Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1908-10-30

systems of water-worKs sewerage.
drainage lights, public parks ana
buildings, bridges and other works
of public improvements, the title 10
which shall vest in the municipal cor
poration, parish, school sewerage or
drainage district as the case may be;
nor shall such bonds run lor lon
ger period than forty (40) years
from their date, or bear q greater
rate of interest than FIVE (5) Fer
cent per annum, or be sold by the
municipal corporation, parish, school
drainage or sewerage district Issuing
same for less than par.
The municipal corporation, parish, |
school, sewerage or drainage district |
issuing such bonds shall provide for |
the payment of the interest annually, |
or semi-annually, and the principal
thereof at maturity; provided; that
the total issue o, bonds by any NUM-
cipality, parish, school, sewerage or
i drainage district, for all purposes,
shall never exceed ten (10)per cent
of the assessed value of the prop
| erty In such municipality, parish,
school, sewerage or drainage district.
Provided that municipal councils
shall have authority to create with
: in their respective limits one or more
sew erage districts; and provided FUR
I Their that nothing herein contained
5 shall prevent drainage districts from
being established under the provis-
! | ions OF existing laws, and that all
II drainage district established under
!, the laws of this State shall, in addi-
e ton to the powers hereinabove grant
: ed, have the further power and auth
i ority to levy and assess annual con-
+ tributions or acreage taxes, for the
: purpose of providing and maintain
ing drainage systems, on all lands
situated in such district not exceed-
) ing twenty-five (25c) cents per acre
for a period not to exceed forty t4O)
years when authorized to do so by
j. vote of a majority in number and
amount of the property tax payers
of said district qualified as electors
under the laws Of this State, voting
l. at an election held for that purpose
as provided in the first par OF this
article, and said drainage districts,
through the Board OF Commissioners
thereof may incur indebtedness and
issue negotiable bonds therefor pay
able in principal and interest out OF,
es and not to exceed in principal and
interest, the aggregate amount to
l. be raised by said annual contribu-
a. lions during the period for which the
in same are levied. No such drainage
N bonds shall he issued for any other
purpose than that for which said con-
he IJr,putlons were voted and shall not
OF run for a longer period than forty
IL (4O) years from their date, nor
r. bear a greater rate of interest tnan
to five per cent. per annum, nor be
d sod for less than par.
arz1 o. "
II, es heretofore authorized by vote OF
lie 1 majority in number and amornt
he of the property tax payers, qualined
rs, ~ veto '-n'er the laws of this State
at elections held In draiau &c districts
ng .n.zeu un .er existing laws are
TT hereby ratified and confirmed, and
ng ."nir validity shall not be question
ce ed.
lid Provided that for the purpose o.
by reducing the total rate of special tax
alton. municipal corporations, parish
ed es and school sewerage or drainage
fl districts, when authorized to do 81
&C. as above shown for the issuance o
bonds. may issue new bonds cover
Gle ing any particular issue or issues o
nst bonds. or the whole outstanding
he bonded Indebtedness incurred under
tor and for the purpose shown in, TN
ro- first paragraph of this article, IN
the said new bonds to be known as he
fund Issue Bonds of political sun
division) in the year -. SAL
en- Refund Issue Bonds shall run for
period of forty (40) years fror
, their date. shall not bear a create
esi- rate of interest than five per cen
Der annum, payable annually or sem
annually, as the ordinance calm
ma, not be sold by the municipal col
poration. parish school sewerage o
drainage district issuing same. 70
less than par.
The said Refund Issue Bonds ma
be either in whole or in part e.
it'll. changed for the bonds previously Il
sued under or by authority OF TN
rti- article. Value for value, or sold an
one the proceeds thereof used for II
ate purpose of purchasing outstandln
nee bonds. Said elections, If favorab
We to the issuance of said bonds, sha
,ar- not occur to cover the same issue
the issues at freauenter intervals tina
for five CD years; and each eiectio
snail not only cover any or all unr
the funded bond isused authorized
of an ISSUED in pursuance OF the Ut
all raragranh of this article, but ma
use also include any or all previous r
Iun- fund issued. And when the bonds
the =, issue shall have been obtaint
isl either by purchase or exchange, u
as tax rate levied to pay for said bon
~Nau Of once cease and said bon
ora be cancelled. Money accumulated
, or the creIit of any bonds issue that
New exchanged for, or purchased by q
lied proceeds of the sale OF, any re1ul
|, in bond issue shall be credited 10 U
the said refund issue and made part
as its sinking fund.
and Section 2. be IL iur.ner resoise
,lec- etc, That TINS proposeu i;e
due shall be submitted 70 Tug LIZ
pub voters OF the State Ioi auVp,io.
the rejection at inc presiueu
v or congressional election to be held
off, November, Ninteen Hundred a.
80 | E.~lL l1aAa IL adnnted. the sal