Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1908-09-18

sued for any purpose than for paw
Ing and improving streets, roads an
alleys, purchasing or eonstrgccng
"systems OF water-works, sewerage.
drainage lights, public parks and
buildings, bridges and other works
OF public improvements, the title to
which shall vest in the municipal cor
poration, parish, school sewerage or
drainage district as the case may be;
nor shall such bonds run Tor q lon
ger period than forty (4e) years
from their date, or bear a greater
rate OF interest than FIVE (5) per
| cent per anrum, 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-aRnually. and the PRINCIPAL
thereof at maturity; provided; that
the total issue Oh bonds by any NUM-
cfpality, parish, school, sewerage or
drainage district, for all purposes,
shall never exceed ten 10)per cent
or the assessed valre 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 erRgs districts; and provided fur
ther that nothing herein contained
SHAH prevent drainage districts from
being established under the proyis-
ions Of existing laws, and that all
drainage district established under
the laws of this State shall, in addi-
ton to the powers hereinabove grant
ed. have the further. power and auth
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 period not to exceed forty (40)
years when authorized to do SO by a
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
at an election held for that purpose
as provided in the first part of this
article, and said drainage districts,
Ou6u lAC DO2Iu
thereof may incur indebtedness and
issue negotiable bonds therefor pay
able In principal and interest out of.
and not to exceed in principal and
interest, the aggregate amount to
be raised by said annual contribu-
tions 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 con-
tributions were voted and shall not
run for a longer period than forty
(40) years from their date. nor
bear q greater rate of interest than
five per cent. per annum, nor be
sold for less than par.
All contributions and acreage tax
% heretofore authorized by vote of
majority in number and amount
OF the property tax payers, qualified
tn vote under the laws of this State
at elections held iE drainage districts
organized under existing laws are
hereby ratified and. confirmed, AM
tNeir validity shall not be question
ed.
Provided that for the purpose of
reducing the total rate Of special tax
alton, municipal corporations, parish
ee and school sewerage or drainage
districts, whep authorized to do 50
as above shown for the issuance of
bonds, may issue new bonds cover
ing any particular issue or issues of
hondg, or the whole outstanding
bonded indebtedness incurred under,
and for the purpose shown in, the
frst paragraph Of this article. the
said new bends to be known as Re-
fund Issue Bonds of political Sub
division) in the year -" Said
Refund Issue Bonds shall run for a
period of forty (4o) years from
their date, shall not bear a greater
rate of interest than FIVE per cent
per annum, payable annually or semi
annually, as the ordinance calling
for TIE election may direct, and shall
not be sold by the municipal cor
poration, parish school sewerage or
drainage district issuing same, for
less than par.
The said Refund Issue Bonds may
be either in whole or in part ex-
changed for the bonds previously is
sued under or by authority Of this |
article. Value for value, or sold and
the proceeds thereof used for tue /
purpose Of purchasing outstanding !
bonds. Said elections. II favorable |
TO the issuance CT said bonds, shall |
not occur to cover the same issue or |
issues at frequsnter intervals than |
Ave CD years; and each election |
shall not only cover any or all unre- |
funded bond isused authorized by |
and issued in pursuance Of the first I,
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 /
either by purchase or exchange, the |
tax rate levied to pay for said bonds |
shall at once cease and said bonds /
be cancelled. Money accumulated to |
the credit Of any bonds issue 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 /
It's sinking fund.
Section 2. Be II further resolved,
ETC.. That this proposed amendment
Il Ill - g. -. A4A