The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1912-09-21

bonds of any outstanding issue snail
have been obtained either by pur-
chase or exchange, the tax levy to
paw for such bonds shall at once
cease and such bonds be Cancelled.
Each year while. any refundlng bohus
issued under this paragraph are out
standing, the governing authorities OF
such subdivision shall levy and col
lect annually, in excess OF all otheE
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 Tor
sinking fund for the payment or sad
bonds at maturity, provided that srch
special ad valorem tx for all pul-
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 ana
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 provls-
| 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 l of Article two hundred
and eighty-one (28I 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 le-
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 or
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,
ETC., That on the official ballots to be
issued at said election there shall be
placed the words For the proposed
amendment to Article Two Hundred
and Eighty-one of the Constitution of
louisiana" and the words Against
| the proposed amendment to Article
Two Hundred and Eighty-one Of the
| Constitution of louisiana" and each
elector shall indicate, as provided In
the general election laws of the
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 President
of the Senate.
Approved July 9th, 1912.
T. l.. E. HALL,
| Governor of the State of Louisiana.
A true copy:
| ALVIN E. HEBERT,
Secretary of State.
ACT NO. 1873.
Senate Bill No. l.