Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1908-10-02


ton; provided, said taxes so i'm
posed do not exceed five (5) mills
on the dollar of the assessed valua.
ton in any one % year, nor run
for a greater number of years thar
the number named in the PROPOSE
ton submitted to the taxpayers.
No bonds shall be issued for any
other purpose than stated in the sub
mission Of the proposition to the tax
payers, and published for thirty
days 900 as aforesaid, nor for a
greater amount than therein men
toned; nor shall such bonds be is
sued for any purpose than for paw
ing and improving streets, roads and
alleys, purchasing or constructing
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 a Ion
ger period than forty (40) years
from their date, or bear greater
rate of interest than five go per
cent per annum, 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-annually, and the principal
thereof at maturity; provided; that
the total issue Oh bonds by any NUM-
cipality, parish, school, sewerage or
drainage district, for all purposes,
shall never exceed ten (10)per cent
of the assessed value 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 eritge districts; and provided fur
Their that nothing herein contained
shall prevent drainage districts from
being established under the provis-
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
GRITTY to levy and assess annual con-
trlbutiOns or 9crN7~e taxes, for the
purpose of pro and maintain
ing drainage 8, on all lands
situated in such strict not exceed
ing twenty-five (25c) cents per acre
Tor period not to exceed forty (40)
years when authorized to do so by
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,
through the Board of Commissioners
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-
tons during the period for which tne
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
(4O) years from their date, nor
bear greater rate Of interest than
i've per cent. per annum, nor be
'osd for less than par.
All contributions and acreage tax
IS heretofore authorized by q vote of
1 majority in number and amount
of the property tax payers, qualified
70 vote under the laws of this State
1t elections held liz draiI3 &c districts !
organized under existing laws are
hereby ratified and confirmed, and
heir validity shall not be question
ID.
Provided that for the purpose of |
'educing the total rate of special tax
Ition, municipal corporations, parish.
IS and school sewerage or drainage
districts, when authorized to do so
IS above shown for the issuance OF
'onds, may issue new bonds cover
ng any particular issue or issues OF
'onds, or the whole outstanding
'onded Indebtedness incurred under,
nd for the purpose shown in, the
lrst paragraph of this article. the
aid new bonds to be known as Re
und Issue Bonds of political Sub
ivision) in the year -" Said
'efund Issue Bonds shall run for a
eriod of forty (4O) years from
heir date, shall not bear a greater
ate OF interest than five per cent
er annum, payable annually Or semi
as the ordinance calling
Or the election may direct, and shall
OF be sold by the municipal cor
Grafton, parish school sewerage or
rainage district issuing same, for
'ss than par.
The said Refund Issue Bonds NAV
e either in whole or in part ex.
hanged for the bonds previously is.
led under or by authority of this
rticle. Value for value, or sold and
he proceeds thereof used for the
urpose of purchasing outstanding
onds. Said elections, il favorable
the issuance of said bonds, shall
DIT occur to cover the same issue or
sues at frequenter intervals than
We (5) years; and each election
TALL not only cover any or all unre.
nded bond isused authorized by
Id issued in pursuance of the first
iragraph Of this article, but may
so include any or all previous re-
nd issued. And when the bonds of
ly issue shall have been obtained
Their by purchase or exchange. the ,
x rate levied to pay for said. bonds
all at once cease and said bonds
Cancelled. Money accumulated To ,
e credit of any bonds issue that is
changed for. or purchased by the '
oceeds OF the sale of, any refund
md issue shall be credited to the ,
Id refund issue and made part OF ,
! sinking fund. |,
Section 2. Be 1t further resolved.
G., That this proposed amendment |
all h0 nhrni G