The herald. [volume] (New Orleans, La.) 1905-1953, 1912-10-03


| bonding Indebtedness incurred by such
Sgbdiv ision for the purposes specified
in Paragraph l of this article or any
| issue of refund issue bonds or renewal
| or refunding bonds issued by such sub
division in novation or renewal and any
| bonds. heretofore or hereafter issued
| for the purposes specified in said Para
| graph L CT this article. No bonds is
| sued under this paragraph shall run for
| more than forty (4OD years from their
| date. nor shall lear a greater rate of
| interest thar nVe per centum per an
| mum, payable semi-annUally or annu-
ally and shall not be sold by such sub
| division issuing the same for less than
| pa. Any bonds issued under this Ar
| ticle, may be. either in whole or in
part, exchanged value for value for
| be issued urder said Paragraph l OF
| 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 shall be
authorized by a vote Of a majority in
number and amount of the property
taxpayers qualified to vote under the
Constitution and laws of this State who
vote on the proposition at an election
held for that purpose. after due notice
of said election has been published for
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
provided. however. that the governing
body of any such subdivision may in
their discretion and without n vote of
the property taxpayers, issue refundinS
or renewal bonds under this paragra pm.
if the bonds to be refunded or renewed
thereby have been or shall be issued
for any of the purposes specified in said
Paragraph ! of this article. or in nova
ton or renewal of any bonds issued Or
to be issued for the said purposes spec
thed in Paragraph l of this article, and
such issue or issues so refunded or re-
neWed have been or shall be authorized
by q vote of a majority in number and
amount of the property taxpayers quail
ined by vote under the Constitution
and laws Of this State who voted or
shall vote on the proposition at 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 I'M
der this paragraph are outstanding, the
governing authorities of such subdi-
vision shall levy and collect annually,
in excess of all other taxes a tax Suf-
ficient to pay the interest, annually or
semi-annually. and the principal falling
due or such amount as may be re-
quired for a sinking fund for the pay
ment of said bonds at maturity, pro-
vided that such special ad valorem 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 Off
GERS as an election on the question of
mourning debt and issuing bonds un-
1..v. he. Of -af1 Dnr nh I
OF this Article.
Where bonds of any subdivision have
been heretofore issued for any of the
purposes specified in Para graph 1 OF
this Article. and such issue has been
by the vote of a majority
in number and amount of the property
taxpayers qualified to vote under the
and laws OF this State who
voted upon the proposition to issue such
bonds at an election held for that pur-
pose and where such bonds have been
issued and sold by such subdivision for |
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 |
graph l of Article two hundred and |
(2SD are hereby validated, |
ratified and confirmed: provided that |
such bonds did not at the time of their |
sesSed valuation of the property in |
such subdivision. and such bonds here |
by ratified. approved and confirmed |
shall be deemed to be the valid and |
obligations, of such sub
division and tax for the payment of
the principal and interest thereof and
10 create a sinking fund for the re-
lemption shall be levied and collected
IN the manner and within the limits
prescribed in said Paragraph l Of this
Article. This entire Article is to be |
considered a full grant of power to the
of the State as set forth
therein
Section 2. Be it further resolved.
etc. That this proposed amendment
,hall be submitted to the qualified
lection at the congressional election to
De held in November, 1912, and, If
adopted. the same shall take effect i'm
nediately thereafter.
Section g. Be il further resolved,
tic. That on the official ballots to be
ssued at said election there shall be
placed the words "For the proposed
to Article Two Hundred
md Eighty-one of the Constitution of
Icuisiana' and the words Against the
and Eighty-one Of the Con-
titution Of Louisiana" and each cleo
II shall indicate, as provided in the
general election laws OF the state,
which of the propositions, For" or
Against" he votes.
L. F THOMAS.
speaker of the House of Representa-
THOMAS c. BARRETT.
Lieutenant Governor and President
of the Senate.
Approved July 9th. 1912.
l.. f. HALL.
Governor of the State OF Louisiana.
true COPY:
ALVIN f. HEBERT.
Secretary of State.