St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1909-02-13
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 o.
| Louisiana and the ordinances of the Mayor
and Town Council of the Town of CoYington
| La, said bonds to be secured and retired by a
special tax of four mills voted on the 18th day
of October, 1906, Said bonds to be forty 40
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 1. Be it ordained by the Mayor anc
| Town Council of the Town of Covngton, La
| in legal session convened, that special cleo
| ton Is hereby ordered to be held in the tow
| of Covington, La, on the % day of March.
| 1909, at which election shall be submitted t
| the property tax payers of the town of Gov
| 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.
SGEIlOH 3. be II OTQalnSQ, ETC.,
| the question of issuing negotiable bonds, in
pursuance of the tax already levied by ordi-E
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 a period
of ten years, beginning on the first day of
January, 1909.
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 a 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
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
tredSurer'S office.
Section 4. Be it further ordained, etc, That
the Town Council of said town of Coyington.
La, shafhave the right to negotiate said bonds,
but shall not sell them for less than par.
Section D. Be it further ordained, etc, That
there shall be set aside out of the revenues
arising from the above mentioned snecial fay
1bih ha airas3t -, 1917 ~, orJi,,,,
Sated + ilq1 s+I, Of nenarebr ta6e all Strs
in exceSs Of tha in4.rest ~, ala ,Gnds whicb
SIMS Sa+ asde sksit o consti.,,te s;rEinn
fmnd for +F,e n,Wn,ent Of the nrincinsI Of saiSS
bonde Ivhan In TIie ,nhich fnnds shaII not h.
draUn ont ~ thu treaemr for any n4er n,,r-
nose. and if said amonnt is less than the
amoInt If the Monde At thair maturity H..
TnWn ConSciI Of tba a. Tou af Sa,ynqt tt,n
shall from other reVen,,ee hereinaSove mo
v;ded ,nake M the deticienct 60 that tI1e said
sinting f,1r, hall 3roi,nt ~ not Lee +in the
bond syec,,ted and semed undeT the ordinance
which fund shaIi NOT he iiverted for anv nfher
nurnns,.' or b h,"a anv other a,,thoritv
Section Ea II fuTtbsr ordsine5 etc THAT
the cid in+arse+ 80. said honde ,sf1,n ~ Mid