St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1909-02-27
AN ORDINANCE

Calling for an election by the property tax
payers of the town of Covington, La, for the
purpose of authorizing the issuance of bonds
in the sum of forty thousand tS40,000 dollars.
in accordance with the laws of the State of
Louisiana. and the ordinances of the Mayor
and Town Council of the Town of Covington,
La, said bonds to be secured and retired by
special tax of four mills voted on the 18th day
of October, 1906, Said bonds to be forty l40l
in number, and each for the sum of one thou
sand dollars, for the purpose of constructing,
erecting and maintaining public school house
or school houses, within the town of Coving-
ton, La.
Section /. Be it ordained by the Mayor and
Town Council of the Town of CoVington, La,
in legal session convened. that special cleo
ton is hereby ordered to be held in the town
of Covington, La, on the D day of March,
1909, at which election shall be submitted to
the property tax payers of the town of Cow
ington, La, entitled to vote under the laws of
the State of louisiana the question of issuing
negotiable bonds to the amount of forty thou
sand dollars, for period of ten years, in pur-
Suance of the debt already incurred by said
town council in an ordinance passed on the
9Th day of December, 1906. Said bonds being
issued for the purpose of retiring certain GER
tificates of Indebtedness and for the purpose
of completing the school house now in the
course of construction in the town of Coving-
ton, La, said amount not being over per
cent. of the assessed valuation of the property
situated within the town of Covington, La,
and for maintaining public schools, as appears
by the last assessment rolls of said town.
Section 2. Be it further ordained, ETC., That
the question of issuing negotiable bonds, in
pursuance of the tax already levied by ordi-
nance dated the 9Th day of December, 1906,
upon all of the taxable property situated with
in the town of Covington, La, for period of
ten years, and for the purpose of paying the
interest and principal of said bonds, shall be
submitted to the people of the town of Cow
ington, La, entitled to vote under the laws of
the State of Louisiana, at said election.
Section 3. Be it further ordained, ETC., That
said bonds shall be forty in number, and each
for the sum of one thousand dollars.
That said bonds shall be issued for period
of ten years, beginning on the first day of
January, 1909.
Said bonds shall be drawn payable to bearers
shall be signed by the Mayor in his official ca
pacity, and atteSted by the signature of the
secretary, and each shall have the official seal
thereon, with the following words printed on
the back:
This bond principal and interest, is secured
preparation of sufficient amount of sums
eminating from other sources to meet the de-
ficit in said special tax"
They Shall all bear interest at the rate of five
and SAID interest is TO be evidenced by coupons
attached to said bonds, payable annually at the
treasurer'S office.
Section 4. Be it further ordained. ETC., That
the Town Council of said town of Covington,
La shall have the right to negotiate said bonds,
but shall not sell them for less than par.
Section 5. Be it further ordained, etc, That
there shall be set aside out of the revenues
arising from the above mentioned special tax,
which has already been levied by ordinance
dated the 9Th day of December, 1906, all sums
in excess of the interest on said bonds. which
sums so set aside shall constitute a sinking
fund for the payment of the principal of said
bonds when due, which funds shall not be
drawn out of the treasury for any other pur-
pose, and If said amount is less than the
amount of the bonds at their maturity, the
Town Council of the Town of Covington
SHALL from other revenues hereinabove pro-
vided. make up the deficiency, so that the said
sinking fund shall amount to not less than the
bond executed and issued under the ordinance,
which fund shall not be diverted for any other
purpose, or by any other authority,
Section 6. Be it further ordained etc, That
the said interest on said bonds shall be paid
out of the funds arising from the collection of
the special tax hereinbefore mentioned, and
the Treasurer of the town of CoYingt0n, La,
shall be and he is hereby authorized TO pay any