St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1915-12-18
Am ORDINANCE

vest in the said town of Covington.
fixing the date and maturity OF said
bonds and each Of them;a and fixing
where they shall be payable; liking
the rate Of interest said bonds shaA
hear and providing when and where
said interest shall be payable; fixing
q polling place for said election ana
the hours when the polls shaI %
opened and closed. and naming threeH
commissioners and one clerk OF cleo.
ton: and fixing the date and place
when the Mayor and Board Of Alder
men shall meet to canvas the returns
Of said election and promulgate the
result thereof; authorizing the May
or and. Clerk or the Mayor. and Board
OF Aldermen, In thoe event taesprop-
erty taxpayarsa approve the 1ncurring
of the Indebtedness and the issuance
Of the bonds ~ herein proposed. to
sign. and execute said honda and the
same to sell 1T not less than par &C.
cording to law.
Providing that this ordinance
when. adopted By the property tax
payers Of the town Of Covington.
and after the bonds herein author
lied to- be issued shall have been
issued and sold that this ordnance
shall become and remain irrepeaE
able 20 long - any OF the said bond
or the interest thereon, shall remain
uupaid; repealing all ordinances or
parts Of ordinances In conflict here
With: and providinS when this ordi-
nance shall 70 into effect.
Whereas, It IL believed by the May
or and Board Of Aldermen OF the
town Of Covington. Louisiana, nee
essary4 and for the h1st interests OF
said town and the dnhahttants &hsre-
Of that Z waterworks and sewer Sys-
tenn should be constructed within the
corporate limits Of the town; and
whereas, the ordinary revenues Of
the town are inSufhciSnt to construct
said vstervorks and sewer system.
and in order to undertake such work
| It 10 necessary to raise funds In the
manner provided by law; and
whereas, under the constitutes
and laws OF the stase OF Louistane
the governing authority Of the town
Of Covington4 10 Dormittad to -1ssne
such bonds when authorised BY z
vote OF 4 majoriay In number AND
amount Of t.e, property taxpAyers Of
the town Of Covington. qualified tc
vote under the conStitutions and nwf
Of the State Of Louisiana ct an cleo
ton held for that purpose ana
Whereas, under the authority o.
the favorable voto Of such dtaxpayeri
At. such election the governing M
thortty Of the said town Of Covingtoz
may annually levy and collect specia
taxes In excess Of other taxes = TIA
lsu1ncient to nay the inakslments @
interest. and. principal Of said bonds
falling due each year ~ may be re
louired for q sinking fund for tn
payment Of the bonds at maturity
provided such special taxes TOR q
purposes shall not In any year OF
coed the limit prescribed by the con
stitution. Of ten mills on the dollal
Of the assessed valuation Of tn
property Of the town. and to 1ssu'
Negotiable bonds not to exceed tel
per centum. Of t..e Assessed valuation
Of the property OF the. said town; an
Whereas, the assessed valuattol
of the said town Of Covington. q
the present time equals the amour
Of seven hundred and fifteen thou
sand two hundred and sixty-fou
(715,264.oo) dollars; and
Whereas, It has been and 10 mol
thereby determined by the Mayor an
Board Of Aldermen Of the town Q
|Covin8ton, La, to submit to tn
property Taxpayers qualified - elect
lors under the constitution and law
Iof the State Of Louisiana the follow
ing proposition:
7 shall . debt be incurred BY th
town ot C.svtngt0n, In the su;a
lSeyenty-One Thousand Dollars IN
, negotiable bonds be issued in 81.
) amount. bearing interest at sae raj
|ol i've pei cent pes annum payael
semi-annualI;, the ,rincipal ~ ).
! (honds becoming payable within 8
Z years after their date, and issued
: such denominations. payable at sue
). time. and in such installments wit
such other details relating theret
n shall be determined by the Mays
and Board Of Aldermen and auth0
; Iixed by the constitution and laws
1.-The state Of Louisiana. The fnnt
a lre.iised from the incurring Of "a
9 debt and the sale Of said bonds 1
be used for the purpose ofconStruc
: ling \ waterworkss and sewer syste
o lin said town, the title to which sha
+ west in said town Of Covington; n
!: Whereas, in the event said indeb
: ledness DESIGNATED In the foreg0ir
4 lproposition shalt be authorized 1
n the taxpayers to be incurred n
!. bonds shall be issued therefor, Il