The Donaldsonville chief., 1916-10-21

funding or the payment In due course Of
all or any part Of the bonds "a EXISTING a a.
rnent; provided that, If the funds derived
| from the sources aforesaid shall be in
sufficient in any one year to pay the prlnss
cipal and interest of the bonds issued
under this amendment and then OUT
standing and unpaid, or If for any cause
there shall not be funds approprlaGted ted to to
or available for such purpose, the City OF
New Orleans shall levy q tax upon all
| taxable property in said city sufficient to
provide for any such deficiency; and pro-
vided further that, when the aforesaid one
| per cent debt tax and two-mill water and
sewer tax shall cease to be levied, the
!! City of New Orleans shall levy a tax upon
| to pay the principal and interest of said
| bonds as they respectively become due
| Section s.. 1t is hereby intended that all
existing dedications and appropriations OF
| said Act No. 10 of 1890 fexcept with re-
, spect to the said one-half of the surplus
| of the one per cent debt tax herein dedi-
Gated to public schools), and of said two
said Act No. s of 1899. shall be respected
and performed accGding to the priorltles
that portion OF the funds resulting from
| the levy of said taxes which shall be
released from said appropriations and
dedieations by the payment, Satisfaction 10
| or refunding of any of the bonded debt
| obligations now charged thereon and
there against shall. together with the one
half of the surplus of the one per cent debt
tax heretofore dedicated to public school
purposes, be used and applied to the pay
ment OF the principal and interest OF all
bonds issued under this amendment; that
any residue thereof remaining after the
| payment of the principal and interest in
any one year of bonds authorized by this
amendment shall be turned over to the
| City of New Orleans to be used by it for
general municipal purposes. but when,
and to the extent that, the obligations
now charged on said taxes shall be paid,
GO fiSfIn dad c1,nH tSn
released from said obligations, end, ulti-
mately, when entirely released and dis
charged, shall cease to be levied; and,
that thereafter, any and all bonds issued
under this amendment shall be provided
for by tax upon all taxable property in
| the City of New Orleans sufficient to pay
they respectively become due; provided,
however, that, in the event the funds
hereinabove specially dedicated for the
payment of the principal and interest of
should prove insufficient, the City of New
| Orleans shall, and it Is hereby required to,
levy in every such instance tax upon all
Orleans necessary, to pay the principal
ana interest of said bonds
Section 9. The principal and interest of
all bonds authorized by this amendment
shall be payable In gold coin of the
United States of America, or it's euuiva-
lent. of the standard of weight and fine
ness 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
Savings banks, tutors of minors, cura-
tors OF interdicts, trustees and other
iiduclaiies may invest the funds in their
hdndS Ill said bonds.
Said bonds may be used for deposit with
any officer. board, municipality or other
political subdivision of the State of Lou
future laws deposit or security is 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 of in
Of interest, and shall, except as herein
otherwise specially provided, be in such
form, terms and denominations, and pay
able 6lo at such h+ times and places within
the date thereof, as the Board Of Liuuida-
ton, 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 respective dates, and the in
stallments payable in each year shall be
added thereto, the several annual total
amounts OF principal and interest to be
paid shall be as nearly equal as pracu-
cable; provided, said instalIments may be
fixed at five thousand dollars or the near
est multiple thereof.
Said bonds shall be signed by the Mayor
of the City of New Orleans, or officers
exercising similar functions and counter
signed by the President or Vice. President
of the Board of Liquidation, city Debt,
and the coupons attached to said bonds
shall bear the facsimile signatures of said
Secretary or Assistant Secretary. In case
any such officer whose signature or coun-
ter-sIgnature appears upon such a bond
or coupon shall cease to be such officer
hafnFa faliNarV ~ "a hnF rro %<,
the purchaser, such signature or counter
signature shall nevertheless be valid for
all purposes. The cost and expense of
preparing and selling said bonds shall be
paid for by the Board Of Liquidation,
City Debt.
Section II. All bonds issued under this
Liquidation, City Debt, to the highest
bidder or bidders by sealed proposals after
due advertisement of not less than five
City of New Orleans tthe first insertion to
be at least fifteen days prior to the date
Of the salel, and such other advertise
Board Of Liquidation may in its discretion
direct; provided, said Board of Liquidation
may reject any and all bids.
yideg 10 This i eepe as @ 6ensrWise st 9 pro-
Orleans shall not borrow money, issue
bonds, notes or other evidences of in
fb or pledge its credit or an
No money shall be drawn from the
treasury of said city without specific
appropriation therefor previously made
nor shall said city make any contract or
incur any debt or obligation for any pur-
pose whatsoever unless sufficient funds
not otherwise appropriated, to pay and
discharge same are actually in the treas
ury Of said city at the time of making the
contract or mourning the debt or obliga-
tion and are specifically set aside and
dedicated to said purpose, unless herein
otherwise provided. The foregoiMg lini-
tation md restriction shall not apply or
be held to Apply to contracts or obligation
incurred with respect to the furnishing to
said city of light, heat or power, water,
telephone service or garbage removal or
destruction
The said city may in any calendar year
in anticipation of the collection of the
taxes of such calendar year, and for the
purposes for which such taxes are levied,
borrow such sums as shall not be in
excess of the amount of its uncollected
taxes of such year, and may issue it's
notes or other evidences of Indebtedness
and Sucsf sum, notes or other
evidences of Indebtedness shall be pay-
able only out OF the taxes of the calendar
year IN which said loan or loans are first
made, and for which Indebtedness said
revenues shall be pledged, and said in
debtedness shall not be payable out of
any other FUNDS Or moneys whatsoever.
No money shall be borrowed by the said |
city except for current municipal pur- |
be borrowed by said city to make or to
pay for works of public Improvement I
Said city may issue for street paving |
purposes certificates on it's faith and |
credit pursuant to legislative authority. |
70 an amount not in excess of any sDeciaf |