St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1916-09-02

esIen :. 1Se 1R i fsl.H q. 5nd DE-, essHs
FOR the payment Of the princfpel ana in-
terest Of all bonds issued under IN"
The principal ana interest Of al bo1es
authorised by and to be issued under
this amendment snail be paid primary sa,,,y
q the one per cent debt tax which here
tofore has been dedicated for the sup
port and maintenance OF the PUBIC
schools Of said city as isv1e a. u mo- ! a
sral %s:smb - q the state Of Louisiana
for the year 1890, and subsequently
made part Of the Constitution OF tbs
state and o; alter # ~. January nar cent dept
tan, authorized and levied under Act No.
10 Aforesaid, and the two-mul tag au,
thorfxed BY and Levied under Act NO .
q Louissana for the year 1898 which
shall have been released and freed from
dedication either by the calling ana re-
funding or tho payment IN que sourse
at e tine mms o OF ias set the funas
derived from the sources Aforesaid shall
be tnsulhetsnt IN any one year 70 pay
ISSUED under this aanepdmsnt and then
outstanding and unpaid. or II for aAy
cause there shall not be funds app1o-
Rstsa to % Or ~ 8l; 70. s .San lsPg
tax upon all taxable property in said
city ssfieisnt to provide for any such
ds6eieney; and provided further s!rex.
whsa t1se aforesaid one per oen1 deot
shall ceass to be levied. the City OF
New Orleans shall levy tax upon Ill
taxable property in said city sumclen.
to pay the principal and interest OF
due.
Section 8. 1t 10 hereby intended that
ali existing dedication and appropria-
tons Of said one per cent debt a ta1 an
cept with respect to the said ons-half
Of the surplus Of the one per cent DEBT
tax therein dedicated to public schDolD.
and Of said two-mil water ana sewer
1893. shall be respected and performed
utsS sstablished: That all Of that portion
OF the funds resulting from the levy OF
said appropriations and dedicatione oy
the payment satisfaction or refnndane
Of any oY the bonded debt obligations
now charged thereon aAd there.ag31nst
surplus Of the one per cent debt tax
hors1ofose dedicated % public school
purposes, be used and applied to me
payment OF the principal and interest OF
that any residue thereof remaining after
the payment OF the principal and inter
est in any one year OF bonds authorised
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 obnga-
lions now charged on said taxes SHAH 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;
ana. that thereafter, any and all bonds
ISSUED under this amendment shall be
provided for by tan upon all taxable
sufiicieet to pay the principal and in
teree& Of said bonds AZ they respectively
become due; provided. however, that IN
the event the funds hsreinanove special os al.
principal and interest OF the bonds is
eued under this aneDdment should prove
i1sudacient. the CITY Of New Orleans
shall, and II 10 hereby required to. levy
pvpis property In the City of New Or.
and i.tesest q said bonds.
of ali bonds asthori led BY this amend.
ment shall be payable in gold coin OF
the United States of America, or Its
equivalent, Of the standard of weight
ana nneness q the time OF the issuance
Said bonds shall DO exempt from all
taxation for state. parish, municipal or
other local purposes.
Savings banks, tutors OF minors cura-
tors of interdicts. trustees and other
6duoiaries may invest the funds in their
hand In said bonds.
Said bonds may be used for deposit
other political subdivision of the State
Of Louisiana in any case whore by pres
ent or future laws deposit or security 10
required
leased from registry under such rsles
- the Boetd Of Liquidation. City Debt
hay prescribe.
s:e,es TO- AZ ~. S0f S, :Ses ,, sndeF
interest or. from tine 70 time, different
rates OF interest and shall, excep, AZ
herein Otherwise specially provided. be
In such form. terms and dehomina ions.
within : period Of not exceeding nifty
years from the date thereof. as the
board Of Liquidation, City Debt, shall
determine Said bonds shall be issued
annual instalimeuts. commencing not
more than two years from their respec-
tive dates, and the installment payable
in each year shall be SO fixed that. when
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 rve
thousand dollars or the nearest multi
pie thereof.
said bonds shall be signed by the
Mayor and the Commissioner Of Public
Finance of the City OF New Orleans. or
olicers exercising similar functions, and
President and the Secretary or Assist
ant Secretary of the Board OF LiQuida-
tioa. City Debt, and the coupons at
tachsd to said bonds shall bear the
fac-simile signatures Of said comm,s-
saonsr Of Public Finance and said Sec
Sstary or Assistant Secretary. In case
any such officer whose signature
or oounter-signature appears upon
such bond s or s souDon shall shai.
Delivery Of said bond or coupon
to the purchaser. such signature or
Sountsr- signaeurs shall nevertheless pe
valid for all vsrposss. The cost and e1-
Equidstion. city Dsbt
eection II. All bonds issued under
this amsndmsnt shall be sold by the
Ssshsst b.ddsr or bidders BY sealed pro-
posats after due advertisement Of not
1ass than i've Insertions In the oMcial
Journal OF the CITY Of New Orleans tine
prior to he date q tho sale!, and sucn
other advertisement in said city or
elsewhere as said Board of Liquidation
mAy IN ite discretton direct; provided,
:a1 . sS. se S 81 LIQUIDATION may reject
lection Il. Except ~ otherwise pro-
vided in this amendment. the City OF
New Orleans shall not borrow money.
Issue bonds, notes or other evidences Of
Indebtedness or pledge its credit or an
tioipate the collection OF any of its
taxes.
No money shall be drawn from the
treasury Of said city without specific
appropriation therefor previously made.
nor sball said city make any CONTRACT
or incur any debt or obligation for any
purpose whatsoever unless sufficient