New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1916-09-09

e,svsd 81 >,rinted and numbered, Al
entitled ~psvl,e Certificates" of ii
City of Now h. ria. They shall sno
on theft face tbs ,>ear OF their issu
when they will be ps,.. ana the annu
rate of interest. They sAa11 De slgn'
by the Trustee of Public Safely tMayo'
and the Trustee Of Public Properly e.
officio City Clerk, and shall be issue
in denominations Of 500, $500,
81 900, as the purchases may elect.
Paving eertificatd1 Of indebtedness
shall not be sold for less than ninety fiv
(95) per cent. of their par value; the,
shall bear five 81 per cent per annum in
terest, from the first day of January o
the year of their issue until paid, an
the said interest shall be paid semi an
nually on the LIST of July and the LIST O.
January Of each year, on detachable
coupons.
Par value, as used herein, shall mean
principal and interest accrued to date Of
delivery.
Paving certificates issued in connection
with the paving of roadways shall extend
for q graduated period of eleven (rl)
years, and shall mature in ten Q0l
equal annual installments, and paving
certificates issued in connection with
paving Of sidewalks and repair of
streets shall extend for graduated
period of four ~ years, and shall ma
ture in three equal annual installments.
The first installment of such certificates
shall mature two years (2) from the year
Of their issue; on the 1st day of jan
uary Of the second year after the year of
issue, and annually thereafter, the City
of New Iberia shall be obliged to re-
deem one-tenth l-1O) Of each issue of
such certificates issued in connection
with the paving Of roadways and one
third 90 of each issue of such certifi-
Gates issued in connection with the paw
ing of sidewalks and repair of streets;
but the City Of New iberia may, on said
dates, redeem q greater amount of said
certificates provided notice Of its inten-
ton SO to do shall have been published
in the official journal of the City once
a week for four weeks during the month
Of the preceding November. The City
Of New iberia shall also be obliged to
pay the interest on all outstanding Ger
tificates on the LIST day of July and the
LIST day Of January Of each year.
The paving certificates of indebted
ness herein described shall be payable
70 bearer, and are declared to be ne
yotiable instruments, and shall be in
GUIDED in the securities described in Act
No. II of the General Assembly Of the
State of Louisiana, sessions of 1904, and
he same are hereby made acceptable for
deposit with the Treasurer Of the State
# Louisiana in accordance with the terms
md conditions, ETC., Of that Act.
The funds derived each year from the !
ale of paving certificates shall be ap-
'ropriated by the Board of Trustees f. I
he payment Of paving and. repair of /,
t1eets in connection with said certifi-
ates were issued and sold! and pend
ng their disbursement said funds shall
70 deposited with the fiscal agent of the
:ity to the credit of . special account to
e known - Paving Account" and
'hstever interest shall be, EARNED thereon
hall be credited to said fund, against
his account shall be charged the amounts
aid out under paving contracts
Sec. 8. Be It further ordzined, ETC.,
hat upon completion Of each case of
aving or repair Of streets, and when
be apportionment of the cost due by
ach proprietor has been ascestained and
etermined in the manner hezein pro-
ided, the Trustee of Public Safety
hall issue . statement of assessments,
hich statement shall give brief des-
'iption of the properties against which
,e cost of such paving or repair of
treets shall be assessed, the names of
10 properties thereof Is shown by as /.
.ssment rolls At the time the statement
made, and the amount of the portion I
the cost of each paving or repair of I
reefs payable by each property, with &
We per cent per annum interest upon I
lch assessment from the date when the {
'ntract for the work, or the earliest con-
act for any part of the work, shall have .
zen signed; and the issuance of such {
atement of assessments by the Trustee
Public Prop. shall be prima facie evil
.nce that all legal formalities have been $
implied with and that paving OF repair +
the street has been executed in COM '
lance with the contract relating to and
'verning the same.
The Trustee of Public Safety shall, u
thin ten days after the issuance of Is
id statement of assessments, furnish 10
e Trustee of Finance copies thereof:
ID the Trustee of Finance shall add o
the regular tax bill of each property Il
ainst which the cost of paving or re- t
ir of streets is assessed amount due a
it for principal and interest, which Z
Mount shall be collected in the manner t
ed by law for the collection of regu- e
; City taxes, subject to the same pen P
ties for delinquency.
The Trustee of Finance shall, within
4 days after he has received said cop
from the Trustee of Public Safety
rnish = copy of such statement of ash
ssment to the Recorder of Mortgages
: the Parish of iberia, and said Re- . .,
rder shall Immediately file the state q
mt of assessments delivered to him, II
d shall retain and keep same among
: record books Of his office, and il shall Il