The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1912-09-07

bonds Of any outstanding issue shall !
have been obtained either by pur-
chase 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 under this paragraph are out |
standing, the governing authorities of
such subdivision shall levy and col
lect annually, in excess of all other
taxes, 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 proVis-
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 / 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 fol
not less than par value thereof, FOL
said bonds or any refund issue bonds
or renewal or refunding bonds is
sued in novation or renewal OF bonds
issued for said purposes specified II
Paragraph 1 of Article two hundred
and eighty-one (281) are hereby vail
dated, ratified and confirmed; provid
ed that such bonds did not at the
time of their issue exceed ten PEI
centum of the assessed valuation O
the property in such subdivision, an(
such bonds hereby ratified, approved
and confirmed shall be deemed to bt
the valid and incontestible obligation
of such subdivision and a tax for thu
payment of the principal and inter
=, est thereof and to create SINKING
fund for the redemption shall be lie
We'd and collected in the name
and within the limits prescribed b,
, said Paragraph 1 of this Article. Thi
entire Article is to be considered
full grant of power to the subdivis
ions of the State, as set forth there
in
Section 2. Be it further resolved
- ETC., That this proposed amendmen
shall be submitted to the qualifie'
voters of this State for adoption o
:, J., rejection at the Congressional cleo
ton to be held in November, 1912
and, if adopted, the same shall TAX
effect Immediately thereafter
y Section 8. Be it further resolved
= etc, That on the official ballots to b
issued at said election there shall b
placed the words 'For the propose
amendment to Article Two Hundre
and Eighty-one of the Constitution 9
Louisiana" and the words "Againt
' the proposed amendment to Articl
. Two Hundred and Eighty-one of tn
Il Constitution of Louisiana" and eac
elector shall indicate, as provided i
= the general election laws of tn
State, which of the proposition!
) For" or Against" he votes.
y L. E. THOMAS,
Speaker of the House of Represe1
. tatives.
e THOMAS C. BARRETT,
Lieutenant Governor and Presider
{ of the Senate.
I Approved July 9th, 1912.
j. L. E. HALL,
s. Governor of the State of Louisian;
4 A true copy:
y ALVIN E. HEBERT,
d Secretary Of State.
o ACT NO. 1873.