The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1908-10-17

through the Boards Of Commissioners thereof
may incur Indebtedness and issue negotiabl,
oonds therefor payable in PRINCIPAL and inter
est out OF, and not TO exceed in principal ant
interest the aggregate amount to be RAISED
by said annual contributions DURING the neriod
for which the same are levied No sucl
or"iiaSe ponds Shall be issued for any Other
| purpose than that for which said contribu
IONS were voted and shall not run for . lonoe,
PERIOD than forty 40) years from their date
Hof Dear greater rate of interest than five
per cent. per annum. nor be sold for less ,bon
| par.
All contributions and acreage ia Xes hereto
| lore authorized by a vote of a majority in
NUMBER and amount of the property fax nav.
CTS qaaHiied to vote under the laws of this
state at elections held in drainage districts or.
| canned under existing laws are hereby roti.
he'd and confirmed and their validity shall nor
be questioned"
| iio'loeu that Tor the purpose of reducing
Ihe Total rate of taxation. municipal cornoro.
tiohS' parishes and school sewerage and droin-
age districts, when authorized to do SO ms
| above shown for the issuance of bonds may,
| issue new bonds covering any narticular issu,
OF ISSUES OF bonds or the whole OUTSTANDING
'oioeu Indebtedness incurred under and for
'le purpose shown in the first paragraph of
thlS article, the said new bonds to he known
us refund Issue Bonds OF political Subdiyis
ion' Ill the year ..' Said Refund Issue
bonds shall run for a period of forty (iO) vaoro
from thelr date, Shall not beara greater rate
Vi interest than tive 60 per cent per annum
payable annually or Semi-annually, as the ord
! nance calling for the election may direct and
snail 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 he either
III "hoie or IN part exchanged for the bonds
previously issued under or by authority of this
arucle. Value for value, or sold and the pro-
ceeds thereof used for the purpose Of purchos
ing outstanding bonds Said elections. if IA
'orable TO the issuance of said bonds shall not
occur to cover the same issue or issues ot fre
quehter intervals than five 90 years; and each
elecuon 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 its sinking fund.
| secnon =. BE 1t 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-
greSsional election to be held in November.
nineteen hundred and eight Q9O8). if adopted,
the same shall take effect Immediately there
after.
! sections 3, Be 1t further resolved etc. That
on the official ballots to be used at said cleo.
ton, there Shall be placed the words: ''F0
the proposed amendment to Article two hun
dred and eighty-one esd CT the Constitution
of Louisiana" and the words Against the
proposed amendment to article two hundred
and eighty one esd of the constitution of Lou
isana,' and each elector Shall Indicate as
provided in the general election laws % this
state. which of the propositions for Oh
against" he votes
! II, G. DUPRE,
Speaker of the House of re ressl5 9fveS. :
PM LAAfBREaTGfgT
Lieutenant Governor and President of tile
| Senate.
Approved July O. 1903.
j. Y. SANDERS
Governor of the State of Louisiana.
| A true COPY.
JOHN Il. MICHEL,
Secretary of State.