The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1908-10-24

through the Boards of Commissioners thereof
may incur indebtedness and issue negotiable
bonds therefor payable in principal and inter.
est cut Of and not to exceed in principal and
interest, the aggregate amount to be raised
by said annual contributions during the period
Tor which the same are levied. No such
drainage bonds shall be issued for any other
purpose than that for which said contribu-
lions were voted and shall not run for n longer
period than forty (40) years from their date
nor pear Il greater rate of interest than five
per cent. per annum. nor be sold for less than
par
All contributions and acreage tn xes hereto
lore authorized by vote of majority in
number and amount of the property tax nav.
ers' qualified to vote under the laws of this
sIate AZ elections held in drainage districts or
gained under existing laws are hereby roti.
ned and confirmed and their validity shall mot
be questioned"
Fro'ideu that for the purpose of reducing
lhe Total rate of taxation municipal corporo.
VlohS' parishes and school sewerage and drain
age districts, when authorized to do so MS
ABOVE shown for the issuance of bonds may
issue new bonds covering any particular issua
or issues of bonds. or the whole OUTSTANDING
oonued Indebtedness incurred under, and for
the purpose shown in, the first paragraph of
TINS article, the said new bonds to be known
as Refund Issue Bonds of political Subdiyis
loEl IN the year----.....' Said Refund Issue
Bonds shall run for a period of forty (1Ol ye.rs
from their date, Shall not bear a greater rate
OF interest than five CO per cent per annum,
| payable annually or Semi,annually. 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 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
vorable to the issuance of said bonds, shall not
occur to cover the same issue or issues at fire.
quenter intervals than five 60 years; and each
election Shall not only cover any or all unre-
| funded bond issues authorized by and issued in
pursuance of the first para graph of this article,
Dut may also include any or all previous re-
| fund 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
Section 2. BE it further resolved. etc. Thai
this proposed amendment shall be submit &c
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 Be it further resolved, etc, Tha
on the official ballots to be used at said cleo
tion there Shall be placed the words: 'Ft
the proposed amendment to Article two hur
dred and eighty-one esd Ct the Constitutio
OF LOUISIANA, ana the words Against tn
proposed amendment to article two hundre
and eighty one esd of the constitution of Lou
= isiana," and each elector shall indicate. a
provided in the general election laws of th
state. which of the propositions for c
= against" he votes.
- H. G. DUPRE,
Speaker of the House of representatives.
p. M LAMBREMONT
i, Lieutenant Governor and President of I'll
= Senate.
4 Approved July 9, 1903.
- j. Y. SANDERS,
4 Governor of the State of Louisiana.
A true copy.
JOHN Y. MICHEL,
o Secretary of State.