Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1912-06-21
AN ACT


To authorize the Board of Commissioners
for the Fifth Louisiana Levee Dis
trict to issue and negotiate bonds
not to exceed Five Hundred Thou
sand Dollars additional to the issue
authorized by Section Twelve OF Act
No. A of 1886.
Whereas, due public notice has been
given of the intention to apply for the
passage of this Act, and due proof there
of made before the General Assembly as
required by Article so of the Constitu-
ton of Louisiana, therefore
Section l. Be it enacted by the Cen
eral Assembly of the State of Louisiana,
That for the purpose of raising additional
funds to carry out The objects content
plated by Act No. A of 1885 the Board
of Commissioners for the Fifth Louis
lana Levee District, in addition to the
issue of bonds authorized by Section -
of Act A of 1886, is hereby authorized
and empowered to issue bonds to the
amount of Five Hundred Thousand Dol
lars in such sums and denominations as
the said Board may prescribe, not less
than One Hundred Dollars each; the
said bonds shall be payable to bearer;
shall be signed by the President of the
Board officially, and attested by the sig
nature of the Secretary of said Board Of
Commissioners, and shall have printed
upon the back the following words,
''This bond, principal and interest Sc
cured by taxes and by sale of public and
state lands;" all of said bonds to become
due in fifty years; and may be payable
after forty years, at the option of said
Board of Levee Commissioners and they
shall all bear interest at rate not to ex-
coed five per cent per annum from the
date to be named by said Board of Levee
Commissioners; the said interest to be
evidenced by coupons attached to said
bonds, payable semi-annually at the Of
fee of the State Treasurer out of the
funds hereinafter provided; but the bonds
issued under the provisions of this act
shall be without prejudice to the bonds
heretofore issued by the said Board Of
Commissioners under the provisions of
Act A of 1886.
Section 2. Be il further enacted, &C.,
That the said bonds shall not be sold or
negotiated by said Board for less than
their par value.
Section 8. Be it further enacted, &c.,
That the interest on said bonds shall be
paid out of the funds arising from the
collection of the taxes of the said Board;
and the Treasurer of the State shall be
and hereby is authorized to pay any and
all coupons that may be due on said
bonds when presented by any bona fide
holder or owner of said bonds, and a
sufficient amount of said taxes shall al
ways remain on hand to pay one-half
years interest on said bonds and shall
not be diverted to any other purpose by
any authority whatever, except as may be
necessary to pay the principal and inter-
est of the bonds already issued by said
Board.
Section 4. Be it further enacted, &C.,
That forty years after the execution of
said bonds any excess of the ten mill
district tax, authorized by Act A Of
1886, shall constitute a sinking fund and
shall not be drawn out of the State Treas
ury for any other purpose to pay the
principal and interest of said bonds, and
if said amount shall be less than ten per
cent of the amounts of the bonds execut-
ed, and the amount required for the pro-
portionate redemption of the bonds al
ready heretofore issued, the said Board
shall from the other revenues provided
by Act No. "A of 1886 and subsequent
amendatory acts make up the deficiency
by preference over all other claims, so
that the said sinking fund shall amount
annually to not less than ten per cent Of
the amount of bonds executed and issued
under the provisions OF Act No. A of
1885, and the same shall be paid annual
ly in discharge of the principal and in
terest of said bonds as hereinbefore pro-
vided.
Section 5. Be it further enacted, &C.,
That it shall be the duty OF the said
Board and all officers charged with the
collection and disbursement of said ten
mill tax, to collect said tax and disburse
the same as hereinbefore provided, and
the authority herein granted to said
Board to provide for the payment of the
principal and interest of said bonds shall
be irrepealable and shall continue in
force until said bonds shall have been
paid, and this provision is declared a
contract in favor of the owners or hold
ers of said bonds.
Section 6. Be it further enacted, &C.,
That should any officer charged with the
duty Of collecting or disburing the rev.