The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1908-08-29

through the Boards of Commissioners thereof,
may incur Indebtedness and issue negotiable
| bonds therefor payable in principal and inter-
| est out OF. and not to exceed in principal and
interest, the aggregate amount to be raised
by SAID 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-
lions were voted and shall not run for q longer
period than forty 40) years from their date
nor pear greater rate of interest than five
per cent. per annum, nor be sold for less than
par.
All contributions and acreage taxes hereto
iofe authorized by vote of majority in
number and amount of the property tax pay.
erS, qualified to vote under the laws of this
state at elections held in drainage districts Or
canned under existing laws are hereby rati-
ned and confirmed, and their validity Shall not
be questioned"
Ffo'tded that for the purpose OF reducing
Vic total rate OF taxation municipal corpora
tlons, parishes and school sewerage and drain
age districts when authorized to do so as
ABOVE shown for the issuance of bonds. NAV
issue new bonds covering 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 Refund Issue Bonds of political Subdivs
! lon) in the year" Said Refund Issue
Bonds shall run for a period of forty (40) years
| from their date. shall not bear q greater rate
| OF interest than five 90 per cent per annum,
| payable annually or semi-annually, as the Ordi-
nance calling for the election may direct, and
Shall not be sold by the municipal corporation,
| parish, school sewerage or drainage district is
| suing 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 or by authority of this
article. Value for value. or sold and the pro-
| ceeds thereof used for the purpose of purchas
| ing outstanding bonds. Said elections, if IA
vorable to the issuance of said bonds shall not
occur to cover the same issue or issues at fire.
quenter intervals than FIVE 60 years; and each
election shall not only cover any or all unre-
1
pursuance of the first paragraph 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 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 9. 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 Q9OS), if adopted
the same shall take effect Immediately there
after.
Section 3. Be it further resolved, etc. Tina
on the official ballots to be used at said elec
ton. there shall be placed the words "FO
the proposed amendment to Article two hun
bred and eighty-one (28D of the Constitution
Of Louisiana" and the words Against TIL
proposed amendment to article two hundred
and eighty one esd of the constitution of Lou
isiana," and each elector shall Indicate, a
, provided in the general election laws of thi
state, which of the propositions for O
a against" he votes.
p HG. DUPRE.
Speaker of the House of representatives.
p NJ LAMBREMONT.
O Lieutenant Governor and President of tn
a Senate.
4 Approved July g. 1905
al J. Y. SANDERS.
. Governor of the State of Louisiana.
A true copy.
JOHN IT. MICHEL,
a Secretary OF State.