Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1908-10-09

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 ulcy be;
nor shall such bonds run iOf a Ion
ger period than forty (t0) years
from their date, or hear q greater
rate Of interest than FIVE 90 per
cent per annum, or Ee sold by the
municipal corporation, Parish. school
drainage or sewerage district Issuing
same for less than par.
Tie municipal corporation, parish,
school, sewerage. or drainage district
Issuing such bonds shall provide for
the payment of the interest annually.
or semi-annCally, and the principal
thereof at maturity; provided; that
the total issue o. bonds by any NUM-
c!pality, parish, school, sewerage or
drainage district, fer all purposes,
shall never exceed ten Cooper cent
of the assessed valve of TIE 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 enc or more
sew erage 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 hCre.CaboYe grant
cd, 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 (2Jc) cents per acre
for a period not 10 exceed forty (40)
years when authorized to do so by
vote of majority in number and
amount of TIE property tax payers
CT said district qualified as electors
under the laws of this state. voting
at an election held fer that purpose
as provided in the first part of this
article, and said drainage districts,
through the Board Of Commissioners
thereof may incur Indebtedness AMI
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 tho
same are levied. No such drainage
bo1's shall be Issued fer any other
purpose than that for which said con-
Ur!but;cns were votcj and shall not
run for Q longer Period than forty
(40) years from their date, nor
bear a greater rate OF interest than
five per cent. pcr annum, nor be
sod for less than par.
All contributions arl acreage tax
es heretofore authorized by 9 vote Of
majority in number and amount
of the property tex payers, qualified
- vote un7cr tNe laws of this State
at elections held il draiau@e districts
..--uIZC1 UnLCr existing laws are
hereby ratified and confirmed, and
t'oir validity shall net be question
ed.
Provided that for TIE 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 IS Re-
fund Issue Bonds OF political Sub
| division) in the year -" Said
Refund Issue Bends shall run for a
| period Of forty (t0) 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, If favorable
to the issuance CT said bonds, shall
not occur to cover the same issue or
/ ISSUES At ilSQ ucutST intervals ludl
five go years; and each election
shall not only cover any or all unre-
! funded bond isused authorized by
ana issued in pursuance of the first
TaraFrrph of this article, bit 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 ut 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 it further resolved,
etc. That this proposed amendment
shall be submitted to the qualified
voters of the State for adoption or
rejection at tho presidential and
congressional election to be held in
November, Ninteen Hundred and
Eight G9OSO il adopted, the same