The herald. [volume] (New Orleans, La.) 1905-1953, 1912-09-12

of bonds or the whole outstanding
bonding indebtedness incurred by sucI
sDodiS ision for the purposes speclneo
i'll Paragraph l of this article or any
issue of refund issue bonds or renewal
or refunding bonds issued by such sub
division in noyation or renewal and any
| bonds heretofore or hereafter issued
for the purposes specified in said Para
| graph / Of this article. No bonds is
sued under this paragraph shall run Tor
more than forty (4OD years from thelI
date. nor shall lear Il greater rate OF
interest thar i've per centum per an
mum, payable semi annually or annu-
ally and shall not he sold by such sub
division issuing the same for less than
| pa. Any bonds SSued under this Ar
| ticle. may be. either in whole or in
part, exchanged value for value for
| bonds issued. under Article 2Sl, or TO
| be issued uT der said Para graph 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 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 vote of
| the property taxpayers, issue refundlnS
| or renewal bonds under this para graph,
| 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
| tion or renewal of any bonds issued Or
| To be issued for the said purposes spec
| fled in Paragraph l of this article. and
| such issue or issues so refunded or re-
ueWed have been or shall be authorized
| by a vote of majority in number and
amount of the property taxpayers quail
| itieG 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 fOI
such bonds shall at once cease and
such bonds be Cancelled. Each year
while any refunding bonds issued un-
der this paragraph are outstanding, the
governing authorities of such Subdi-
vision shall levy and collect annually,
| in excess of all other taxes. tax Suf-
| ficient to pay the interest. annually or
mi-annually, and the principal falling
due or such amount as may be re-
Guired for a sinking fund for the pay
nent 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 he 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 I'M
| lar bn ParAOTanh
| OF this Article.
Where bonds of any subdivision have
| been heretofore issued for any of the
purposes specified in Paragraph l OF
this Article. and such issue 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 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
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
DN f2tlHe q, approved ana confirmed
shall be deemed to be the valid and
incortestible obligations of such sub
division and a tax for the payment of
the principal and interest thereof and
to create a sinking fund for the re-
demption shall be levied and collected
in the manner and within the limits
prescribed in said Paragraph ! of this
Article. This entire Article is to be
considered a full grant of power to the
subdivisions of the State as set forth
therein
Section Q Be ii further resolved.
etc. That this proposed amendment
shall be submitted to the qualified
voters of this State for adoption or re-
lection at the congressional election TO
be held in November. 1912, and, If
adopted the same shall take effect i'm
mediately 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
and Eighty-one of the Constitution of
louisiana and the words Against the
proposed amendment to Article Tive
Hundred and Eighty-one of the Con-
stitution OF Louisiana" and each cleo
or 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.