The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1908-09-05

through the Boards of Commissioners thereof
may incur Indebtedness and issue negotiable
oonds therefor payable in principal and inter
est out OF, and not to exceed in principal and
interest the aggregate amount to be raised
ny sald annual contributions during the period
1or which the same are levied. No such
| drainage bonds shall be issued for any other
| purpose than that for which said contribu-
| 'iohs were voted and shall not run for longer
period than forty (40) years from their date
nor peara greater rate of interest than five
per cent. per annum, nor be sold for less than
par.
All contributions and acreage Ia yes herato
| fore authorized by vote of n majority IN
l"''ioer ana amount OF the property tax pay
ers' quahhed to vote under the laws of this
state at elections held in drainage districts or.
ganlzed under existing laws are hereby rati.
neo and confirmed, and their validity Shall not
be questioned"
provided that for the purpose of reducinu
'he total rate of taxation muncpal corpora.
tiohs' parishes and school sewerage and drain,
age districts when authorized to do so rs
ABOVE shown for the issuance of bonds, may
issue new bonds covering any particular issue
Vi issues OF bonds, or the whole OUTSTANDING
bonded Indebtedness incurred under, and for
'he purpose shown in. the first paragraph of
ILLS afticie' the said new bonds to be known
as Refund Issue Bonds of political Subdiyis
lon) IN the year Said Refund Issue
BONDS Shall run for period of forty 4O) years
from their date, Shall not bear greater rate
OF interest than five 60 per cent per annum,
payable annually or semiannualy as the ordi.
nance calling for the election NAV direct and
small not be sold by the municipal corporation,
PARISH school sewerage or drainage district is
suing same for less than par.
inc SAID Refund Issue Bonds may be either
III 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 thereon used for the purpose of purchaS-
ing outstanding bonds. Said elections if ia
vorable to the issuance of said bonds. shah not
occur to cover the same issue or issues at FIRE.
quenter intervals than five 90 years. and each
election Shall not only cover any or all unre.
pursuance of the first paragraph of this article,
Out 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 orexchange, 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 2. Be it 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 (19OS) if adopted
the same shall take effect Immediately there
after.
Sections 3. BE 1t further resolved. etc, That
| on the official ballots to be used at said cleo
tion there shall be placed the words: 'Fo
| the proposed amendment to Article two hun
dred and eighty-one esd of the Constitution
| of Louisiana" and the words Against the
| proposed amendment to article two hundred
and eighty one esd of the constitution of Lou
iSiana,' and each elector shall indicate, as
| provided In the general election laws of this
state, which of the propositions for or
| against he votes.
H. G. DUPRE,
Speaker OF the House of representatives
PM LAMBREMONT.
Lieutenant Governor and President of the
| Senate.
| Approved July g. 1905
J. Y. SANDERS,
! Governor of the State Of Louisiana.
| A true copy.
JOHN Il. MICHEL,
! Secretary of State.