The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1908-10-10

through the Boards of Commissioners thereof,
may incur Indebtedness and issue negotiable
bonds therefor payable in principal and inter
est eat OF, and not to exceed in principal and
interest, the aggregate amount to be raised
by said annual contributions during the neriod
for which the same are levied. No such
drainage bonds shall be issued for any other
purpose than that for which said contribu
liohs were voted and Shall not run FOR longer
period than forty G0) years from their date
nor beara greater rate of interest than five
per cent per annum nor be sold for less than
par.
All contributions and acreage Ia Xes hereto
lore authorized by vote of a majority in
NUMBER and amount of the property tax pay
erS qualled to vote under the laws of this
STATE at elections held in drainage districts or.
canned under existing laws are hereby rat;.
ned and confirmed, and their validity shall not
be questioned"
Provided that for the purpose of REDUCING
the total rate of taxation, municipa] cornoro.
l'ois PafiSheSand school sewerage and drain
age districts, when authorized to do so as
above shown for the issuance of bonds, may
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 parapranh of
This article the said new bonds to he known
as Refund Issue Bonds of political Subdyis
'oh' IN the year ... Said Refund Issue
BONDS shall run for a period of forty (40) years
IRON their date, Shall not bear 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
SNAIL not be sold by the municipal corporation.
parish, school sewerage or drainage district is
suing same for less than par.
me 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
Y0rable TO the issuance of said bonds. shall not
occur to cover the same issue or issues at fre.
quenter intervals than five 60 years: and each
election Shall not only cover any or all unre.
funded bond issues authorized by and issued in
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
err 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 O908), if adopted
| the same shall take effect Immediately there
| after.
Sections 8, Be it further resolved, etc. Tha'
on the official ballots to be used az said cleo
ton, there shall be placed the words: ''FO
the proposed amendment to Article two hun
dred and eighty-one (2SD Of the Constitution
of Louisiana. and the words Against tn,
proposed amendment to article two hundre,
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
against he votes.
j II. G.. DUPRE,
Speaker of the House of representatives.
p. M LAMBREMONT.
Lieutenant Governor and President of tn
Senate.
Approved July q 1908.
j. Y. SANDERS,
Governor of the State Of Louisiana.
A true copy.
JOHN Il. MICHEL,
Secretary of State.