The Bossier banner. [volume] (Bellevue, Bossier Parish, La.) 1859-1952, 1908-10-08

parish. ana wnere there is no official
therein. may incur debt. and issue ne.
gotiable bonds therefor, to the extent
Of one-tenth u-10) of the assessed val.
uatiOn of the property within said mu
nicipal corporation. parish, school ~
by the last assessment made prior To
the submission of the proposition to
the property taxpayers, as above pro-
vided and may be authorized by tba
tfOn,to levy and assess special tayes
upon the property subject to taxation
in the parish. school, sewerage or
drainage district or corporation; pro.
exceed five 60 mills on the dollar az
the assessed valuation in any one IN 3.
year. nor run for a greater number Of
years than the number named in the
proposition submitted to the taxpayers
No bonds shall be issued for any 9th.
er purpose than stated in the submis.
sion of the proposition to the taxnay
ers, and published for thirty days CSC,
than therein mentioned; nor shall snnh
bonds be issued for any purpose tban
Tor paying and improving streets
roads and alleys. purchasing or con-,
sewerage, drainage, lights, public parks
and buildings. bridges and other works
OF public Improvement, the title to
which shall vest in the municipal cor.
or
drainage districts, as the case NAV he. s
nor shall such bonds run for n Ionrar
period than forty (4O) years from their
date. or bear greater rate of Interest
sn sl i've tol per cent per annum, or be
ism. school. drainage or sewerage dis
trict issuing same for less than par
The municipal corporation, parish
issuing such bonds shall provide for
the payment of the interest annuaIlv
or semi-annually, and the prineinai
thereof at maturity; provided, that the
total issue OF bonds by any municipaH-
ty. parish. school. sewerage or drain.
age district, for all purposes, shall nav.
er exceed ten 10) per cent Of the a.
sessed value of the property in such
municipality. parish, school. sewerage
municipal councils shall have authoritv
to create within their respective limits
one or more sewerage districts; and
provided further. that nothing herein
contained shall prevent drainage dis
tricts from being established under tho
provisions of existing laws, and that All
drainage districts established under tha
laws of this State shall, in addition RI
the powers hereinabove granted have
the further power and authoritv y,
levy ana assess amman contributions or
acreage taxes, for the purpose of nro.
viding and maintaining drainage sys-
TENS, on all lands situated in such dis
trict not exceeding Twenty-Five fsHs,
cents per acre for a period not to an.
coed forty (4O) years when authorized
to do SO by vote of majority in
number and amount of the property tax
payers OF said district qualified as cleo
tors under the laws of this State, yot-
Ing at an election held for that purposa
al provided In the first part of this ar
ticle, and said drainage districts,
through the Boards Of Commissioner
thereof, may incur indebtedness and is-
sue negotiable bonds therefor PAYABLE
In principal and interest out Of and
not to exceed in principal and interest.
said annual contributions during the
period for which the same are levied
No such drainage bonds shall be issued
Tor any other purpose than that for
and shall not run for longer period
than forty (40) years from their date
nor bear greater rate Of interest than
five per cent per annum. nor be sold
Tor less than par.
All contributions and acreage taxes
heretofore authorized by vote of
majority in number and amount of the
property tax payers. qualified to vote
under the laws of this State at elee-
lions held in drainage districts organ
lied under existing laws are hereby
ratified and confirmed, and their va
lidity 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 par
| tlcular issue or issues of bonds, or the
| whole outstanding bonded Indebtedness
| 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 Pc
rtod OF forty (40) years from their date.
shall not bear greater rate of inter-
payable annually or semi-annually. as
the ordinance calling for the election
may direct, and shall not be sold by the
municipal corporation, 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 exchanged
for the bonds previously issued under
for value, or sold and the proceeds
thereof used for the purpose of pur-
chasing outstanding bonds. Said cleo.
| tons. II favorable to the issuance OF
said bonds. shall not occur to cover the
same Issue or issues at frequenter In
tervals than five Coz years; and each
| election shall not only cover any or all
unrefunded bond issues authorized by
| ana issued In pursuance of the first
paragraph of this article. but may also
include any or all previous refund is
sues. And when the bonds of any issue
| shall have been obtained either by
purchase or exchange. the tax rate lev-
| led to pay for said bonds shall at once
| cease and said bonds be cancelled Mon
eys accumulated to the credit of any
bond issue that Is exchanged for, or
purchased by the proceeds of the sale
of, any refund bond issue shall be cree-
tied to the said refund issue and made
part OF It's sinking fund
section 2. Be 1t further resolved, etc.,
That this proposed amendment shall be
submitted to The qualified voters OF
the State for adoption or rejection at
the presidential and congressional eiec-s
ton to be held in November. Nineteen
hundred and Eight 190S), if adopted
the same shall take effect Immediately
thereafter rs
Section 3. Be it further resolved, etc.
That on the official ballots to be used
at said election. there shall be placed
the words: For the proposed amend
ment to Article Two Hundred and
Eighty-one (2S1) of the Constitution
OF Louisiana" and the words: Against
the proposed amendment to Article Two
Hunared and Eighty-one f2S1). of the
Constitution of the State of Louisiana"
and each clector shall Indicate. as pro-
vided In the general election laws Of
lne state. which OF the propositions
Tor or against" he votes
H. G. DUPRE
speaker OF the House of Representatives
p. NJ. LAMBREMONT.
lieutenant Governor and President Of
| the Senate.
Approved July 9, 1908.
]. Y. SANDERS.
Governor of the State of louisiana
A true copy. JOHN T. MICHEL.
Secretary Of State.