The Natchitoches enterprise., 1908-09-24

Tor which said contributions were yo
TED and shall not run for a longer De
Tlod than forty t40) years from thei
GATE, nor bear a greater rate of in
ueresU Than five per cent. per annum
nor be sold for less than par.
| All contributions and acreage tax
heretofore authorized by a vote Of {
| majority in number and amount Of
the property tax payers, qualified t
vote under the laws of this State al
elections held in drainage districts or.
gained under existing laws are here
by ratified and confirmed, and theil
validity shall not be questioned
Provided that for the purpose. of re-
ducing the total rate of special taxa
ton, municipal corporations, parishes
and school sewerage or drainage dis
tricts, when authorized to do so as
above shown for the issuance of bonds,
may issue new bonds Covering any
particular issue or issues of bOnoS, or
the whole outstanding bonded indebt-
edness incurred under, and for the
purpose shown in, the first paragraph
of this article, the said new bonds to
be known as Refund Issue Bonds of
political Subdivision in the year
-" Said Refund Issue Bonds shall
run for a period of forty (40) years
from their date, shall not bear great
er rate of interest than five % per
cent per annum, payable annually or
semi-annually, as the ordinance call
ing for the election may direct, and
shall not be sold by the municipal
corporation, parish school sewerage or
drainage district issuing same, for
ess than par.
The said Refund Issue Bonds may
be either in whole or in part exchang-
ed for the bonds previously issued
under or by authority of this article
Value for value,- OF sold and the pro-
ceeds thereof used for the purpose of
purchasing outstanding bonds Said
elections, if favorable to the issuance
of said bonds, shall not occur to cover
the same issue or issues at frequenter
intervals than five (5l years and each
election shall not only cover any or
all unrefunded bond issues authori-
zed by and issued III pursuance of the
first paragraph of this article. but
may also include any or all previous
refund issues. And when The bonds
of any issue shall have been obtained
either by purchase of exchange, the
tax rate levied to pay for said bonds
shall at once cease and said bonds be
Moneys accumulated to the
credit of any bond Issue that is ex-
changed for, or purchased by the pro-
ceeds of the sale of, any refund bond
issue shall be credited to the said re-
fund issue and made part of its sink
ing fund.
Section 2. Be it further resolved,
3te., That this proposed amendment
shall be submitted to the qualified
'oters Of the State for adoption or
election at the presidential and con-
gressional election to be held in No |
iember, Ninteen Hundred and Eight |
1909, if adopted, the same shall take |
fleet Immediately thereafter
Section 3. Be it further resolved.
tc., That on the official ballots to /
,e used az saidI election. there shall |
Ne placed the words: For the PROOFS
d amendment to Article Two Hun
.red and Eighty-one (2S1) of the Con-
titutiOn Of Louisiana, and the words
Against the proposed amendment to
lrticle Two Hundred and Eighty-One
28l) of the Constitution of the State
4 louisiana" and each elector shall
Indicate, as provided in the general
lection laws Of the State, which of
he propositions 'tfor" or against"
e votes
II. G. DUPRE,
peaker Of the House Of Representa-
tiyes.
p. NJ LAMBEMONT,
lieutenant Governor and President
of the senate.
pproved July s, 1908.
J. Y. SAN DERS.
Governor Of the State Of Louisiana.
A true copy.
JOHN L. MICHEL,
Secretretary of State.