The true Democrat., 1908-09-19

through the Boards of Commissioners tbereo
iiaS incur Indebtedness and issue nepotiahI
oonos therefor payable in PRINCIPAL and into,
es' out ot' and not to exceed in prncpa, an
interest the aggregate amount to be raise
oS SAID annual contributions durinp tho no,;o,
WHICH 'he same are levied. No sucl
"i"iiiage ponds shall be issued for any otbe
p"ipose than that for which said confirm
'ions were voted and shall not run for q ,onoe,
perioo IMAM forty (40} years from their dat q
'ioi oear greater rate of interest than sro
PCT cent. per annum, nor be sold for lace tho -
par 'oi ie'' 'hal
All contributions and acreage ia xes herato
i''e authorlzed by a vote of a majority IN
nuiiioer ana amount of the property tav nov
ei'' quailned to vote under the laws of ,hiS
''ate at elections held in drainage districts or
| sahf@ed under existing laws are hereby ro u
nea and confirmed and their validity sbou w.,
be questioned" "'4 no'
| i''iueu that Tor the purpose of reduc;nu
VIC 'otal rate of taxation, municipal cornora. .
| 'ioiis' pafiShes and school sewerage and drain.
"se uislrlcts' when authorized to do ca nc
aoo'e SHOWN for the issuance of honds ,,,a,
| issue new bonds covering any norticu,or ;s,,,o
''''ea Vi ponds' orthe whole outstanding
po''oeo indebtedness incurred under, and for
'he purpose shown in. the first paraeranh Of
thls article. the said new bonds To be known
Us Reiund Issue Bonds of political Subdiy;S
,on III the year, Said Refund Issue
Bonds shall run for d period Of forty f,o, 80
ifphl 'helr date shall not bear greater rate
ol interest than five % per cent per annnn
paSaole annually or Semi-annually as the ord;.
nance calling for the election may direct and
Shail not be sold by the municipal corporation
PARISH schonl sewerage or drainage district is.
SUNG same for less than par.
The said Refund Issue BONDS NOV u. o;,,
III "hoie or in part exchanged for the bonds
PREVIOUSLY issued under or by authority of this
afticle. Value for value, or sold and the nro-
eeeos thereof used for the purpose of purchas.
'hs outstanding bonds. Said elections II f..
Forable to the issuance of said bonds sbou not
occur 10 cover the same issue or issues at fire.
quenter intervals than tiye (b) years: and each
eleclioh shall not only cover any or all unre.
funded bond issues authorized by and issued in
pursuance OF the first paragraph of this article
put may also include any or all previous re.
Iuna issued And when the bonds of ,nv
issue Shall have been obtained eth
Ct oS purchase orexchange, the tax
fate 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 . BE it further resolved, etc. That
this proposed amendment shall be submitted
TO the qualified voters of the state for adop-
non or rejection at the presidential and con.
gfesslanal election to be held in November
nineteen hundred and eight G9OS), if adopted
the same Shall take effect immediately there
after.
SectlonS, Be II further resolved, etc. That
on the official ballots to be used at said cleo
ton. there shall be placed the words: "Fo
the proposed amendment to Article two hun
dred and eighty-one (aSD of the Constitution
OF Louisiana" and the words Against the
proposed amendment to article two hundred
and eighty one (2SD 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.
ii. G. DUPRE,
Speaker of the House of representatives.
Pm, LAMBREMONT
Lieutenant Governor and President of the
Senate.
Approved July 0. 1905
j. Y. SANDERS.
Governor OF the State Of Louisiana
A true copy.
JOHN II. MICHEL.
Secretary of State.