 50 rs
ABOVE SHOWN for the issuance of bonds. may
| issue new bonds covering any particular issue
or issues of bonds or the whole outstanding
bonded Indebtedness incurred under. and for
'he purpose shown in the first paragraph of
| TINS article the said new bonds to be known
as Refund Issue Bonds of political Subdiyis
ioh' III the year" Said Refund Issue
Bonds shall run for period Of forty {40} years
| Hnn l.a...
from their date. shall not bear greater rate
OF interest than five 90 per cent per annum,
payable annually or semi-annualy, as the ordi,
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
The said Refund Issue Bonds NAV be either
IN 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
vofable 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-
funded bond issues authorized by and issued in
pursuance of the first paragraph of this article.
out may also include any or all previous re-
1und issued. And when the bonds of any
issue shall have been obtained eth
er By purchase oreXchange, 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 it's sinking fund
Section 2. BE it further resolved. etc, That
this proposed amendment shall be submit ed
to the qualified voters Of the state for adop-
| ton or rejection at the presidential and con,
greSsional election to be held in November
nineteen hundred and eight Q9Os). if adopted,
the same shall take effect Immediately there.
after
Sections 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 eighty-On 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 elector shall indicate, as
provided In the general election laws of this
state. which of the propositions for or
against he votes
) H. G. DUPRE,
Speaker of the House of representatives
p LAMBREMONT,
Lieutenant Governor and President of the
Senate.
Approved July 9. 1908.
j. Y. SANDERS.
Governor of the State of Louisiana.
A true copy.
! JOHN T. MICHEL
Secretary of State.