The Caldwell watchman. (Columbia, La.) 1885-1946, 1912-09-27

, provided, however, that the poyernins
body Of any such subdivision NAV iI
their discretion and without vote Of
| the property taxpayers, issue refnnd;ns
| or renewal bonds under this narop Graph
| If the bonds to be refunded or raneWed
thereby have been or shall be issued
for any Of the purposes specified in said
Paragraph l Of this article, or in nova
tlon or renewal OF any bonds issued or
to be issued for the said purposas spec-
flied in paragraph l Of this article and
such issue or issues so refunded mr. re.
Eewed have been or shall be authorized
by vote of a majority In numher and
amount Vt the property taxpavers quail
flied by q vote under the Conatit,ltion
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
nave peen obtained either by purchase
or exchange. the tax levy to nav for
such bonds Shall at once cease and such
bonds be Cancelled. Each year while
any refunding bonds issued undor This
paragraph are outstanding, the rnvern-
ing authorities Of such subdiyision shall
levy and collect annually. In excess of
all other taxes. tax sufficient to pay
the interest. annually or semi-annually.
and the principal falling due or such
amount as may be required for sink
ing fund for the payment Of said bonds
at maturity. provided that such snecial
ad valorem tax for all purposes shall
not in any year exceed ten mills IN the
dollar OF the assessed Valuation NJ the
property in such subdivision.
The governing body Of any Such SUBJ
division shall have full power to adopt
and pass all ordinances and resolutiors
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-
der the provisions of said Paragraph
of this Article.
Where bonds Of any subdivision have
been heretofore issued for any Of the
purposes specified in Paragraph of this
Article. and such issue has been author
ized by the vote of a majority in mum.
payers qualified to vote under the Con-
stitution and laws of this State who
voted upon the proposition to issue such
bonds at an election held for that mr.
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 issuei
III novation or renewal of bonds issued
for said purposes specified in Para
graph l of Article two hundred and
eighty one (2SD 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
shall be deemed to be the valid and
incortcStibie obligations Of such sub
division ard a tax for the payment Of
the principal and interest thereof and
to create a sinking fund for the redemp-
ton shaii be levied and collected in the
manner and within the limits prescribed
by said Paragraph l Of this Article.
This entire Article is to be considered
a full grant CT power to the subdivisions
Of the State as set forth therein.
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 election to Ne held in
November. 1912. and. # 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 shalt 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 amend
ment to Article Two Hundred and
Eighty-one of the Constitution of Louis
lana" 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. T.. THOMAS
Speaker Of the House Of Representatives
THOMAS C. BARRETT,
Lieutenant Governor and President. Of
the Senate. 49,
Approved: July 9Th, 1912
L. z. HAIL.
Governor Of the State Of Louisiana.
A true copy:
ALVIN f. HF;EERT.
Secretary of State.