The Caldwell watchman. (Columbia, La.) 1885-1946, 1916-10-13
Act No. ITO

Senate Bill No, 96. BY Leon r. Smith
A JOINT RESOLUTION
Promising an amendment to the Con-
stitution of the State Of Louisiana,
providing for the funding Of certain
debts of the City of Shreveport. and
iudGmcnts against the said city, the
issuance of serial bonds by said city,
providing the purpose for and the
manner in which same may be ls-
sued, and the duties OF the City
Council Of the City OF Shreveport.
with reference thereto; and tn. levy
ing by the City Council Of Shreve-
mort Of certain taxes to retire the
bonds as issued herein, by said city;
and providing for the submission OF
said amendment to the electors or
the State for their approval or re-
lection.
Be it enacted by the General Assem-
bly of the State Of Louisiana, tWo
thirds of the members elected to each
branch thereof concurring, that. sub
tect to the ratification and approval OF
the electors Of this State. the Consti-
tuition of the State be amended by in
cooperating therein the following pro-
visions, to-wit:
Section /. The City OF Shreveport.
BY a four-ffths vote Of ell the mem
bers of the City Council thereof, shall
have power and Is hereby authorized
to issue $500, 900 Of bonds, or so much
thereof as may be necessary, to be
styled City Of Shreveport Serial Gold
Bonds. and to bear such rate OF inter-
est as the City Council may fix from
time to time. as each installment Of
the said bonds Is offered for sale, as
hereafter provided: said rate Of inter-
est at no time to exceed 5 per cent
per annum. payable semi-annually.
Section 2. The proceeds OF said
bonds shall be applied to the pay
ment and retirement Of all certificates
of indebtedness issued by the City of
Shreveport prior to May l, 1916, and
to the payment Of all Judgments rem
dered against said city prior to May
!, 1916.
Section 8. All bonds issued under
this amendment shall be in such form.
terms and denominations. and payable
at such times and places, within a pc
Rod Of not exceeding forty years from
the date thereof, as the City Council OF
Shreveport shall determine. Said
bonds shall be issued in serial form
and shall be payable in annual in
sta1lments, commencing not more than
one year from their respective dates,
and the instaifment payable in each
year shall be so fixed hat when the
annual interest IS added thereto, the
several annual total amounts Of prin-
cipal and interest to be paid shall be
as nearly equal as practicable.
Said bonds shall be signed by the
Mayor and the Secretary-Treasurer OF
the City of Shreveport, and counter
signed by the Commissioners Of Ac-
counts and Finances. and the coupons
shall have the fac-simile signatures
Of the Mayor and Secretary-Treasurer.
In case any such officer whose sigma
turc or counter-signature. who ap-
pears on such bond or coupon. shall
ceose to be such officer before deliv-
cry Of said bond or coupon to the pur-
chaser, such signature or counter-sig-
nature shall nevertheless be valid for
all purposes.
Section 4. The principal and inter-
est OF all bonds authorized by this
amendment shall re payable In gold
o, its equivalent, Of the standard
weight ard fneness at the time Of the
issuance thereof. and shall be exempt
from all forms Of taxation.
Section 5. The full faith and credit
Of the City Of Shreveport are pledged
tor the payment Of principal and in
teres. OF all bonds issued under this
amendment. The principal and inter-
est Of all bonds authorized and to be
issued under this amendment shall be
paid out of tax which shall be levied
annually by the City Council of
Shreveport, upon all taxable property
in said city, sufficient to provide for
the payment of the principal and in
terest Of said bonds as they respective
~ become due. The tax so levied Is to
be in excess Of the general and special
taxes provided for elsewhere In this
Constitution, and Is not to be affected
by nor to affect the limitations else
where contained in the Constitution
as to the issuance Of bonds. and the
levying Of taxes by municipalities.
Section 6. The provisions hereof
are self-operative. and the City Coun-
ell OF Shreveport may by ordinance
carry them into effect.
Re 1t further enacted, etc.. That the
amendment proposed by this Act
hall be submitted to the electors Of
lie State for their approval or rejec-
ION at the Congressional election to
e held on the lrst Tuesday after the
irst Monday in the month of Novem-
ny, 1916: and there shall be printed
n the official ballot to be used in said
lection the words, For the proposed
,lnendment 10 the Constitution OF the