The Caldwell watchman. (Columbia, La.) 1885-1946, 1916-09-08

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~, nf five issues of the BONDS OF sd.u
Nv outstanding at the time OF tNe 49,
! tion Of this amendment Sha!! wv ~
| caIJahIc according to their terms VI Sa0
statutes under which they are lrS SI of
tivelv issued, or when the coilsene ",
all the holders OF any ,a s' Rnard OF Ii
nr,idat;on, City Debt shall nave nv
ggighf In its discretion to eau a'tu pas
80, one or more OF said issues oi Dui t!,,
an3 shall be authorized by resotu,lon
d,Iv adopted to issue ana hes"..I."
bonds to provide the ot fqnds h SoWeTer,
t tSa IN fn no event shall the par valve "a
me bnrds SO sold and negotiatea eM-
c.e1 me par value OF the Dohneo 90
6ahtedness thereby to be retunaeo.
Section Z. The full faith ana clen.t
Of the City of New Orleans are p, nd M
Tar the payment of the principal ana w ~,
tor stte ~ r ali bonds issued under this
The principal and interest of al nonn as
.,thorized nv and TO be issued uliuel
| This amendment shall be paid pflhla.,ms
ont Of % that one-half or me sut LIS
OF the one per cent debt TAX "ht,n s,,,,
tofore has been dedlca'eu -. 10 nnhIic
! port and maintenance or the w..
Schools Of said city. as levied under ana
authorIzed by Act No 40 or the zen
eraI Assembly Of the state or LouIs!ana
for the year 1890, and suosea4tettbbtis Nc
made part OF the Constitution " , S'
State, and CO. after January J.. l'Zn,
that portion OF the one per cent WV
taY authorized and levied under ACT No
lin aforesaid. and the two-miii tax au
tboriyad by and levied under Act No D
Of the General Assembly or the STATE
OF Louisiana for the year 1888 WIFI
shall have been released ana lreeu !iol''
dedica ton either by the calling ana re-
fundtng or the payment in due course
Of All or any part of the bonds eNistihS
at the time of the adoption OF IhIS
amendment provided that, II the luiluS 9
derived from the sources aforesaid Si4dii
be insufficient in any one year - pay
the principal and interest Of the bon0s
issued under this amendment and then
outstanding and unpaid, or II for any
cause there shall not be funds appTo-
priated 10 or available for such purpose
the City OF New Orleans shall levy q
tax upon all taxable property IN sal"
city sufficient 10 provide for any sUch
deficiency; and provided further tilat'
when the aforesaid one per cent "eot
tax and two mill water ana sewer rax
shall cease to be levied, the CITY OF
New Orleans shall levy tax upon All
taxable property In said city SulflcleH,
70 pay the principal and interest or
said bonds as they respectively become
due.
Section s. It is hereby intended that
all existing dedication and appropria~
tons of said one per cent debt tax au-
thoriZed by said Act No 1lN OF 1870 eek
cept with respect TO the said one-haN
of the surplus Of the one per cent dent
lax therein dedicated to public schoois},
and OF said two-miit water ana sewer
tax, authorized by said Act NO. OF
1899. shall be respected and performed
according to the yriorties by said stat
utes established: that all Of that portion
Of the funds resulting from the levy OF
said taxes which shall be released from
said appropriations and declarations ny
the payment, satisfaction or refunding
Of any Of the bonded debt obligations
now charged thereon and there-agalnSt
Shall, together with the one-half OF the
surplus of the one per cent debt tax
heretofore dedicated to public school
purposes be used and applied TO the
payment of the principal and interest or
all bonds issued under this amendment;
that any residue thereof remaining after
the payment OF the principal and inter
est in any one year of bonds authorized
by this amendment shall be turned over
TO the city of New Orleans, to be used by
L for general municipal purposes; but
when, and to the extent that the obltga-
lions now charged on said taxes shall 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;
and, that, thereafter, any and all bonds
issued under this amendment shall be
! provided for by a tax upon all taxable
property In the City OF New Orleans
susent to pay ssna the ptes respectively
become que; provided, however, that, III
the event the funds hereinabove special
~ dedicated for the payment of the
principal and interest OF the bonds is
sued under this amendment should prove
insufficient, the City of New Orleans
shall, and it Is hereby required 20, levy
In every such instance a tax upon al
taxable property in the City of New Or
leans necessary to pay the princIpa
and interest of said bonds.
Section g. The principal and interes
Of all bonds authorized by this amenc
ment shall be payable In gold coin Q
the United States Of America, or II
equivalent, of the standard Of weigh
and fineness at the time of the isSuanc
of each installment of said bonds.
Said bonds shall be exempt from al
. taxation for State, parish, municipal o
other local purposes.
|, Savings banks. tutors of minors cura
tors Of interdicts, trustees and othe
fiduciaries may invest the funds in thei
, hand in said bonds.
, Said bonds may be used for deposi
: with any officer. board, municipality. o
other political subdivision of the Stat
{ of Louisiana IN any case where by pres
ent or future laws deposit or security !
Q required.
$ Said BOMBS may be registered and r.
Y leased from registry under such rule
U as the Board Of Liquidation, City Deb
: may prescribe.
:. Section 10. All bonds issued unde
f this amendment shall bear such rate {
e interest or, from time to time, differer
fnc "a Int nd c>,nn
e herein otherwise specially provided, /
$ in such form, terms and denomination
y and payable at such times and place
6 within a period of not exceeding mt
II years from the date thereof, as tt
l. Board of Liquidation, City Debt sha
q determine. Said bonds shall be issue
n In serial form and shall be payable
y annual installments, commencing n,
more than two years from their respe
II tive dates, and the installment payab
t. In each year shall be so fixed that. WIS
50 the annual interest is added thereto, Il
81 several annual total amounts of pril
II cipai and interest to be paid shall .
or as nearly equal as practicable; provide
IS said insta1lments may be fixed at II,
~ thousand dollars or the nearest multi
re pie thereof
&c .oaid bonds shall be signed bv q
ed Mayor and the Commiss4 oner of Publ
o. Finance of the City of New Orleans,
III oftcers exercising similar functions Al
re countersigned by the President or vi
President and the Secretary or Assis
as ant Secretary of the Board Of LIQUID
40 ton. City Debt, and the coupons a
~ tached to said bonds shall bear t,
y smile signatures Of said Comm;
ca sioner Of Public Finance and said Sc
~ rotary or Assistant Secretary In ca
he any such officer whose sjgnatu
Nc or counter signature appears up,
he such bond or coupon sh,
ta cease to be such officer befo
70 delivery Of said bond or coup
III to the purchaser, such signature
-. counter-stgnature shall nevertheless
np valid for all purposes. The cost ana q
nd p penss Vi Preparing ana selling sd