St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1915-12-25

opened and closed, and naming three
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 the event the prop
erty taxpayers approve the mourning
Of the Indebtedness and the issuance
Of the bonds as herein proposed. to
sign ant aS<6ute said bonds and the
same to It not less than par &C
Providing that this ordinance
when adopted by the property tax
payers of the town OF Covington,
and after the bonds herein author
ICED to be issued shall have been
issued and sold that this ordinance
shall become and remain irrepeal-
able so long as any Of the said bonds
or the interest thereon, shall remain
unpaid; repeating all ordinances or
parts OF ordinances in conflict here
with; and providing when this ordi-
nance shall go into effect.
Whereas, it is believed by the May
or and Board OF Aldermen OF the
town Of Covington. Louisiana, nee
essary and for the best interests OF
fsaid town and the Inhabitants there
| Of that q waterw0rlks and sewer sys-
ITEM should be constructed within the
corporate limits OF the town; and
Whereas, the ordinary revenues OF
the town are insufficient to construct
said waterw0rks and sewer system,
and in order to undertake such work
| It is necessary to raise funds In the
manner provided by law; and
Whereas, under the constitution
and laws of the State OF Lou1stana
| the governing authority Of the town
LOT Covington Is permitted to issue
such bonds when authorized by q
vote Of q majoriay In number and
amount of tue property taxpayers OF
the toswiAof Covington. Qualified to
vote eriaDr the constitution and laws
OF Estate Of Louisiana at an cleo
ltis held for that purpose; and
/ Whereas, under the authority OF
the favorable vote Of such taxpayers
at such election the governing au--
lthority Of the said town Of Covington
may annually levy and collect special
taxes In excess of other taxes . tar
sufficient to pay the installments OF
Interest and principal OF said bonds
falling due each year - may be re-
ouired for q sinking fund TOR the
payment of the bonds ct maturity.
provided such special taxes for all
purposes shall not in any year ex-
coed the limit prescribed by the con-
lstitution Of ten mills on the dollar
LOT the assessed valuation OF the
property Of the town, and to issue
negotiable bonds not to exceed ter
lper centum Of tie assessed valuation
| Of the property of the said town; and
i Whereas, the assessed valuation
LOT the said town Of Covington, Al
1.-The present time equals the amount
LOT seven hundred and fifteen thou.
lsand two hundred and sixty-foul
I(715,264.00) dollars; and
Il Whereas, It has been and IL nov
thereby determined by the Mayor and
board OF Aldermen Of the town Of
ICoyiugton, La, to submit to the
property taxpayers qualified as elect
ors under the constitution and law
lof the State Of Louisiana the follow
ling proposition:
Shall . debt be incurred by thu
town Of Cuvington, in the su'a o.
[Seyenty-One Thousand Dollars ant
lncgotiable bonds be issued In SAT-
, larlount, bearing interest at che rat'
, Ioi i've pc, cent pes annum payable
lsemi-annual]y. the principal It sax
bonds becoming payable within B
Years after their date, and issued II
| such denominations. payable at sucl
: time, and in such installments will
lsuch other details relating thereto
las shall be determined by the Mayo
land Board Of Aldermen and author
: Iixed by the constitution and laws Q
1.-The State Of Louisiana. The fund
/ lreaiized from the mourning Of salt
) debt and the sale Of said bonds t
! lbe used for the purpose OF construct
: ling 4 waterworks and sewer system
, lin said town. the title to which shall
: lvest. in said town Of Covington; ant
Nteas, in the event said indebt
: I1ssy designated In the foregoini
ff79edSoosition shall be authorized b.
! Itne taxpayers to be incurred an
!, bonds shall be issued therefor. tt
total amount of tho Indebtedness o
said town (includtng said bonds