New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1916-11-04

the City Of New Orleans. but such GER
tificates shall be secured as herein aao
as otherwise provided for by said act o,
subsequent legislative authority not in
lo;.-.-c. Le- e"..a; P-o,--c., --t.c.e-.
that paving certificates, for which the
faith and credit OF the City OF New o.
leans shall oe pledged, whe issue
under the s-o1esai -.ct No. 2o II 1el
or under subsequent legislation, shall NOT
at any time be outstanding in an am our.
in excess of Five Million Dollars
| iSo,0OO,O0O) in face value.
Section -. The total issue of bond4
by the City o. New O..elIls Ior all put
poses shall neTer exceed ten pa- Cent
of the assessed valuation of the prop
erty in said city; provided, however, that
neither the bonds issued for water, sew
e1age and drainage purposes namely,
the $12,OO0,000 Public improvement
Bonds issued under said Act No. Of
1899 and the $S,0OO,OOO New Public I'm
/ provement Bonds issued under Act No.
of Louisiana for the year 1906, and acts
amendatory thereof and supplement al
thereto, as we'll as such bonds, hereby or
hereafter authorized, into which the
aforesaid bonds or any part thereof may
be refunded), nor the 100000 Public
| Belt Railroad Bonds authorized by Act
No. 179 of the General Assembly of the
State of Louisiana for the year 1908, nor
any bonds hereafter authorized for Pup
| lie Belt Railroad purposes, nor any
| bonds which may hereafter be issued for
water supply or for the acquisition OF
| construction of any revenue producing
public utility, nor any paving certificates
primarily chargeable against special as
| sessments for street paving, shall be in
cluded in computing the indebtedness Of
| said City of New Orleans under this linn
itation; and provided further, that emery
| ency bonds may be issued as authorized
in Section Of this amendment even
though said Limitation shall have beea
reached; provided that the Nine Million
Dollars of bonds authorized by Section
of this amendment shall not be subject
to the Limitation herein fixed at the time
or times that same shall be issued; but,
with respect to An other bonds that may
be issued hereafter under this amend
ment there shall be included in the COM
putation said Nine Million Dollars OF
bonds, notwithstanding the fact that ell
of said Nine Million Dollars Of bonds
shall not have been actually issued, and
such amount of emergency bonds as
may DE then outstanding.
Section IA. The Board of Liquida-
ton, City Debt, as now organized and
created and with the powers, duties and
functions prescribed by existing laws
and by this amendment, shall be con-
tinued while any bonds authorized by
this amendment are outstanding and
unpaid; and all taxes which may be
levied for the payment of said bonds
shall, day by day as collected, be paid
over to said Board, and shall by it be
applied in payment of the principal and
interest of said bonds; and said board
shall with respect to all bonds authorized
by this amendment be entitled to ex-
ercise all the rights and enforce the per
torrance Of all the obligations, the
same as it is authorized to do under laws
existing at the time of the adoption Of
this amendment with respect to any of
the presently outstanding bonds of said
City of New Orleans. All funds, prop
erty and things of value held by the
Board of Liquidation, City Debt, for
bonded debt purposes other than taxes
now or hereafter levied, and particularly
all funds, property and things of value
now or hereafter held by said Board I'M
der Act No. 1873 of the General Assembly
of the State Of Louisiana for the year
1880 and ill amendments thereto, shall
when released from contract obligations
or dedications imposed by laws existing |
at the time of the adoption of this |
amendment be used and employed in
the discretion of said Board in payment
and retirement of any bonds Of
the City of New Orleans then outstand-
ing.
Section IS. For general municipal
purposes, exclusive Of the support and
maintenance of the public schools and
the payment of the bonded debt of the
City of New Orleans, said city may in
each year levy upon all taxable property
within said city tax not exceeding six
and one-half mills on the dollar of the
thereof; provided,
however, that when the one per cent debt
tax authorized by said Act No. ITO of
1890 and the two mill water and sewer
tax authorized by said Act No. 6 of 1899
shall both have ceased to be levied, and
if thereafter the taxes levied by the City
Of New Orleans in any one year for
bonded debt purposes be less than ten
mills, said city may in such events levy
for its general purposes such additional
tax which, when added to the tax of six
md one-half mills hereby authorized
and the taxes levied for the payment
Of the principal and interest of its bonds
Is they severally mature, shall not ex-
iced in the aggregate sixteen and one
half mills.
Section Is The reservation Of twenty
per cent Of the revenues of the City of
New Orleans shall not hereafter be made
IS directed by Section 40 Of the Act No.
SO Of the General Assembly of the
State of Louisiana for the year 1912, ex-
:ept insofar As the fund so directed to
,e reserved shall have been appropriated
n dedicated before this amendment;
Z Il |