The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1916-09-02


from the sources aforesaid shall be in
sufficient in any one year TO pay tne prln,
cipal and interest Of the bonds issued
standing and unpaid, or if for any cause
there shall not be funds appropriated 70
or available for such purpose. the City OF
ta taxa property in said city sufficient to
provide for any such deficiency; ana pro-
vided further that, when the aforesaid one
per cent debt tax and two-mill water ana
sewer tax shall cease to be levied, the
City Of New Orleans shall levy tax upon
all taxable property in said city sumclent
TO pay the principal and interest OF said
bonds as they respectively become due.
Section s. 1t is hereby intended that all
existing dedications and appropriations OF
said one per cent debt tax authorized by
said Act No. ITO Of 1880 Except with re-
spect to the said one-half of the surplus
of the one per cent debt tax herein dedi-
Gated to public schools). and Of said two
said Act No. of 1899, shall be respected
and performed according to the priorities
by said statutes established; that all of
the levy of said taxes which shall be
released from said appropriations and
dedications by the payment, satisfaction
obligations now charged thereon and
there against 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 pay
ment of the principal and interest of all
bonds issued under this amendment; that
any residue thereof remaining after the
payment of the principal and interest in
any one year of bonds authorized by this
amendment shall be turned over to the
City of New Orleans to be used by it for
general municipal purposes, but when,
and to the extent that, the obligations
now charged on said taxes shall be paid,
satisfied or refunded, said taxes shall be
| released from said obligations, and, ulti-
| mately, when entirely released and dis
| charged, shall cease to be levied; and,
that thereafter, any and all bonds issued
under this amendment shall be provided
| for by tax upon all taxable property in
| the City of New Orleans sufficient to pay
| the principal and interest of said bonds as
| they respectively become due; provided,
however, that, in the event the funds
hereinabove specially dedicated for the
payment Of the principal and interest of
the bonds issued under this amendment
should prove insufficient, the City of New
Orleans shall, and il is hereby required to-
| levy in every such instance tax upon all
taxable property in the City of New
Orleans necessary to pay the principal
| and interest of said bonds.
Section 8. The principal and interest of
all bonds authorized by this amendment
shall be payable in gold coin of the
| United States of America, or its equiva-
lent. of the standard of weight and fine
| ness at the time of the issuance of each
| installment of said bonds.
/ Said bonds shall be exempt from all
| taxation for State. parish, municipal or
Savings banks, tutors of minors, cura-
| tors of interdicts, trustees and other
fiduciaries may invest the funds in their
hands in said bonds.
/ Said bonds may be used for deposit with
| any officer, board, municipality or other
political subdivision of the State of Lou
isiana in any case where by present or
future laws deposit or security is required.
said bonds may be registered and re-
leased from registry under such rules as
the Board of Liquidation. City Debt. may
prescribe.
section TO- All bonds issued under this
| amendment shall bear such rate of in
terest or, from time to time, different rates
of interest, and shall, except as herein
otherwise specially provided, be in such
form, terms and denominations, and pay
eos Il Of sue6 times ans SaS S wthr
the date thereof, as the Board of Liquida-
ton. City Debt, shall determine. Said
bonds shall be issued in serial form and
/ shall be payable in annual installments,
commencing not more than two years
from their respective dates, and the in
stallments payable in each year shall be
so fixed that. when the annual interest is
added thereto the several annual total
amounts OF principal and interest to be
paid shall be as nearly equal as practi-
cable; provided. said installments may be
fixed at five thousand dollars or the near
est multiple thereof.
Said bonds shall be signed by the Mayor
of the City. of New Orleans. or officers
exercising similar functions, and counter
signed by the President or Vice-Presiden'
1
of the Board of Liquidation. City Debt
and the coupons attached to said bonds
shall bear the facsimile signatures Of said
Commissioner Of Public Finance and SAID
Secretary or Assistant Secretary. In cast
any such officer whose signature or coun.
ter signature appears upon such bono
before delivery of said bond or coupon t.
the purchaser, such signature or counter
signature shall nevertheless be valid fol
, all purposes. The cost and expense o.
| N
paid for by the Board of Liquidation
City Debt
amendment shall be sold by the Board o
| Liquidation. City Debt, to the highes
bidder or bidders by sealed proposals afte
due advertisement Of not less than fiv'
insertions in the official journal of tn,
City of New Orleans 1.-THE first insertion t
be at least fifteen days prior to the dat
of the sale). and such other advertise
, ment, In said city or elsewhere, as SAT-
Board of Liquidation may in it's discretion
: direct; provided, said Board of Liquidation
: may reject any and all bids.
II Section IL. Except as otherwise pro
l vided in this amendment the City OF New
) Orleans shall not borrow money, issu
bonds, notes or other evidences of in
: ticipate the collection of any Of its taxes
: No money shall be drawn from tn
. treasury of said city without specif
4 nor shall said city make any contract o
incur any debt or obligation for any pur
pose whatsoever unless sufficient funds
scbarse same are apetaaiy in the ay treas
s ury of said city at the time of making tn
n contract or mourning the debt or obliga
+. ton and are specifically set aside an
{ dedicated to said purpose. unless herei
otherwise provided. The foregoing lmi
s tation and restriction shall not apply o
be held to Apply to contracts or oblgatio
incurred with respect to the furnishing {
: said city of light, heat or power, water
telephone service or garbage removal Q
: destruction
el The said city may in any calendar yea
:, in anticipation of the collection of tn
s taxes of such calendar year, and for tn
: purposes for which such taxes are leviec
:, borrow such sums as shall not be /
Il excess of the amount of its uncollecte
!, taxes of such year. and may issue II
d notes or other evidences of indebtedness
!, therefor and such sum. notes or othe
d evidences of indebtedness shall be pay
y able only out of the taxes of the calenda
year in which said loan or loans are frs
& made. and for which Indebtedness sal