The herald. [volume] (New Orleans, La.) 1905-1953, 1912-10-10

bonding Indebtedness incurred by such
s. bdiV ision for the purposes speclneu
i'll Paragraph l of this article or any
issue of refund issue bonds or renewal
or refunding bonds issued by such SUD-
division in novation or renewal ana any
bonds heretofore or hereafter issued
for the purposes specified in said Para-
graph / CT this article No bonds is
sued under this paragraph shall run Tor
more than forty (4OD years from thelI
date. nor shall tear greater rate Oh
interest thar nve per centum per an
mum, payable semi annually or annu-
ally and shall not Re sold by such SUP
division issuing the same Tor less than
pa. Any bonds .sSCed under this Ar
ticle. may be. either in whole or in
part exchanged value for value for
bonds issued under Article 2sl, or 70
be issued urder said Paragraph OIL
this Article. or sold and the proceeds
thereof used for the purpose OF pur-
chasing outstanding bonds. Before any
bonds shall be issued under this para
graph the issuance thereof snail De
authorized by vote OF majority IN
number and amount OF the property
taxpayers qualified to vote under the
Constitution and laws OF this state VINO
vote on the proposition at an election
held for that purpose, after due notlce
Of said election has been published tor
thirty days in the official journal OF
the parish or parishes in which SAID
subdivisions are located, or where there
is no official journal, in any newspaper
published in such parish or parishes,
provided, however that the governing
body Of any such subdivision may IN
their discretion and without vote OF
the property taxpayers, issue refundlnS
or renewal bonds under TINS paragraph,
il the bonds TO be refunded or renewed
thereby have been or shall be issued
for any of the purposes speclhed IN sali
Paragra ph l OF this article. or IN nova
tion or renewal of any bonds issued Or
to be issued for the said purposes spec.
fled in Para graph l Of this article, ana
such issue or issues SO refunded or re-
neWed have been or shall be authorlzed
by a vote Of a majority in number and
amour. of the property taxpayers quail
flied by a vote under the Constitution
and laws of this state who voted OF
shall vote on the proposition az an
election held for that purpose. When
the bonds of any outstanding issue shall
have been obtained either by purchase
or exchange, the tax levy to pay for
such bonds shall at once cease and
such bonds be Cancelled. Each year
while any refunding bonds issued un-
der this paragraph are outstanding, the
governing authorities of such suodl-
vision shall levy and collect annually,
| in excess Of all other taxes, tax sur
| ficient to pay the interest, annually OF
semi-annually, and the principal falling
due or such amount as may be re-
Guired for a sinking fund for the pay
| rnent of said bonds at maturity, pro-
vded that such special ad yalorem tax
| for all purposes shall not in any year
| exceed ten mills on the dollar OF the
| assessed valuation of the property in
| such subdivision.
| The governing body of any such sub
division shall have full power TO adopt
| and pass all ordinances and resolutions
| necessary to carry the provisions OF
| this paragraph into effect. An election
| may be held under the provisions OF
this paragraph at the same times and
| places and by the same election ON
GERS as an election on the question OF
/ mourning debt and issuing bonds un-
dor the provisions Of said Paragraph /
Where bonds Of any subdivision have
| been heretofore issued for any or the
purposes specified in Paragraph l OF
| this Article. and such issue has been
| authorized by the vote OF majority
| in number and amount Of the property
taNpayers qualified to vote under the
| Constitution and laws of this state VINO
voted upon the proposition to issue such
| bonds at an election held for that pur-
pose and where such bonds have been
1 issued and sold by such subdivision 1or
not less than par value thereof. the
| said bonds or any refund issue bonds
| or renewal or refunding bonds issued
| in novation or renewal OF bonds issued
| Craph / Of Article two hundred and
| eighty-one (2s1) are hereby validated,
| ratified and confirmed: provided that
such bonds did not at the time OF their
issue exceed ten per centum of the as
| sessed valuation of the property In
such subdivision. and such bonds here,
| by ratified. approved and confirmed
4
incontestible obligations Of such sub
division and a tax for the payment OF
| the principal and interest thereof and
| to create a sinking fund for the re-
demption shall be levied and COLLECTED
in the manner and within the limits
prescribed in said Paragraph ! OF TINS
| Article. This entire Article is 10 De
considered a full grant OF power to the
subdivisions of the State as set iorth
Section .. Be it further resolved,
etc. That this proposed amendmeni
| shall be submitted to the quaIined
voters of this State for adoption or re
lection at the congressional election to
| he held in November. 1912, and, ii
adopted. the same shall take effect i'm
mediately thereafter.
Section 8. Be IL further resolved
etc. That on the official ballots to De
issued at said election there shall be
amendment to Article Two Hundred
and Eighty-one of the Constitution OF
louisiana and the words Against the
proposed amendment to Article i've
Hundred and Eighty-one or the Con-
stitution of Louisiana" and each elec-
or shall indicate, as provided In the
general election laws OF the STATE
Against" he votes.
Speaker Of the House Of Representa-
lives THOMAS c. BARRETT.
Lieutenant Governor and President
of the Senate.
Approved July 9Th. 1912.
l. F. HALL.
Governor of the State Of Louisiana
, A true copy:
ALVIN E. HEBERT.
Secretary of State.