The Natchitoches enterprise., 1916-10-12


Indebtedness of the city o. New Orleans
existing at the time OF the adoption or
tits amel dment oonIS NAY from time
to time be Issued and negotiated Nhen
any of the issues of the bonds Of SAL
city outsta adirg at the time OF the .CJ-
ton OF tais amendment shall bee me
callah s'e0rGing to their terms t:'e
statutes under which they are reSpec-
ii. ely ssIeu. or when tie cons."i 81
al the no! 'ers of any lch issue of
bonds can ~ secured. the Board o+ III
Quidation. & ~ eht, snail nave ElF
right in its scretion to call ana 1y
any ore or more of said issues Of , =. s.
and shall be authorized ly resoi + y
duly adopted to issue and negotiate
bonds to provide the fun!s necessa
for that purpose; proyi Ied. h&nWe' &
the bonds so sold and negotiated e.
ceed the Iar value OF the bonded ii.
dehte 'ress thereby to be refunded.
Section :. The full faith AMI cr2 /
OF the CITY Of New Orleans are pie 'ge
for the payment of the principal AMI m
terest of all bonds issued under this
amendment
authorized by and to be issued un Ter
this amendment shall be paid primarily
out of Cd that o"e-half Of the surplus
of the one per cent debt tax which mere
tofore has been delicated for the sup
port and maintenance OF the public
schools If said city as levied under ana
authorized py Act No. 110 of the Gen
eral Assembly of the state OF Louisiana
for the year 1851, ard subsequently
made part Of the Constitution of this
State. ami (2), a ter January /, l9ZS.
that portion OF the one per cent dept
tax. auth ,riZei = III levied under Act NO
110 aforesaid. en- the two-mill tax au-
thorized hy an levied under Act No 8
or the General Assembly OF the state
OF Louis a.-a for the year 1899 whlcn
shall haze oar released and free from
dedirr t;on . ther by the calling ana re
fun Ing rr the payment in due course
o. a. ~ ,ry part of the bonds eN st. m r
at the time of the adoption OF IN
amendment; provided that. If the fun Is
derived from the sources aforesaid sia-I
be irsuficiert in any one year to pay
the pr,ncil al and interest OF the bonis
Issued ur'er this amendment a1i theh
outstandin- AMI unpaid, or If to- any
cause there shall not be FUNDS appro-
priated to or available for such purpose
the City of New Orleans shall levy
tax upon all taxable property In sai1
city sufficient to provide for 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 all
taxable property in said city suftlc!enl
to ray the principal and interest OF
said bonds as they respectively become
due.
all existing dedication and appropriA-
tions of said one per cent debt tax au-
thorized hy said Act No no of 1890 tex
cept with resoect to the said one-haif
of the surflus Of the one per cent deot
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 70 the priorities by said stat
utes established; ttrt 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 reIunqlng
Of any OF TIE bonded debt obligations
now charge thereon and there-against
shall, together with the one-half or the
surplus Of the one per cent debt tax
heretofore dedicated to public school
purposes lie used and applied to the
payment OF tie PRINCIPAL end interest OF
ell bonds issue1 un1cr this amendment.
that any residue thereof remaining after
est n any n~e wear Of bends authorized
BY this amendment shall be turned over
to the city of New Orleana, to be used by
Il for general municipal purposes; but
when, and to the extent that the 0biiga-
tions now charged on said taxes shall De
paid. satisfied or refunded. said taxes
shall be relearei from said obligations,
and, ultimately, when entirely released
and disohaf ged, shall ceasH 70 pe levlei
and. that. thereafter. any and all bonds
issued unaer this amendment shall be
provided for by tax upon all taxable
property in the City of New Orleans
sutncient to pay the principal ana IN
tercst of said bonds as they respectively
become due; provide1. however. that IN
the event the funds ! ereira aoYe special
Iy dedicated for the payment OF tie
principal and interest of the bonds is
sued under this amendment should prove
insufficient. the city of New Orlea rs
shall, and II is hereby required to. lev
In elery such instance q tax upon ali
taxable property in the City OF New Or
leans necessary to pay the princfpai
and fntereFt of said bonds.
Section @ The principal AMI interest
OF all bonds authorized ~ this amen
ment shall be payable in gold coin O.
the UniteH states OF America, tT i:
equivalent, of the standard Of weight
and fineness at tie t!.1e Of the Issuance
of each irsta .lment of said bonds.
Said bonds shall re exempt from all
taxation for State. parish, municipal or
other local purposes.
Savings harks. Tutors Of minors. cura
tors Of interIiicts, trustees and other
fiduciaries may invest the funds In their
hs-4 IN sal na1 IS.
Said bonds may be used for deposit
with any officer board. Enuntciraltty. OF
other political subdivision of the State
ent nr future laws deposit or security Ii
required.
said bonds may be re~ stored and re-
Ieasei from re sistry urle- such ruies
SIS the Board Of Liquidation. city Debt.
may prescribe
Section 10. All bonds issued unde'
this amendment shall bear such rate "
interest or, from time to time, different
rates OF interest, ard shall. escepr IS
In such form. terms and denominations
and payable at such times and places
within a period of not exceeding ATS
years from the date thereof as TN
Board of Liquidation, City Debt sha'i
determine. Said bonds shall he issue &
In serial form and shall be payable in
annual installments, commencing not
more than two years frofa their respec-
tive dates, and the installment payahlf
In each year shall be so liked tnat when
the annual interest is added thereto the
several annual total amounts of prin-
cipal and interest to be paid shall re
az nearly e1ual as practicable provided.
said installnents NAV ne fixed at ffee=
thousand dollars or the nearest multi
pie thereof.
aid bonds shall be signed by the
Mayor and the Commtss .oner of Public
tinance of the City of New Orleans, or
officers exercising similar functors. ana
soun tersigned by the President or Vice
President AMI the Secretary Of Assist
ant Secretary of the Board of Liquida-
ton. City Eebt, and the coupons at
.ached to seid bonds shall bear the
fac-simile signatures of said Comm's
siorer of Pu3lic France and said Sec
retary or Assistant Secretary. in cas-
any such officer whose signature
Or counter-signature appears upon
such bond or coupon shall
cease to be such ci1cer before
islivery of said bond or coupon
- the purchaser. such signature or
sounter-signature shall nevertheless Dc
valid for all purposes. The cost and ex-
pense of preparing and selling said
sonds shall be paid for by the Board OF
Liquidation, City Debt
Sertion II. All bonds issued under
this amendment shall be sold by the
Seard OF Liquidation, City Debt. TO the
,lghast bidder or bidders by sealed pro-
rals after due advertisement of mt
than five insertions in the official
gral OF the City of New Orleans tine
rat insertion to be at least fifteen days
riNi 70 the date OF the Rale), and sucn
other advertisement. in said city or
elsewhere, as said Board of liquidation
nay in its discretion direct; provided.
said Board Of Liquidation may reJecE
any and all bids.
section H. Except as otherwise pro-
videi I'm this amendment, the City OF
New Orleans shall not borrow money,
issue bends, notes or other evidences of