Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1916-11-03

amendment
The principal and interest of all bond.
authorized by and to be issued under
this amendment shall be paid primarily
out or Cd that one-half of the surplus
\ or the one per cent debt tax which here
tofore has been dedicated for the sup
port and maintenance OF the public
authorized by Act No. ITO OF the Gen
eral Assembly of the State or Louisiana
for the year 1880. and subsequently
made part of the Constitution of this
state. and 90. after January /. 1928,
that portion of the one per cent debt
tax, authorized and levied under Act No.
ITO aforesaid. and the two-mill tax au-
of the General Assembly Of the State
or Louisiana for the year 1899 which
shall have been released and freed from
dedication either by the calling ana re-
of all or any part OF tke-Aonds existing
| at the time of the adoption of this
| amendment: provided that IL the FUNDS
derived from the sources aforesaid shall
| De insuf1cient in any one year to pay
| the principal and interest of the bonds
issued under this amendment and then
outstanding and unpaid, or IL for any
cause there shall not be funds appro-
priated to or available for such purpose.
| the City Of New Orleans shall levy a
| tax upon all taxable property in said
city sufficient to provide for any such
deficiency; and provided further tnat.
| when the aforesaid one per cent debt
tax and two mill water ana Sewer tax
shall cease TO be levied, the City of
| taxable property in said city sufficien,
| 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-
tions of said one per cent debt tax au-
thorized by said Act No ITO of 1890 lex
cept with respect to the said one-haIf
af mar dnht
tax therein dedicated to 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 of that portion
of the funds resulting from the levy of
said taxes which shall be released from
said appropriations and dedications by
the payment, satisfaction or refunding
of any of the bonded debt obligations
now charged thereon and there-agalnst
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
payment OF the principal and interest OF
all bonds issued under this amendment;
that any residue thereof remaining after
the payment of the principal and inter-
est In any one year OF bonds authorized
by this amendment shall be turned over
to the city OF New Orleans. to be used by
1t for general municipal purposes; but
when. and to the extent that. the ob1iga-
lions now charged on said taxes shall be
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 q tax upon all taxable
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
shall. and IL 10 hereby required to. levy |
in every such instance q tax upon all |
taxable property in the City Of New Or |
leans necessary to pay the principai |
and interest Of said bonds.
Section 9. The principal and interest |
OF all bonds authorized by this ameno- |
ment shall be payable in gold coin Of |
the United States Of America. or its I
and fneness 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 intsrdicts. trustees and other
may invest 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 OF |
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.
years from the date thereof. a. the
Board of Liquidation. City Debt. SHAH
determine. Said bonds shall be issued
IN serial form and shall be payable in
moro than two years from their respec-
live dates. and the installments PAYABLE
n each year shall be SO fixed that when
The annual interest 10 added thereto. the
,ipal and interest to be paid shall Dc
Is nearly equal a. practicable; provided,
said installments may be fixed at nvs
thousand dollars or the nearest multi
said bonds shall be signed by the
Mayor and the Commissioner Of Public
Finance of the City of New Orleans, or
,fficers exercising similar functions. ana
President and the Secretary or Assist
int Secretary of the Board Of Liquida-
ion. City Debt. and the coupons at
.ached to said bonds shall bear the
fac-simile signatures OF said Commas
'ioner OF Public Finance and said Sec
'etary or Assistant Secretary. In case
my such officer whose signature
r .counter-signature appears upon
ease to be ruch officer before
delivery of said bond or coupon
o the purchaser. such signature or
shall nevertheless De
falld |
'ense of preparing and selling said
,onds shall be paid for by the Board or
City Debt.
Section IL. Air bonds issued under
his amendment shall be sold by the | ,
Board OF Liquidation. City Debt, to the
highest bidder or bidders by sealed pro-
'osals after due advertisement of not
ess than five insertions in the Official
ournal OF the City OF New Orleans (tne |
rst insertion to be at least fifteen days
rior to the date of the sale). and sucn |
lsewhere. as said Board of Liquidation
nay In its discretion direct: PROVIDED,
aid Board of Liquidation may reject
ny and all bids. q
ided in this amendment. the CITY OF ,
Few Orleans shall not borrow money | I
'sue bonds. notes or other evidences of
Indebtedness or pledge its credit or an {
axes.
No money shall be drawn from the
of said city without specific | /
preparation therefor previously made. q
or shall said city make any contract S
r incur any debt or obligation for any e
urpose whatsoever unless sufficient | h
unds, not otherwise appropriated to e
ay and discharge same are actually in | {
he treasury of said city at the time of n
,aking the contract or mourning the | 4
ebt or obligation and are specifically | Z
ct aside and dedicated to said purpose. {
Mess herein otherwise provided The .
Oregoing Limitation and restriction | q
hall not apply or be held to apply to u
ontracts or obligation incurred with | n
ssDect 10 the furnishing IN eoid ot,y - | |;