New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1916-10-21


shall be also adopted by vote of three
fourths of all the members of the Boar,
| of Liquidation, City Debt. Due MOTTO
Of said election shall be published TO
thirty days in the official journal of sal,
| city uour weekly insertions of said no
tice constituting pubicstion for thirty
days, provided thirty days intervene be
| tween the date of the first insertion ant
/ the date of said election)
No bonds shall I've issued under this
section for any other purpose or for any
| submission of the proposition to said
| taxpayers.
Section $. In case of fire. flood
pestilence. storm or other public calam
ity. the City of New Orleans shall have
power, by two-thirds vote of all the
members of the Com ission Council. OF
its successor as the governing body OF
said city, concurred in by three foutths
vote of all the members of the Board Of
Liquidation, City Debt, to borrow money
and issue and negotiate bonds in such
sum, not exceeding in any one such
emergency.
Section E. For the purpose of re
funding ell or any part of the bonded
indebtedness of the City of New Orleans
existing at the time of the adoption o.
this amendment bonds may from time
to time be issued and negotis,el. When
any of the issues of the bon1i of said
city outstanding at the time Of the adop
ton Of this amendment shall become CAL
liable according to their terms or the
statutes under which they ale respec-
the holders of any such issue of bonds
can be secured, the Board OF Liquida-
ton, City Debt, shall have tn. right in
its discretion to call and pay any one
or more of said issues of bonds, end
shall be authorized by resoln ion duly
adopted to issue and negotiate bonds 10
provide the funds necessary for hat pur
pose; provided, however, that in no
event shall the par value of the bonds SO
sold and negotiated exceed the par value
IF the bonds SO sold and neg ,eia,ed ex-
coed the par value of the bond i imdeb.-
edness thereby TO be refunded.
Section 7. The full faith AMI credit of
the City of New Orleans are Pledged for
the payment of the principal ani inter
est of all bonds issued under this amend
ment.
Inc principal and interest u all ponds
authorized by and 10 be issued under
this amendment shall be paid primsrlv
out of a. that one-half Of the surplus
of the one per cent debt tax which here
tofore has been dedicated for the sup
port and maintenance of the public |
schools of said city, as levied under and |
authorized by Act No. 10 of the Cen
eral Assembly of the State of Louisiana
for the year 1890, and subsequently
made part of the Constitution of this
State, and (2), after January l, 1928,
that portion Of the one per cent debt
lax, authorized and levied under Act No.
Ito aforesaid, and the two-mill tax au-
thofized by and levied under Act No. s
If the General Assembly of the State of
Louisiana for the year 1899 which shall
lave been released and freed from died.
cation either by the calling and re-
unding or the payment in due course
# all or any part of the bonds existing
i the time of the adoption of this
provided that if the funds
lerived from the sources aforesaid shall
'e insufficient in any one year to pay
he principal and interest of the bonds
ssued under this amendment and then
and unpaid, or if for any
suse there shall not be funds approp-
lated to or available for such purpose,
he City of New Orleans shall levy a tax
pom all taxable property in said city
efficient to provide for any such de-
ciency; and provided further that,
vhen the aforesaid one per cent debt tax
nd two mill water and sewer tax shall
ease to be levied, the City of New Or
cans shall levy tax upon all taxable
orperty in said city sufficient to pay
he principal and interest of said bonds
. they respectively become due.
Section 8. 1t 10 hereby intended that ,
4 existing dedications and appropria-
ons of said one per cent debt tax att |
horised by said Act No. 10 of 1890 tex +,
.pt with respect to the said one-half Of 1
he surplus of the one per cent debt tax I
ierein dedicated to public schools), and I
said two-mill water and sewer tax, Z
athorixed by said Act No. s of 1899, |
sati Ue IeSP4cteO ana performed accOrQ-
q TO the priorities by said statutes es-
that oil Of that portion Of I
le funds resulting from the levy Of said I
lxes which shall be released from said 4
and dedications by the q
ayment, satisfaction or fefunding of I
ny Of the bonded debt obligations now :
,arged thereon and there against shall, Z
gether with the one-half Of the surplus 4
the one per cent debt tar heretofore .
.dicated to public school purposes, be !
'ed and applied to the payment Of the =
'incipai and interest Of oil bonds is
led under this amendment; that any .
sidue thereof remaining after the pay 4
ent Of the principal and interest in d
y one year Of bonds authorized by d
10 amendment shall be turned over to n
. City Of New Orleans to be used by Il
for general municipal purposes; but p
hen, and 10 the extent that, the obli- o
'tions now charged on said taxes shall d
paid. Satisfied or refunded. said taxes e
al be released from said obligations, N
ID. ultimately, when entirely released IL
ID discharged, shall cease to be levied d
d. that, thereafter. any and al bonds q
Dued Under this amessdsneut sha1I Re II