Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1908-10-23

sued for any purpose than for paw
ing and improving streets, roads AM
alleys, purchasing or constructing
systems OF water-worKs beverage.
drainage lights, public parks ana
buildings, bridges and other works
| of public improvements, the title to
which shall vest in the municipal ccr-
poration, parish, school sewerage or
drainage district as the case may be;
nor shall such bonds run Ior a lon
ger period than forty (40) years
| from their date, or bear a 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 o. 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 erage districts; and provided far
| Their that nothing herein contained
| shall 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
GRITTY to levy and assess annual con-
tributiohs or acreage taxes, for tie
purpose Of providing and maintain
ing drainage systems, On all lands
situated in such district not exceai-
ing twenty-five (25c) cents per acre
for a period not to exceed forty (4G)
years when authorized to do 80 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
/
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-
lions 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 cor
trIbutions were voted and shall not
run for a longer period than forty
(40) years from their date, nor
bear greater rate of interest than
| five per cent. Fer annum, nor be
sod for less than par.
All contributions AMI acreage tax
es heretofore authorized by q vote o.
4 majority in number and amount
of the property tax payers. qualified
- vote unSer the laws of this State
at elections held In draiIug re districts
orsanIZed unier existing laws are
! hereby ratified and confirmed, and
t"air validity shall not be question
ed.
Provided that for the purpose OF
reducing the total rate of special tax
alton, municipal corporations, parish
es and school sewerage or drainage
districts, when authorized to do SC
| as above shown for the issuance OF
bonds, may issue new bonds cover
ing any particular 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 Re-
fund Issue Bonds of political Sub
division) in the year -" Said
Refund Issue Bonds shall run for a
period of forty (40) 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 the 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 the
purpose of purchasing outstanding
bonds. Said elections, il favorable
to the issuance of said bonds. shall
not occur to cover the same issue or
issues at frequenter intervals than
five Cd years; and each election
shall not only cover any or all unre-
funded bond isused authorized by
ami issued in pursuance of the first
raragraDh 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 bon's
erall at once cease and said bonds
be Cancelled. Money accumulated tn
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
its sinking fund.
Section 2. Be 1t further resolved,
ETC.. That this proposed amendment
4 IA