The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1912-08-31

have been obtained either by pur- |
chase 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 under this paragraph are out |
standing, the governing authorities of
such subdivision shall levy and col
lect annually, in excess of all other
taxes, a tax sufficient to pay the in
terest, annually or semi-annually, and
the principal falling due or such
amount as may be required for
sinking fund for the payment of said
bonds at maturity, provided that such
special ad valorem tax for all pur-
poses shall not in any year exceed
ten mills on the dollar of the assess
ed valuation of the property in such
subdivision.
The governing body of any such
subdivision shall have full power to
adopt and pass all ordinances and
resolutions necessary to carry the pro.
visions 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 officers as an election
on the question of mourning debt
and issuing bonds under the prOvis.
ions of said Paragraph l of this Ar
| ticle.
Where bonds of any subdivision
have been heretofore issued for any
of the purposes specified in Para.
graph l of this Article, and such is
sue has been authorized by the vote
OF a majority in number and amount
of the property taxpayers qualified
to vote under the Constitution and
laws of this State who voted upon
the proposition to issue such bonds
at an election held for that purpose
and where such bonds have been is.
sued and sold by such subdivision for
not less than par value thereof, for
said bonds or any refund issue bonds
or renewal or refunding bonds is
sued in novation or renewal of bonds
issued for said purposes specified in
Paragraph of Article two hundred
and eighty-one (28D are hereby vail
dated, ratified and confirmed; provid-
ed that such bonds did not at the
time Of their issue exceed ten per
centum of the assessed valuation of
the property in such subdivision. and
such bonds hereby ratified, approved
and confirmed shall be deemed to be
the valid and incontestible obligations
of such subdivision and a tax for the
payment of the principal and inter.
est thereof and to create a sinking
fund for the redemption shall be lie.
We'd and collected in the manner
and within the limits prescribed by
said Paragraph Of this Article. This
entire Article is to be considered a
full grant of power to the subdivis,
ions of the State, as set forth there.
In.
Section 2. Be it further resolved
ETC., That this proposed amendment
shall be submitted to the qualified
voters of this State for adoption OF
4 rejection at the Congressional cleo
ton to be held in November, 1912
and, if adopted, the same shall take
effect Immediately thereafter.
Section 3. Be it further resolved
9 etc, That on the official ballots to bt
!. issued at said election there shall b.
G placed the words For the proposed
G amendment to Article Two Hundred
and Eighty-one of the Constitution o
q Louisiana and the words "Agains
G the proposed amendment to Articl,
!, Two Hundred and Eighty.one of tn,
!. Constitution of louisiana" and eacl
J. elector shall indicate, as provided IL
the general election laws of tn,
G State, which of the propositions
: For" or Against" he votes.
L. E. THOMAS,
Speaker of the House of Represen
tatives.
THOMAS C. BARRETT,
Lieutenant Governor and Presiden
of the Senate.
Approved July 9Th, 1912.
l.. E. HALL,
y Governor of the State of Louisiana
A true copy:
y ALVIN E. HEBERT,
Secretary of State.
y ACT NO. 1873.
y Senate Pill No |