The St. Mary banner., 1912-09-07

| Orleans excepted. hereinafter rrferre J
to as SHhdiN Nisions. when authorized I"
do in the manner herein prov ided.
! may. for In" purpose Of reaijustiug.
! refundinr. extending or unifying Their
bonded Indebtedness issue new bonds.
covering any particular issue or issues
| of bonds or the whole outstanding.
| bonded Indebtedness incurred by such
Subdivision for the purposes specified
IL Paragraph Of this article or any
! issue or refund issue bonds or renewal
on refHndng bonds issued by such sub
| division in noNatfon or renewal and any
bonds. heletofore or hereafter lSSut't
| for the purposes specified in said Para
| graph of this Article. No bonds tS-
| sued under this paragraph shall run fol
| more than forty t+0b years from their
| date, not shall bear greater rate of
| interest than five per Centum per AN
| mum, payable semi-annually ,tnuu-
| ally and shall not b. sold by such sub
| division issuing tho same for less than
! par. Any bonds issued under this Ar
| ticie. may be, either i'll whole OF IN
| part. exchanged value for value for
! bonds issued. under Article PSI, or To
| be issued under said Paragraph Of
| this Article. or sold and the proceeds
| thereof used for the purpose of pur-
| chasing outstanding bonds Before any
| bonds Shall he issued under this para
| graph the issuance thereof shall be
| authorized by a vote of ma jority 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
published in such parish or parishes.
provided. however. that the governing
body of any such subdivision may in
their discretion and without a vote of
the property taxpayers, issue refundinS
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
flied in paragraph of this article. ami
such issue or ISSUES so refunded or
Gewed have been or shall be authorized
by vote of a majority in number ard
amount Of the property taxpayers quail
flied by a vote under the Constitution
and laws of this State who voted OF
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 he cancelled. Each year while
any refunding bonds issued under this
paragraph are outstanding. the govern
Ing authorities of such subdivision 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 a sink
ing fund for the payment of said bonds
at maturity. provided 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
incurring debt and issuing bonds nm |
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 |
lied by the vote of majority in num-
Der and amount of the property tax
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 Dur-
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 refundng bonds issued
in novation or renewal Of bonds issued
for said purposes specified in Para
graph of Article two hundred and
eighty one esd are hereby validated. |
ratified and confirmed; provided that
such bonds did not at the time of their
issue exceed ten per ceutum of the as
sessed valuation of the property in
by ratified, approved and confirmed
shall be deemed to be the valid and
obligations of such sub
division and a tax for the payment of
10 nripc}Da1 |
to create a sinking fund for the redemp-
tion shall 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 of power to the subdivisions
of the State as set forth therein.
Section . BE it further resolved etc.
That this proposed amendment shal!
be submitted to the qualified voters Of
this State for adoption or rejection at
the Congressional election to De held IN
November. 1912. and. if adopted. the
same shall take effect Immediately
thereafter.
Section 2. Be it further resolved etc
That on the official ballots to be issued
1t said election there shall 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
nent to Article Two Hundred ana
Eighty-one of the Constitution of Louis
ana. and each electOr shall indicate |
is provided in the general election laws |
,f the State. which of the propositions {
For or Against he votes.
L. F.. THOMAS
Speaker of the House of Representatives. | {
THOMAS c. BARRETT
Lieutenant Governor and President of
the Senate.
Approved: July 9th. 1912
L. T.. HALL.
Governor of the State of Louisiana
true copy:
ALVIN f.. HEREH'"
Secretary of state.
ACT NO. 133.
Senate Bill No !.
HY NIr. Geo Wesley Smith