The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1912-10-19

interest at rate not exceeding five
per centum per anaum payable an
nually or semi-annuauy, which bonds
shall not be sold for less than par;
and said Board of Drainage Commits
sioners shall levy annually upon said
land forced contributions Or acreage
taxes in an amount sufficient 10
maintain the drainage of said land,
to pay the interest, annually or
sem-annually, and the principal fall
ing due each year, or such amount
as may be required for any sinking
fund provided for payment of said
bends at maturity, provided, that such
forced contributions or acreage taxes,
for all purposes shall never exceed
Three Dollars and Fifty Cents $3.50
per acre per annum.
Paragraph T. The police juries Of
the various parishes throughout the
State, for the purpose of construct
ing highways and public buildings for
the parish, and the governing au-
thorities of municipal corporations,
for the purpose Of paving Or improv-
ing streets or alleys, and for all mu-
nicipal improvements, after making
provision for the payment of all stat
utory and ordinary charges, may fund
into bonds running for a period not
exceeding ten (10) years, and bear
ing interest at a rate not exceeding
five % per centum per annum,
which bonds shall not be sold for less
than par, the ayails Of the residue
OF the ten 00) mill tax authorized
by Article 232 Of the Constitution of
Louisiana.
Paragraph ). Should any of the
subdivisions Of the State neglect or
fail for any reason to impose or cal
lect the taxes provided for in the
foregoing sections, any person in in
terest may by summary proceedings
III the district, court having jurisdic-
ton, enforce the imposition Or col
lection of such taxes, or beth, and
such proceedings shall be filed and
triable free to any cost to the litigant.
Paragraph 6. Municipal corpora
tions, parishes and school, drainage,
subdrainage, road, subroad, naviga-
ton and sewerage districts (the City
of New Orleans excepted) herein
after referred to as subdivisions,
when authorized to do SO in the man.
ner herein provided, may, for the
purpose of readjusting, refunding, ex-
tending or unifying their bonded in
debtedness, issue new bonds, cover
ing any particular issue or issues OF
bonds or the whole outstanding bond
ing Indebtedness incurred by such
subdivision for the purposes specified
in Paragraph 1 of this article Or any
issue of refund issue bonds or renew
al or refunding bonds issued by such
subdivision in nOvatiOn or renewal
and any bonds, heretofore Or here
after issued for the purposes speci-
fled in said Paragraph l Of this Ar
ticle. No bonds issued under this
paragraph shall run for more than
forty (40) years from their date, nor
shall bear a greater rate of interest
than five per centum per annum,
payable semi-annually or annually and
shall not be sold by such subdivision
issuing the same for less than par.
Any bonds issued under this Article,
may be, either in whole or in part,
exchanged value for value for bonds
issued, under Article PSI, Or to be is
sued under said Paragraph 1 of this
Article, or sold and the proceeds
thereof used for the purpose of pur-
chasing outstanding bonds. Before
any bonds shall be issued under this
paragraph the issuance thereof shall
be authorized by vote of MAORI
ty in number and amount of the prop
erty taxpayers qualified to vote I'M
der the Constitution and laws of this
State who vote on the proposition at
an election held for that purpose, af-
ter due notice of said election has
been published, for thirty days in the
official journal of the parish or par
ishes in which said subdivisions are
located, or where there is no Off
cial journal, in any newspaper pub
lished in such parish or parishes.
provided, however, that the govern
ing body of any such subdivision may
in their discretion and without a
vote of the property taxpayers, is
sue refunding or renewal bonds I'M
der 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 Par
agraph 1 of this Article, or in nova
ton or renewal of any bonds issued