The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1908-09-12

through the Boards of Commissioners thereof
naS incur Indebtedness and issue negotiable
oohds tnerefor payable in principal and inter
eSt OUT or and not to exceed in PRINCIPAL and
interest the aggregate amount to be raised
W SAID annual contributions during the period
| Aor winch the same are levied No such
| drainage bonds shall be issued for any other
] purpose than that for which said oontr;b,
! sions were voted and shall not run for longer
period Than forty (4O years from their date
iior pear greater rate of interest than five
per cent. per annum, nor be sold for less than
par '''''N
All contributions and acreage ia xes hereto
lore authorized by vote of q ma iorit,- j.,
ilutloer and amount of the property tax nav.
CD quaiilea 10 vote under the laws of this
state at elections held in drainage districts or
canned under existing laws are hereby rati.
ned and confirmed, and their validity shall NOT
be questioned"
PROVIDED that for the purpose of reducing
Ihe total rate of taxation, mupjcipal cornora.
lions. parishes and school sewerage and droin
"se oiS'flclS' when authorized to do SO as
ABOVE shown for the issuance of bonds, NAV
issue new bonds covering any particular issue
UT ISSUES OF bonds, or the whole outstanding
oonded indebtedness incurred under and for
the purpose shown in, the first paragraph of
this article, the said new bonds to be known
as he1uhd Issue Bonds of political Subdivis
foh' IN the year .......' Said Refund Issue
Bonds shall run for a period of forty (i0} wears
from their date, shall not bear a greater rate
OF interest than five 90 per cent per annum
payable annually or Semi-annually, as the ordi
nance calling for the election NAV 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 may 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
VoraDie 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
Sua that 10 ychapuad for or ,,u,nhocaa h., ~,
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 submitted
to the qualified voters of the state for adep-
ton or rejection at the presidential and con-
gresSiOnal election to be held in November.
nineteen hundred and eight C9OS). 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
| of Louisiana" and the words Against the
proposed amendment to article two hundred
and eighty one (2SD 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.
| II. G. DUPRE,
| Speaker of the House of representatives.
P. M. LAMBREMONT
| Lieutenant Governor and President of the
Senate.
| Approved July g. 1908.
j. Y. SANDERS,
Governor of the State of Louisiana.
| A true copy.
! JOHN r, MICHEL,
| Secretary of State.