The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1912-08-31

| sewerage districts tthe City of New
| Orleans excepted). hereinafter referre
! to as subdivisions. when authorized t.
| do so in the manner herein provided.
| may for the purpose of readjustue.
| refunding. extending or unifying thor
! 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
| in Paragraph of this article or any
issue or refund issue bonds or renewal
| or refundins oonds issued by such sub
| division in novation or renewal and anN
| bonds. heretofore or hereafter ISSUED
| for the purposes specified in said Para
! graph I of this Article. No bonds Is
| sued under this paragraph shall run for
| more than forty 600 years from Their
| date. not shall bear a greater rate or
| interest than five per centum per an
| num- payable Semi-annuaily or annu-
| ally and shall nor Se sold by such sub
| division issuing the same for less than
| par. Any bonds issued under this Ar
| tcle may be. either in whole or III
| part. exchanged value for value for
| bonds issued. under Article 2S1. or to
| be ISSUED under said Paragraph u
| 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 p4
! authorized by a vote of majority III
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 notlr"
| of aid election has been published, Tor
| thirty days in the official journal o.
| the parish or parishes IN which said
| subdivisions are located, OF where there
is no official journal In any newspaper
| published in such pa IRISH or parishes.
provided. however that the governlnS
| body of any such subdivision may III
| their discretion and without vote "f
| the property taxpayers, issue refnhdl'iS
| or renewal bonds under this paragraph,
| if the bonds to be refunded or renewed
| thereby have been or shall be ISSUED
I for any of the purposes specified IN Safd
Paragraph | of this article. or in nova
| tion or renewal of any bonds issued o.
| to be issued for the said purposes spec
| flied in paragraph of this article an"
such issue or issues 50 refunded or r.
| Lewrd have been or shall be authorized
| by a vote of majority in number ana
/ amount of the property taxpayers qnft-
| flied by a vote under TIE Constitution
| and laws of this State who voted or
shall vote on the proposition at an
| election held for that purpose. Nhe'
| the bonds of any outstanding issue shall
| have been obtained either by purchase
or exchange. the tax levy to pay Tor
such bonds shall at once cease ana Slrh
| bonds be Cancelled. Each year whiir
any refunding bonds issued under TINS
paragraph are outstanding. the govern
! ing authorities of such subdivision shall
|
| all other taxes, a tax sufficient to pay
| the interest annually or Semi-annualiN.
| and the principal falling due or such
| amount may be required for SINK
| ing fund for the payment or SAID bondS
/ at maturity. provided that such special
| ad valorem tax for all purposes snail
| not in any year exceed zen mills on the
! dollar of the assessed valuation or 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 anu
| places and by the same election orr.
| GERS as an election 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 or the
| purposes specified in Paragraph or TINS
| Article and such issue has been author
| lied by the vote of a majority in mum
| Der and amount Of the property tax
| payers qualified to vote under the Con
| stitution and laws of this State VINO
| voted upon the proposition to issue such
! bonds at an election held for that pnr-
| pose and where such bonds have been
| issued and sold by such subdivision 1or
not less than par value thereof the
| said bonds or any refund issue bondS
! or renewal or refundng bonds issueI
| in novation or renewal of bonds lsstle'i
for said purposes specified in Para
| graph I Of Article two hundred ana
| eighty one esd are hereby Nallda tea,
ratified and confirmed: provided that
such bonds did not at the time of their
| issue exceed ten per centum or the as
| sessed valuation of the property III
| such subdivision. and such bonds mere
by ratified. approved and confirmed
shall be deemed to be the valid and
incontestible obligations of such SUB
| division and a tax for the payment .,
the principal and interest thereon ANA
to create a sinking fund for the redemp-
ton shall be levied and collected in the
manner and within the limits preScrlhe
by said Paragraph I of this AItlrle
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 shal!!
be submitted to the qualified voters OF
| this State for adoption or rejection al
| the Congressional election to DE held IN
November. 1912 and. if adopted the
same shall take effect Immediately
| thereafter.
Section 8 Be it further resolved. etc
That on the official ballots to be issue
at said election there shall be place.
the words For the proposed amendment
to Article Two Hundred and Eighty-oht
Of the Constitution of Louisiana am
the words Against the proposed amend
ment to Article Two Hundred am
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.. F. THOMAS,
/ | Sneaker of the House of Representatives
THOMAS c. BARRETT,
/, Lieutenant Governor and President o.
the Senate.
Approved: July 9th, 1912
! L. F. HALL,
t Governor Of the State Of Louisiana
] true copy:
l ALVIN E HF,BERT
Secretary of State
e
ACT NO. 49,