The Natchitoches enterprise., 1916-09-14
Act No. 10

Senate BlH NO. 96. by Leon II.
A JOINT RESOLUTION
Proposing an amendment to the Con-
stitution Of the State Of Louisiana.
providing for the funding OF certain
debts of the City of Shreveport, ana
judgments against the said city, the
Issuance OF serial bonds by said city,
providing the purpose for and the
manner in which same may be is
sued, and the duties of the City
Council Of the City OF Shreveport,
with reference thereto; and the levy
ing by the city Councillor Shreve-
port of certain taxes to retire the
bonds as issued herein, by said city;
and providing for the submission OF
said amendment to the electors OF
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
feet to the ratification and approval OF
the electors @f this State, the ,Consti-
tuition Of the STATE be amended by In
corporatin- therein the following pro-
visicus. to-wt:
Section l. The city Of Shreveport
by a four-flfths vote of all the mem
bers OF the city Council thereof, shall
have power and is hereby authorized
to issue s5o0,000 of bonds, or so much
thereof as may be necessary, to be
styled City OF Shreveport Serial Gold
Bonds, and t.. 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 . per cent
per annum, payable semi-arnually.
Section 2. The proceeds of said
bonds shall be applied to the pay
nent and retirement of all certificates
Of indebtedness issued by the City of
Shreveport prior to May J.. 1915. and
to the payment of all judgments rem
dered against said city prior to May
/, 1915.
Section 9. 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
Shreveport shall determine. Said
bonds shall lie issued in serial form
and shall be. payable In annual in
stallments, commencing not more than
one year from their respective 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-
cipa1 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
signed by the Commissioners of Ac-
counts and Finances, and TIE coupons
shall have the fac-simile signatures
of the Mayor and ecretary-Treasurer.
In case any such officer whose sigma
ture or, counter-signature, who ap-
pears on such bond or coupon, shall
cease to be such officer before deliv-
cry of said bond or coupon to the pur-
chaser, such signature or ccunter-sig-
nature shall nevertheless be valid for
Section 1. The principal and inter-
est OF all bends authorized by this
amendment shall be payable in gold
coin OF the United States Of America
or its equivalent, of the standard
weight and fineness at the time of the
issuance thereof. and shall be exempt
from all forms of taxation.
Section s. The full faith and credit
Of the City Of Shreveport are pledged
for the payment of principal and in
terest OF all bonds issued under this
amendment. The principal and inter-
est of all bonds authorized and to be
issued under shis 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 affact the limitations else
where contaihed I'm the Constitution
Rs to the Issuance Of bonds. and the
ievying 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.
Be II further enacted, etc. That the
amendment proposed by this Act
shall be submitted to the electors Of
the State for their approval or rejec-
ton at the Congressional election to
be held on the hrst Tuesday after the
first Monday IN the month CT Novem-
Der. 1916; and there shall he printed
on the ot1cial ballot to be used in said
election the words. For the proposed
amendment to the Constitution Of the
State Of Lsouiaiana providing for the