St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1912-10-12

Of interest than per centum per
annum or be sold for less than par.
All bond issues heretofofe authoriz,
ed by taxpayers in any subdivision
at any election not contested on any
ground of fraud, are hereby recog-
nized and validated.
Paragraph 8. When the charact-
er of any land is such that 1t must
be leveed and pumped in order to
he drained and reclaimed, the Board
of Drainage Commissioners OF the
District in which the land is situated
shall. upon the petition OF not less
than a majority in acreage OF the
property taxpayers, resident ana non
resident. in the area to be anecteo,
ASCERTAIN the cost of drainage, ana
reclaiming said land and incur debt
against said land for an amount SUI
flcient to drain and reclaim II, anu
issue for. such debt negotiable Donas
running not longer than forty lsVJ
years from their date and bearing
interest at q rate not exceeding nve
per centum per annum payaDle an-
nually or semi-annually, which bonds
shall not be sold for less than par;
and said Board of Drainage Commis,
sioners shall levy annually upon sald
land forced contributions or acreage
taxes In an amount Sufficient 10
maintain the drainage OF said lana:
to pay the interest, annually or semi
annually, and the principal falling
due each year, or such amount as
may be required for any sinking fund
provided for payment OF said bonds
at maturity, provided. that such
forced contributions or acreage take:
for all purposes shall never exceed
three dollars and fifty cents ($3.5O
per acre per annum.
Paragraph 4. The police juries OF
the various parishes throughout the
state. for the purpose of construct
ing highways and public buildings
for the parish, and the governing
authorities of municipal corpora
lions, for the purpose OF paving or
improving streets or alleys, and for
all municipal improvements, AFTER
making provision for the payment OF
all statutory and ordinary charges,
may fund into bonds running for
q period not exceeding ten (1O)
years, and bearing interest at a rate
not exceeding five (5) per centum
Der annum, which bonds shall not be
sold for less than par, the avails OF
the residue of the ten (1O) mill tax
authorized by Article 232 of the Con-
stitution of Louisiana.
Paragraph 5. Should any of the
subdivisions of the State neglect CT
fail for any reason to impose or
collect the taxes provided for in
the foregoing sections, any person IN
interest may by summary proceed
ings in the district court having
jurisdiction, enforce the imposition
or collection of such taxes, or both,
and such proceedings shall be filed
and triable free to any cost to the
litigant.
Paragraph s. Municipal corpora
lions, parishes and schools, drainage
subdrainage, road, subroad, naViga-
ton and sewerage districts (the city
of New Orleans excepted). herein
after referred to as subdivisions,
when authorized to do so in the man
ner herein provided, may, for the
purpose of readjusting, refunding
extending or unifying their bonded
Indebtedness, issue new bonds, COW
ering any particular issue or issues
of bonds or the whole outstanding
bonding Indebtedness incurred by
such subdivision for the purposes
specified in Paragraph l OF this ar
ticle or any issue of refund issue
bonds or renewal or refunding bonds
issued by such subdivision in nova
|tion or renewal and any bonds, here
tofore or hereafter issued for the
purposes specified in said Paragraph
II of this Article. No bonds issued
under this paragraph shall run for
more than forty (40) years from
their date, nor shall bear. a greater
rate of interest than five per centum
per annum, payable semi-annually
or annually and shall not be sold by
such subdivision issuing same for less
than par. Any bonds issued under
this Article, may be, either in whole
or in part, exchanged value for value
for bonds issued, under Article 2S1.
or to be issued under said Paragraph
Of this Article, or sold and the
proceeds thereof used for the pur-
pose of purchasing outstanding bonds.
Before any bonds shall be issued
under this paragraph 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 Consti-
tuition and laws of this State who
vote on the proposition at an cleo
ton held for that purpose, after due
notice of said election has been pub
lished, 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 published in such
parish or parishes, provided, how
ever, that the governing body OF
any such subdivision may in their
discretion and without vote of
the property taxpayers, issue refund
ing or renewal bonds under this
paragraph, II the bonds to be refund
ed or renewed thereby have been or
shall be issued for any of the pur-
poses specified in said Paragraph !
of this article. or in novation or re-
|newal of any bonds issued or to be
issued for the said purposes spec
flied in paragraph l of this article.
and such issue or issues so refunded
or, renewed have been or shall b.
authorized by q vote of majority
in number and amount of the prop
erty taxpayers qualified by vote un-
der tn. Constitution and laws &c
this State who voted or shall: vote
on iIit proposition at an election neld
for that purpose. When the bon.js
Of any outstanding issue shall haze
been obtained either by purchase or
exchange, The ta:> levy to pay :or
such bonds shall ct once cease and
such tends be cancelled. Each .e,r