The herald. [volume] (New Orleans, La.) 1905-1953, 1912-09-05


bonding Indebtedness incurred by such
| s~DdiS ision for the purposes speclned
| ia 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 1 % this Griicle No bonds IS
| sued under this paragraph snail run Tor
| more than forty 600 years from thelI
| date, nor shall lear greater rate OF
| interest thar uve per ccntum per an
num- payable semi annually or annu-
ally and shall not Re 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 Tor
bonds issued, under Article Isl, or to
| be issued uTder said Paragraph ! OF
this Article. or sold and the proceeds
thereof used for the purpose OF pur-
chasing outstanding holds. Before any
bonds shall be issued under this para
graph the issuance thereof snail be
authorized by 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
SuhdII iSiOnS are located, or where there
- no official journal, in any newspaper
published in such parish or parishes,
prov ided. however, that the governing
body Of any such subdivision may in
their discretion and without vote OF
the Or DpertE taxpayers, issue retundlnS
or renewal bonds under this paragraph.
if the bonds to be refunded or renewed
thereby have been or shall be issued
for any of the purposes specified in SAID
Paragraph I Of this article. or in nova
tiOn or renewal Of any bonds issued "
to be issued for the said purposes spec
iieu in Paragraph ! Of this article, and
..f Id
ucWed have been or shall be authorized
by vote Of a ma jority in number and
amour: Of the property taxpayers quail
ified by a vote under the Constitution
and laws of this State who voted or
snail 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 tax SUI
ficicnt to pay the interest, annually or
semi annually, and the principal falling
due or such amount as may be re-
duired for a sinking fund for the pay
ucnt 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 hc held under the provisions of
| this paragraph at the same times and
places and by the same election Off
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
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 VINO
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 refundinE 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
scssed valuation of the property in
such subdivision, and such bonds here
VI.
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 2. Be IT 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 il 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. +. HALL.
| Governor of the State of Louisiana.
| ALVIN F. HEBERT