The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1912-08-31

, provided, however. that the governing
body of any such subdivisiore may In
their discretion and without vote of
the property taxpayers, issue refundins
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 ] of this article, or in nova
ton or renewal of any bonds issued or
to be issued for the said purposes spec
flied in paragraph l of this article. and
such issue or issues so refunded or re-
newed have been or shall be authorized
by vote of 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 che 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
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. a tax sufficient to pay
the interest annually or semi-annualiy.
and the principal falling due or such
amount as may be required for sink
ing fund for the payment of said bonds
at maturity provided that sach 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 /
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 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 ] of Article two hundred and
eighty one (2s1) 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,
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 sinking fund for the redemp-
ton 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
full grant Of power to the subdivisions
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