The Natchitoches enterprise., 1916-10-26

funding all or any part of the bon1ed
| Indebtedness OF the City OF NeH Orleans
| existing at the time OF the adoption Of
| H. IS amendment boE.'s EiaE from TINE
TO time be Issued and negotiate5. Whfa
any OF the issues OF the bonds OF sac
| city outstanding at the tirne OF tile .os-
| tion o, t>is amendment shall beco ne
! ca!!aale according. 10 their terms or tie
| statutes Under which they are respec-
| L.sa,y ssi.ei. or when tie coHsei OF
| all the hrl ,ers Of any such issue OF
bonds can - secured. the Board or LII
| qu.datioR. t. eht. shall have Iue
| right in It's discretion to call anj ray
airy one or more OF said issues of b ~. Is.
and shall be authorized hy resolution
J duly adopted t. issue and nes1tid's
bonds TO provide the funds necesst Y
for that purpose: provided hover
+. that in no event shall the par value -
the bonds SO sold ard negotiated ex-
| ceed the Par value Of the bonded liz
| dehte mess thereby to be refunded.
Section Z. The full faith AMI eref't
| of the City Of New Orleans are p'eaEef
for the payment of the principal AMI M
| terest of all bonds issued under this
amendment
/ authorized by ana to hS issuel u1ler
| this amendment shall he paid primarily
out of ~ that nne-half of the surplus
of the one per cent deht tax which here
| tofore has been Dedicated for the sup
port and maintenance Of the puollc
! schools Il said city. as levied under ara
authorized ny Act No. llO OF the Gan
! eral Assembly OF the State OF louisiana
Eoade part of the Constitution of this
State. AMI (2b, a.ter January l. l92S.
that portion OF the one per cent DEBT
tax. authorized md lAyied under Act No.
110 aforesaid. SnI the two-mill tax au-
fhorized by an levied under Act No.
OF the 0ereral Assembly OF the state
Of Lonisians for the year 1898 when @
dedication ether by the calling ana -e-
funding or the payment in due course
OF ali nr any part of the bonds exiSting
at the time OF the adoption or thtS
amendment; provided that. IL the fun g
derived from the sources aforesaid shall
be insufficient IN any ore year TO pay
the principal and interest of the bon.fs
issued under this amendment en1 then
outstanding and unpaid. or If for any
cause there shall not be funds appro-
priated to or available for such purpose.
the City Of New Orleans shall levy q
city sufncient to provide for any such
deficiency: and provided further tnaL,
when the aforesaid one per cent debt
tax and two mill water anu sewer tax
shall cease to be levied, the City OF
New Orleans shall levy a tax upon all
taxable property In said city sufiicienL
to pay the principal and interest OF
said bonds an they respectively become
Section 8. 1t is hereby intended that
al existing dedica tfon and appropriA-
thorized by aaId Act No 10 of 1850 lex
capt with res7art tn ths said one-half
Of the surp'"s " the one rer cent debt
tax therein dedicated to public schools).
tax. authorized by sail Act Ne. Of
1899. shall be respected and performer
according to the pTio.ities by said stat
utes eeta aSlIehed; .ss all of that porter
Of the funds res'ifng from tho lery OF
said taxes which Slah be released from
eeid appropriations ard dedicatiens ny
the paymert subtraction or refanding
Of any Of the honied debt obligations
now char-Eei thereon and there-GSaInst
shall, together with the one-half OF the
surplus Of the one per cent debt tax
heretofore dedicated to public school
puFp1ses e used prd applied 10 the
payment o. TIE priGr.raI nad Interest of
al bonds issued urdsr taiR amendment;
mat any reei5ue thereof remaining after /
est IN any one year OF bonis authorized
By this avnc.sdtnent shall be turned over
to the city os New Orisaas. to be used By
sk Gor Rancral Municipal pnrpeeaa; hpf
pald 641arfed Of Sefiinded. said taxes
shall Re reieassI from said obligations.
and. ultimately. wsien entirely released
and discharged. shEdl cens, to be leried.
and. that. thereafter any and all bonds
issued under this amendment shall be
provided for by q tax uror all taxable
property In the City of New Orleans
terest OF said bonds as they respectively
become due; proyiAsd however. that in
the event the funds, here.nal;ove special
1r,nesns sna inf tsreat Bona. a tse
sued under this amendment s!IolRd prove
Insufficient the CRY Of New Orleans
shall, and IL in hereby required TO. levy
in every Bnch instance q tax upon all
taxable property in the City of New Or
leans necessary to pay the principal
ard interest of said bonds.
Section The princiT,al and interest
ment shall be payable In gold coin OF
the United States OF America. e. its
equivalent, OF the standard of weight
and fnepeEs at the tine Of the issuance
Of each iEsta lTnent Of said bonds.
Said bonds shat he exempt from all
taxation for State, parish. municipal or
other local purposes.
Savings banks. tutors Of minors cura- i
tors OF interdlcts, trustees and other .
dduciariee ma y invest the funGs In their .
har@ in sal bonds.
Said bonds may be used for deposit
with any rfficer baard. municipality. or
other political subdivision OF the State
Of Louisiana IN any case where by pres
eut nr future laws deposit or security 10
required
Said bonds may he re- Etere1 and re-
LEASED from registry un6er such rules
es the Board Of Lianids tior, City Debt.
may prescribe.
Section 10. All bonds issued under
interest or. from. tine to time. difeFe-t
rates OF interest, ard shall EXCEPT rs
herein otherwise specially provided. ba
IN such form. terms ami osnOminR t1Dns,
within a period OF not exceeding nfty
years from the dats theF8of. an the
Beard OF Liquidation. city Debt Hhafi
determine. Said boi:ds shall be ISSUED !
In serial form and shall be payable IN
annual instaiimsnts, commencing rot
more than two years from their resDec
tive dates and the tnstallment pa yabia
n each year shall be 80 liked that when
the annual interest iR added thereto, the
several annual total amounts OF prIn- !
cipal and interest to be paid shall ue
As nearly enual As practIcable; provided.
said installmentg may be axea at n.'s
thouaand dollars or the nearest multi
eie thereof.
aid bonds shall be signed By fne
Mayor and the Commissioner Of Public
nance Of the city Of New Orleans, or
officers exercising similar functions ard
bv the President or Vice
President and the eecretery or Assist
ant becretaEy Of the Board Of Li1utda-
tson. City Bebt. md the coupons al
'aeiiea 20 said bends shall bear fna
signatures OF said commfs-
ssoner Of Public Finance and said Beo-
my such officer whose signature
" counter-signature appears upba
luch q bond or coupon shtIl
ease to be such osicer before
OF said bond or coupon
10 the purchaser. such signature or
shau nevertheless De
rafid for ell purposes. The cost ana ek-
iehse Of preparing and selling said
,sE.is shall be paid far by tha RoAre OF
City Debt
Section IL. All bends issued under
his amendment shall be sold by the
Beard OF Liquidation, City Debt. 70 the
fxEsnt bidder or bfdSers BY sealed prU-
,ssalH after due adj 9-gfsernens Of not
-st than ave Insertions IN the Official
.urnAi Of the City OF New Orleans etns
Isst insertion to be At least fifteen dAys
5Ylts 10 the date or the saiel, and Racn
sthsr advertisement In said city or
elsewhere, - said beAre 81 LAquidauon
Iaid Board OF LiQufdati0n may re9ec8
,ny ard ell bids.
Section IL. Except a. otherwise ere.
pfdnd IN this nmeEdmant tbs City %
saw Orleans shall nct borrow money.