Tensas gazette., 1916-09-15

Section :. The full faith and credit
of the City of New Orleans are pieoteN
for the payment Of the prflcipai. ana ~
terest of all bonds issued unoer enl
The principal and interest Of all bonds
authorized by and to be issued unaeI
this amendment shall be paid, primarily
out of % that one,ha!f OF the sutp,us n
tofore has been dedicated for the sup
port and maintenance OF the pupilc
schools of said city. as levied under ana
authorized by Act No. 11o of the Cen
eraI Assembly of the state of Louisiana
for the year 1880. and subsequently
made part of the Constitution or THIS
State. and (2). after January i, lsLe.
that portion of the one per cent dept
tax, authorized and levied under Act NO.
110 aforesaid. and the two-mill tax au-
thorized by and levied under ACT no.
of the General Assembly of the state
of Louisiana for the year 1899 whlcn
shall have been released and freed from
dedication either by the calling ana re-
funding or the payment In due course
of all or any part OF the bonds eTis,,ds eS ,his
amendment; provided that. II the 1unuS
derived from the sources aforesaid snail
be insufficient in any one year TO pay
the principal and interest OF the bones
issued under this amendment and then
outstanding and unpaid. or II 1or any
cause there shall not be funds apPro-
priated to or available for such purpose.
tax upon all taxabx property in said
city sufficient to provide for any such
deficiency; and provided further tnat,
when the aforesaid one per cent deot
tax and two mill water and sewer tax
shall cease to be levied. the City OF
New Orleans shall levy tax upon all
taxable property in said city sumclens
to pay the principal and interest OF
said bonds as they respectively become
due.
Section s. 1t is hereby intended that
all existing dedication and appropria-
tipns of said one per cent debt tax au-
tfforized by said Act No 10 of 1890 lex
cept with respect to the SAID one-nait
of the surplus of the one per cent DEBT
tax therein dedicatedto public schools).
and of said two-mill water and sewer
tax. authorized by said Act No: OF
1899, shall be respected and performed
according to the priorities by SAID stat-
utes established; that all or that portlon
OF the funds resulting from the levy OF
said taxes which shall be released from
said appropriations and dedications ny
the payment. satisfaction or refundlng
of any of the bonded debt OBLIGATIONS
now charged thereon and there-agafnst
SHALL together with the one-half or the
surplus of the one per cent debt tax
heretofore dedicated to public school
purposes be used and applied to the
payment of the principal and interest OF
all bonds issued under this amendment
that any residue thereof remaining a1ter
the payment of the principal and inter-
by this amendment shall be turned over
to the city of New Orleans, to be used by
IL for general municipal purposes; Dut
when, and to the extent that, the opllga-
tions now charged on said taxes shaIl pc
paid satisfied or refunded. said taxes
shall be released from said obligations,
and, ultimately, when entirely released
and discharged. shall cease to be levied:
and. that, thereafter. any and all bonds
issued under this amendment shall be
provided for by tax upon all taXaDle
property in the City of New Orleans
sufficient to pay the principal and in
terest of said bonds as they respectively
become due; provided. however. that. in
the event the funds hereinabove special
ly dedicated for the payment OF the
principal and interest OF the bonds Is
sued under this amendment should prove
insufficient the City of New Orleans
shall, and ii is hereby required to- levy
in every such instance tax upon. all
taxable property in the City OF New Or
leans necessary to pay the principaf
and interest of said bonds.
Section g. The principal and interest
of all bonds authorized by this amend
ment shall be payable in gold coin OF
the United states OF America. or lts
equivalent. of the standard of weight
and fineness at the time of the issuance
of each installment of said bonds.
Said bonds shall be exempt from all
taxation for State. parish, municipal or
other local purposes.
Savings banks. tutors of minors. cura-
tors of interdicts. trustees and other
tiduciaries may iINest the funds in their
Said bonds may be used for deposit
with any officer. board. municipality or
other political subdivision of the State
of Louisiana in any case where by pres
ent or future laws deposit or security 10
required.
Said bonds may be registered and re-
leased from registry under such rules
as the Board Of Liquidation. City Debt.
may prescribe.
Section 10. All bonds issued under
this amendment shall bear such rate or
interest or. from time to time, different
rates of interest and shall. except as
herein otherwise specially provided, be
in such form. terms and denominations.
and payable at such times and places.
within a period of not exceeding nifty
years from the date thereof. as the
Board of Liquidation, City Debt. shall
determine. Said bonds shall be issued
in serial form and shall be payable in
annual installments. commencing not
more than two years from their respec-
tive dates. and the installment payable
in each year shall be so fixed that when
the annual interest is added thereto, the
several annual total amounts of prin-
cipal and interest to be paid shall De
as nearly equal as practicable; provided.
said installments may be fixed at nve
thousand dollars or the nearest multi
pie thereof.
laid bonds shall be signed by the
Mayor and the Commissioner of Public
Finance of the City of New Orleans, or
officers exercising similar functions. and
countersigned by the President or Vice
President and the Secretary or Assist
ant Secretary of the Board of Liquida-
| tion, City Debt, and the coupons at
| tached to said bonds shall bear the
| fac-simile signatures of said Cornmis-
! sioner of Public Finance and said Sec
| retary or Assistant Secretary. In case
any such officer whose signature
or counter-signature appears upon
such bond or coupon shall
cease to be such officer before
| to the purchaser. such signature or
| Icounter-signature shall nevertheless De
valid for all purposes. The cost and ex-
pense of preparing and selling said
| bonds shall be paid for by the Board OF
Liquidation. City Debt.
| Section IL. Air bonds issued under
| this amendment shall be sold by the
Board of Liquidation, City Debt; to the
| highest bidder or bidders by sealed pro-
| posals after due advertisement of not
/ less than five insertions in the official
| journal of the City of New Orleans (tne
| first insertion to be at least fifteen days
| prior to the date of the sale), and sucn
other advertisement, in said city OF
| elsewhere. as said Board of Liquidation
| may in it's discretion direct; provided
said Board Of Liquidation may reject
Section II. Except as otherwise pro-
| vided in this amendment. the City OF
| New Orleans shall not borrow money
| issue bonds. notes or other evidences oi
| Indebtedness or pledge its credit or an
| ticipate the collection OF any of its
| taxes.
| No money shall be drawn from tns
| treasury of said city without specific
| appropriation therefor previously made
| nor shall said city make any contrac'
| or incur any debt or obligation for any
purpose whatsoever unless sufficient
| funds, not otherwise appropriated. tc
| nd actually In
| the treasury of said city at the time OF
| making the contract or incurring tnt