The Era-leader. [volume] (Franklinton, La.) 1910-current, 1912-10-10

bonds Of any outstanding issue shall
have been obtained either by pur
chase Or exchange, the tax levy tc
pay for such bonds shall at once
cease and such bonds be Cancelled
Each Year while any refunding bonds
issued under this paragraph are out.
standing, the governing authorities OF
such subdivision shall levy and col
lect annually, in excess Of all other
taxes, a tax sufficient to pay the in.
terest, annually or semi-annually, and
the principal falling due or such
amount as may be required for a
sinking fund for the payment Of said
bonds at maturity, provided that such
special ad valorem tax for all pur-
poses shall not in any year exceed
ten mills on the dollar Of the assess
ed valuation of the property in such
subdivision.
The governing body Of any such
subdivision shall have full power to
adopt and pass all ordinances and
resolutions necessary to carry the pro.
visions 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 officers as an election
on the question of mourning debt
and issuing bonds under the proyis.
ions Of said Paragraph l Of this Ar
ticle.
Where bonds of any subdivision
have been heretofore issued for any
Of the purposes specified in Para.
graph l of this Article, and such is
sue 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 purpose
and where such bonds have been IS.
sued and sold by such subdivision for
not less than par value thereof, FIR
said bonds or any refund issue bonds
Or renewal or refunding bonds is.
sued in noyation or renewal Of bonds
issued for said purposes specified in
Paragraph l Of Article two hundred
and eighty-one (2S1) are hereby vail.
dated, ratified and confirmed; provid.
ed that such bonds did not at the
time of their issue exceed ten per
centum Of the assessed valuation of
the property in such subdivision, and
such bonds hereby ratified, approved
and confirmed shall be deemed to be
the valid and incontestible obligations
of such subdivision and a tax for the
payment of the principal and inter.
est thereof and to create a sinking
fund for the redemption shall be lie.
We'd 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 subdiyis.
ions of the State, as set forth there
in.
Section 2. Be it further resolved,
etc., That this proposed amendment
shall be submitted to the qualified
voters of this State for adoption or
rejection at the Congressional cleo.
ton to be held in November, 1912,
and, if adopted. the same shall take
effect Immediately thereafter.
Section 3. Be it further resolved,
ETC., That on the official ballots to be
issued at said election there shall be
placed the words "For the proposed
to Article Two Hundred
md Eighty.one of the Constitution of
and the words Against
he proposed amendment to Article
Two Hundred and Eighty-one of the
of louisiana" and each
'!ector shall indicate, as provided in
he general election laws of the
State, which of the propositions, |
For" or Against he votes.
L. E. THOMAS,
speaker Of the House of Represen-
tatives.
THOMAS C. BARRETT,
Governor and President
of the Senate.
pproved July 9th, 1912.
L. e. HALL,
overnor of the State Of Louisiana.
true copy:
ALVIN E. HEBERT,
Secretary of State.
ACT NO. 1873.
snate Bill No. /.
By Mr.. Geo. Wesley Smith.