The herald., 1912-10-17

of bends or the whole outstanding
| bonding Indebtedness incurred by such
| s., bdi,ision for the purposes specified
in Paragraph l of this article or any
issue OF refund issue bonds or renewal
or refunding bonds issued by such SUD
| division in novation or renewal ana 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 (40) years from their
date. nor shall lear greater rate OIL
| interest thar five 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 thEn
| par Any bonds issued under this Ar
| ticle may be. either in whole or in
part, exchanged value Tor value TOT
bonds issued. under Article 2Sl, or to
| be issued uTder said Paragraph OF
! this Article. or sold and the proceeds
thereof used for the purpose or 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 official journal, in any newspaper
published in such parish or parishes,
provided, however, that the governing
body of any such subdivision may III
their discretion and without a vote OF
the property taxpayers, issue refundlnS
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 l 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
rIfh n o.
newed have been or shall be authorized
by vote of a majority in number and
amount of the property taxpayers quail
flied by a 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 SHAH
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 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
semi-annually. and the principal falling
due or such amount as may be re-
quired for a sinking fund for the pay
mCnt 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 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 l
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 Ppr OnSs Ssr In
by ratified, approved and confirmed
shall be deemed to be the valid and
incontestible obligations of such sub
division and 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 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
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-
be held in November, 1912. and. If
adopted. the same shall take effect i'm
mediately thereafter.
Section 3. Be ii further resolved,
etc. That on the official ballots to be
issued at said election there shall be
amendment to Article Two Hundred
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.
ALVIN f. HILBERT.
Secretary of State.