The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1908-10-03

through the Boards of Commissioners thereof,
may incur indebtedness and issue negotiable
bonds therefor payable in principal and inter
est out of, and not to exceed in principal and
interest, the aggregate amount to be raised
by said annual contributions during the period
for 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 greater rate of interest than five
per cent, per annum, nor be, sold for less than
par.
All contributions and acreage ia xeS hereto
fore authorized by a vote of q majority in
number and amount of the property tax nav.
erS qualified to vote under the laws of this
state at elections held in drainage districts or.
ganzed under existing laws are hereby rati
fed and confirmed. and their validity shall not
be questioned
PROVIDED that for the purpose of reducing
the total rate of taxation, municipal corpora
ions. parishes and school sewerage and drain,
age districts. when authorized to do so as
above shown for the issuance of bonds. may
ISSUE new bonds covering any particular issue
or ISSUES of bonds, OF the whole outstanding
bonded 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 Subdivis
lon} IN the year .......'' Said Refund Issue
BONDS shall run for period of forty (lW years
from their date, shall not bear greater rate
OF interest than five 90 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
Yorable to the issuance of said bonds, shah 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,
but 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 orexchapge, 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 ,. BE il 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 Q90S}, il adopted
the same shall take effect immediately there
after.
| Section 3. BE it further resolved etc, Tina
on the official ballots to be used ut said cleo
ton. there shall be placed the words: 'Ft
the proposed amendment to Article two hur
dred and eighty-one esd Ct the Constitutio
of Louisiana, and the words Against tn
proposed amendment to article two hundre
and eighty one esd of the constitution of Lol
iSiana,' and each elect0r shall indicate, 4
provided in the general election laws of tn
state, which of the propositions for {
against he votes.
H. G. DUPRE,
Speaker of the House of representatives.
PM LAMBREMONT
Lieutenant Governor and President OF I'll
Senate
, Approved July Q, 1903.
j. Y. SANDERS,
, Governor of the State of Louisiana
A true copy
JOHN r. MICHEL.
Secretary OF State.