The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1915-09-04

into bonds running for period OF not ex-
ceeding ten years and bearing interest at
a rate OF not exceeding five percentum
per annum for the purpose OF enabling
said Police Jury to construct and pay for
the highways, public buildings or bridges
OF said Parish herein provided for. That
said bonds hereby authorized to be issued
shall be $25, 100000 of $4,000 denomination
each and numbered from ! to so. both in.
elusive, and shall be dated the 9th day of
August, 1918, and shall bear interest from
date of delivery hereafter at the rate Of
five per centum per annum, payable an
nually on the LIST day of February on each
of the years 1916 to 1925, both inclusive.
and said bonds shall have the following
numbers, amounts and maturities, as fol-
lows, to-Wit:
List of Bonds.
Bonds No. 2....,..............$ 100000
Due Feb. /, 1918
Bonds NO. 3,4,5,6 ................ Z,UVU.UU
Due Feb. l, 1919.
Bonds No. 1853, 10, II, l2........... 100000
Due Feb. l, 1920.
Bonds No. 1914, 10, 16, II, 1S........ 100000
Due Feb. l, 1921.
Bonds No. 21,22,23,24.... 100000
Due Feb. l, 1922.
Bonds No. 27,2S,29,3 1,32.. 100000
Due Feb. l, 1923.
Bonds No. 1884,, .36,S7, 3S, 80, 40. 100000
Due Feb. l, 1924.
Bonds No. Ala 43,44, 40, 46, AZ, 49,. 100000
Due Feb. l, 1925.
Bonds No. 49,50 Observation-Disclosures. 100000
Due Feb. l, 1925.
Authorized Total bonds. ........ S25, 200. 90
Said bonds shall have coupons annexed
to them, evidencing the interest accruing
thereon on the LIST day of February OF
each year OF 1916 to 1925, inclusive. and
said bonds shall be negotiable and payable
at any bank in Louisiana, Chicago or New
York or at the Parish Treasury at st.
FrancisVille Louisiana, as shown in the
face OF said bonds, which shall be payable
both principal and interest without offset
Tor discount at maturity and shall be free
from all legal defects and defenses after
their delivery to the Contractor and said
bonds shall be made payable to bearer and
shall be of such form and contain such
recitals as may be satisfactory to the Con-
tractor and its Attorney.
Section 3. Said bonds shall be signed by
the President of the Police Jury and
countersgned by the Clerk of the Police
Jury and the seal of said Police Jury shall
be placed upon the principal of said bonds
but the coupons may be signed by the
facsimile of said President and Clerk and
said bonds numbered from one to forty
eight, inclusive, and amounting to $24,
100000 are sold to Austin Brothers to pay
for said bridges and satisfy said contract
and said bonds shall be delivered to said
Austin Brothers and they are sold to them
at par, as any of said bridges may be
completed and accepted as per contract.
Be it further ordained that the Police
jury of said Parish have found and de-
termined judicially both as a matter OF
fact and of law that there is a residue of
the ten-mil parochial tax authorized by
Article 232 of the Constitution, which
residue amounts to two and onehalf mills
on the dollar of said ten-mill tax, and.
that the avails of said tax when levied
upon the assessed valuation of said parish
as last made and filed, to-Wit: $1,875,671
or $4,500.00 per annum is surplus which
has been found to exist in conformity to
the requirements of Act 81 of 1902 as
amended by Act 12S of 1910 and that said
residue is in excess Of the Parish revenues
above statutory, necessary, and usual
charges and time contracts and other
debts as required by said Acts 81 and 1913.
Said Parish shall create a fund out of
which said bonds shall be paid and the
avails Of the said two and one-half mills
of the ten-mill parochial tax which is
hereby dedicated for that purpose and
which tax shall be levied annually for not
exceeding ten consecutive years and pro-
ceeds of said tax shall create special
fund for the purpose of paying the inter-
est and principal Of said bonds, that is to
say that said special tax Of two and one
half mills ON the dollar shall be levied an
nually on all the taxable property of said
Parish for and during each Of the years
1916, 1917, 1918, 1919, 1920, 1921, 1922, 1923,
1924, 1925. that is to say that said tax
shall be levied in the year 1916 to pay the
interest and principal falling due in the
year 1917, and said tax shall be levied in
the year 1917 to pay the interest and
in the year 1918, and said tax
shall be levied in the year 1913 to pay the
and interest falling due in the
year 1919, and so forth until the principal
and interest of said bonds have been paid
as they mature and as herein provided;
the principal and interest falling due in
any one year shall be previously budgeted
from year to year and said two and one
half mill tax shall be budgeted from year
to year by the Police Jury as provided by
law. If for any reason said bonds herein
provided shall be declared by any court
not to be the valid bonds of said Parish
then and in that event said bonds shall
be declared to be the lawful certificates
of payment as provided by Acts 80 and
1928 of the General Assembly of the State
of louisiana This ordinance shall be
recorded upon the minutes of the
Police Jury and published as required by
law and certified copy of the same fur
nished to Austin Brothers, and this ordi-
nance shall go into effect from and after
it's adoption.
1t is further ordained and expressly de-
clared that said bonds numbers 40 and 80
are the property of the Parish and shall
be issued and delivered at the option of
the Parish and be sold at par for money
in the event said money may be needed to
defray the expense which may be in
cnrrad nv the amnlovment Of q sunarvis-