The Natchitoches enterprise., 1916-09-28

lndebte lness Of the city OF Kew Orieaus
eXistin- a the tin-e of tEa adoption o.
ta.s amendment, bon-s may from t:II.t
10 time be issued and negotiated Nis4'
any of tie Issues u the bonds Oi .5'.-
CITY Oat: "a u lii < at the time OF the q o.
tiCn uf t,iF amendment shal pe'pihr
C7#.a"le according to their terms q t'ie
statutes under which they are rc*pcc-
ti.u!y .ss,Je :. or when t.P consent oi
all the hD! .erS Of any : 9sa IsSie o.
bonds ran Lc secure ]. the Board Q. Il
Qui,at;9n, City Delt shall haFe Il
right IN its discretion to call ana -
a.y ore or more Of said iss,:es O. p4l =
and shall be authorized by resolution
duly adopted to issue ami neGotia.s
bonds to provide the funls necessdi
for that purpose; proTiied. h2Te''t
that in no event Shall the par value
the bonds 80 sold and negotiated eA-
ceel the rar value of the bonced III
dehte,irecs thereby to be refunde i
Section Z. The full faith ana ere = l
of the CITY of New Orleans are PIE !ge 7!
for the Payment Of the principal and N
terest Of ell bonds issued under tnls
amendment
The principal and interest OF all bonds
authorized by and to be Issued unIer
this amendment shall be paid primarily
out of t) that one-half OF the surplus
Of the ore per cent debt tax which mere
tofore has been dedicated for the SUP
port and maintenance Of the puhhc
schools Of said city. as levied under ana
authorized ny Act, No. ITO or the Gen
eraI Assembly of the state Of Louisiana
for tile year 1893, and subsequently
made part Of the Constitution OF THIS
State, AMI (2), ter January /. 1928.
that portion of tie one per cent dept
tax. authorized an levied under Act NO
110 aforesaid AMI tie two-mill tax au-
tborized ~ enl levied under Act no. 6
of the General Assembly Of the state
of Louis ana for the year 1899 Which
shall have been released anI freel IRON
dedication either by the calling ana re-
funding or the payment in due course
of all or any part Of the bends eX!stinE
at the time of the adoption or IN :
amendment: provided that, II the fun ;s
de i've from the sources aforesaid snail
be irsJfT7cient in any one year to pay
the PRINCIPAL and interest Of the bonis
issued under this amendment ana theh
outstanding and unpaid, or II Tor any
cause there shall not be FUNDS appro-
the City of New Orleans shall levy a
tax upon all taxable property IN sa11
city sufficient to provide tor any such
deficiency; and provided further tnat,
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 tax upon an
taxable property in said city sunclent I I
TO ray the principal and interest Of
said bonds as they respectively become
due
Section s. It is hereby intended tnat
al existing dedication and appropria-
thoriZed by said Act No 10 OF 1890 Eek
cent with res ect to the said one-haif
of the surplus of the one per cent dept
tax therein dedicated to public schools
and of said tWo-mill water and sewer
tax. authorized by said Act No. OF
1899. shall he respected and performe
according to the priorities by said stat
utes established; thct all OF that portion
OF the funds resulting from the levy or
said taxes which shall be released from
said appropriations and dedicattons py
the payment satisfaction or refundlng
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 plblic schooi
purposes he used and applied to the
payment of the princiT al and interest OF
all bonds iPsuel Under this amendment;
that any residue thereof remaining after
the payment of the principal and inter
est in any ore year OF bon Is authorlze1
by this amendment shall be turned over
to the city of New Orleans, to be-used By
1t for general municipal purposes; but
wlRRa and e "A lie ex ksiat fl1ss4 the oDilga-
NJ. a
shall be released from sats oblfgarlonhs
and, ultimately. when entirely released
and discharged, shall cease to be levied,
and. that, thereafter any and ali ponos
asued under this amendment shall be
provided for by a tax upon all taxable
property In the City of New Orleans
sufficient to pay the principal ana IN
terest of said bonds as they respectively
become due; provided. however that IN
the event the funds hereina5ove special
In Dedicated for the payment Of the
principal and interest of the bonds is
sued under this amendment shouS prove
insufficient the City OF New Orleans
shall. and 1t is hereby required TO, levy
in every such instance tax upon ali
taxable property in the City of New Or
leans necessary to pay the princIpal
and interest Of said bonds.
Section 9. The principal AMI interest,"
of all bonds authorized hT this amenc-
ment shall be payable in gold coin o.
the United States of America, t~r il
equivalent, Of the standard of weight
and fineness at the time Of the Issuance
OF oqnh irsta I-ent OF sai0 bonds.
Said bonds shall be exempt from all
taxation for State. parish, munlclpal or
ut e. !Ccal purposes.
Savings banks. tutors Of minors. cura-
tors of inter3icts. trustees and other
fdIciaries may invest the funds in their
hans in sail bonus.
Said bonds may be used for deposit
VITA any ofIlcer. BOARD. Municipality. OF
other political subdivision of the State
Of Louisiana in any case where by pres
ent or future laws deposit Or security Id
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 oi
interest or. from time to time, different
rates of interest, and shall, except al
herein otherwise specially provided, Be
In such form, terms and denominations
and payable at such times ana places
within a period of not exceeding nfty
wears from the date thereof, az tht
Board of Liquidation, City Debt, shall
determine. Said bonds shall be issue
In serial form and shall be payable II
annual installments, commencing nc'
more than two years from their respec'
tive dates and the instalEment payable
In each year shall be go fixed tnat, wher
the annual interest is added thereto, the
several annual total amounts of prin'
ciral AM interest TO be paid shall ps
as nearly equal as practicable; provided
said installments may be fixed at nv'
thousand dollars or the nearest multi
aid bcn's shall be signed by tnt
Mayor and the Gommiss,cner oL Fuo4l.
4 nance of the City Of New Orleans, ol
] officers exercising similar functions, and
cnui terslgned by the President or Vfc'
: President and the Secretary or Assist
ant Secretary Of the Board of Liquida
tion. City Debt, and the coupons at
4 tached to said bonds shall bear tnt
7 fac-simile signatures OF said Commfs
sioner of Public Finance and said Sec
retary or Assistant Secretary In cas-
any such officer whose signature
such a bond or coupon shal
cease to be such ofncer befor'
delivery of said bond or coupoi
to the purchaser, such signature o.
j counter-signature shall nevertheless p'
4 valid for all purposes The cost and ex
4 pense of preparing and selling sait
4 bonds shall be paid for By the Board O.
! Liquidation, City Debt.
/ Section IL. All bonds issued unde
] this amendment shall be sold by th'
Board of Liquidation, City Debt, 70 tn
highest bidder or bidders by sealed pro
posals after due advertisement of no
less than five insertions in the officia
journal of the City of New Orleans (Tn'
frst insertion to be at least fifteen day
prior to the date of the ealel, and sucl
other advertisement, In said city o
elsewhere. as said Board Of Liquidation
NAV in its discretion diSect; provided
said Board or Liquidation may reJec
any and all bids.
Section IL. Except as otherwise pro
I yfded in this amendment, the City o
New Orleans shall not borrow money
issue bonds, notes or other evidences o
Indebtedness or pledge its credit or an