St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1909-02-20
AN ORDINANCE

payers OF the town of COYngtOn, La, for the
purpose of authorizing the issuance of bonds
in accordance with the laws of the State of
Louisiana, and stlls ordinances of the Mayor
and Town Council OF the Town of Covington,
La. said bonds to be secured and retired by a
special tax of four mills voted on the 5th day
of October, 1906, Said bonds to be forty t4Ol
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 Coying-
ton, La.
Section 1. Be 1t 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 % day of March,
1909, at which election shall be submitted to
the property tax payers of the town of Gov
lngton, 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
titicates 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, Ia,
and for maintaining public schools, as appears
by the last assessment rolls of said town.
Section 2. Be ii 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, 1905,
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 8. 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, 1902
Said bonds shall be drawn payable to bearer,
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
by special tax OF four mills, and by an APP
preparation of sufficient amount of sums
en1inating from other sources to meet the de-
fcit in said special tax"
They shall all bear interest at the rate of five
per centum from the day of their issuance,
and SAID interest is to be evidenced by coupons
attached to said bonds, payable annually at the
treasurer'S office.
Section !. Be II 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 1t further ordained, ETC., That
tlGIS SHAH DC SET aSlue 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, ali sums
IN excess of the interest on said bonds, which |
sums sums 50 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 # 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 &. Be it further ordained ETC., That |
the said interest on said bonds shall be paid |
the special tax hereinbefore mentioned, and |
the Treasurer of the town of Covington, La,
shall be and he is hereby authorized to pay any /
and all coupons that may be due when present. 1
g by any bona tde. owner or holder of any |
Of said bonds.
Section z. Be 1t further ordained, ETC., That |
said special election shall be held according to
law and at the polling places established by /
shall be of the following form:
For iSsuingNRegotiabIe bonds in pursuance |
of the special tax already levied, to the amount
of forty thousand dollars, for period of not
structing, erecting and maintaining a school |
house or school houses, within the town of |
Covington, La.
Against issuing negotiable bonds in pur- |
suanee or the special tax already levied, to the
amount of forty thousand dollars, for period |
of not less than ten years, for the purpose of |
erecting and maintaining a |
school house or school houses, within the |
town of Covington, La.
Every voter shall designate his or her will by |
stamping the circle opposite the proposition |
he or she votes.
Section s. Be it further ordained, etc. That |
the Board OF supervisors of Elections of the |
Parish OF st, Iammany, are hereby requested |
to appoint commissioners and clerks to serve
at said polling place, to give due notice of said
and of the time and place of |
holding said election, and to make their re-
turns of said election to the Mayor of the town |
of Coyington, who Shall announce and promuI- |
gate the result of said election, according to |
law,
Section 9. Be it further ordained, etc, That
the commissioners of election, shall, after be- |
ing duly sworn in, receive the ballots |
of all of the property tax payers in said town |
of Covington, La, entitled to vote under the |
laws of the State of Louisiana, and before de- |
posting same in the ballot box shall endorse
thereon, in the presence of said voter, the |
name of said voter and the amount of the
value of his assessed property, and the said |
shall make returns of the num-
Der of votes and the amount of the assessed |
value of the property voted for and against
issuing said negotiable bonds, In pursuance of
the above mentioned tax already levied within
the town of Covington. La,
Section 10. Be ii further ordained, etc, That
this ordinance be promulgated in the official
journal of the town of Covington, La. for |
period OF thirty days prior to the date of hold
ing said special election. and that this ordt- |
nance shah take effect flom and after its pas
sage.
Section III. Be ID further ordained, etc. That
the issuance and sale of said bonds, shall be
placed under the supervision and control of
the Mayor and Town Council of the town of
Covington, La, or OF any such person as may
be specially designated and authorized. by the
said Mayor and Town Council of the town of
La.
Moved BY E. j. Frederick, seconded by w. A.
Hood that the above ordinance be adopted
Yeas.
'NayS-0.
The motion was carried.
E. V. RICHARD, Mayor.
e. j. RICHARD. Secretary.