New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1916-08-26

sraved or printed and numbered, ar
entitled Paving Certificates of II
City of New Iberia. They shall sno
on their face the year of their issu
when they will be paid, and the annu;
rate OF interest. They shall be signe
by the Trustee of Public Safety mayo.
and the Trustee of Public PROPERTY ex
offlclo City Clerk, and shall be issue
IN denominations of 500, $500, @
$1,000, as the purchaser may elect.
Paving oertificatas of indebtedness
shall not be sold for less than ninety fiv
t9o) per cent. of their par value; the,
shall bear five 90 per cent per annum in
terest from the first day of January 0
the year of their issue until paid, an,
the said interest shall be paid seminar
nually on the LIST of July and the 1st o
January of each year, on detachabl,
coupons.
Par value, as used herein, shall near
principal and interest accrued to date Of
delivery.
Paving certificates issued in connection
with the paving of roadways shall extend
for graduated period of eleven Qp
years, and shall mature in ten 90,
equal annual installments, and pawn =
certificates issued in connection with
paving of sidewalks and repair of
streets shall extend for graduated
period of four (4) years, and shall ma
ture in three equal annual installments
The first installment of such certificates
shall mature two years l2p from the year
OF their issue; on the lst dav o. 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-teuth Q10) of each issue of
such certificates issued in connection
with the paving of roadways and one
third u-3) OF each issue of such cer,if
Gates issued in connection with the paw
ing of sidewalks and repair of streets
but tho City Of New Iberia may on said
1ates, redeem a greater amount of said /.
certificates provided notice of its inten-
tion So to do shall have been published
IN the, official journal of the. CITY once
week foz four weeks during the month ;
IT the preceding November. The City ;
# New Iberia shall also be obliged to
'ay the interest on all outstanding GER
ificates on the LIST day of July and the
st day of January Of each yen.
The paving certificates of indebted
less herein described shall be. payable
o bearer, and are declared to, be ne
,otiable instruments, and shall be in
luded in tiie securities dssc1ihzR in Act
10. II of the General Assembly of the
tate Of. Louisiana, sessions Of 1904, and
he same ara hereby made acceptable TO.
eposit with tie Treasurer of tine State
Louisians in accordance with. the terms
nd conditions; etc., Of that Act !,
The funds &,ziivsd each year. from the /
lie Of paving certificates shall be ap-
by tie Board of Trustees f. !
70 payment f paving and rnEnir Of q
reefs in. connection with sad certifi-
ties were i1ued and sold and pend Z
g their disbursement said funds shall q
} deposited with the fiscal agent Of the
ity to the cnsd3it of . special account to III
} known ~ "Paving Account" and I
hateves intsnmf shall be esznsR thereon +
all be credited to said fund, against .
10 account. shan Be charged the amounts b
i'd out under paving contzactA o
Sec. g.. h Il further ordansd, etc., d
nat upon compilation Of each case of .
wing or repsar Of streets, and when T
= apportionment Of the cost due by .
Oh proprietor has been asceztsined and
termined' in the manner huzsin pro- o
led, the Trustee Of Public Safety i,
al issue statement Of assessments, S
,ich statement shall give H &ief des- q
ption Of the properties against which n
, cost Of such paving or repair of in
eets shall Be assessed, tho names of Il
, properties thereof a. shown by as s,
'sment rolls 1t the time the statement D,
made, and the amount Of the portion O,
the cost Of each paving or repair of m
Gets payable by each property, with 81
E per cent per annum Interest upon Il
h assessment from the date when the d.
ltract for the work, or tho earliest con- Fl
ct for any part of the work, shall have al
n signed; and the issuance Of such Is
tement Of assessments by the Trustee
Public Prop. shall be prima facie evil III
ice that all legal formalities have been 81
nplied with and that paving or repairE TO
the street has been executed in COM wi
,nce with the contract relating to and{ Il
ernirg the same. (bi
he Trustee of Public Safety shalt, in
hin ten days after the issuance of sh
statement of assessments, furnish on
Trustee Of Finance copies the1eaf Sa
the Trustee of Finance shall add of
the regular tax bill of each property 10,
inst which the cost of paving or re- tn
: Of streets is assessed amount due an
it for principal and interest, which rat
punt shall be collected in the manner tn,
d by law for the collection of regu- ert
City taxes, subject to the same PEN pr
es for delinquency. fir.
he Trustee of Finance shall, within an
days after he has received said COP an
from the Trustee of Public Safety til
,ish = copy of such statement of as ,or
;ment to the Recorder of Mortgages Wi
the Parish Of Iberia, and said Re- OF
Ter shall Immediately file the state the
It of assessments delivered to him, r"o
shall retain and keep same among vi
record books Of his office, and it shall fau
and constitute part Of the records b'l
the same. He shall index the said lee
ement of assessments in the current fro
tgage book under the head of "State
{ of Paving Assessme nts for the Pn