St. Landry clarion. (Opelousas, La.) 1890-1921, 1916-10-28

0AlStIA& CT IA SLAS
this amendment, bonds may from Tins
to time be issued and negotiated. When
any Of the issues of the bonds OF Salu
ton OF this amendment shall become
calabiA according to their terms or tne
statutes under which they are respec,
lively issued, or when the conseIs "
! all the holders OF any sucn issue OK
bonds can be secured. the Board OF LII.
quotation, City Debt, shall nave tns
right In its discretion to call ana pay
any one or more OF said ISSUES o.
duly adopted to issue and negollate
bonds to provide the funds Necessary
for that purpose; provided, however
the bonds so sold and negotiated eS-
ceed the par value of the bonded IN
debtedness thereby to be refunded.
Section z. The full faitn anu Geo. cd
for the payment of the principal and IN
terest of ali bonds issued undsr sniS
amendment. ..1.
authorized by and to be issued under
this amendment shall be paid primarily
out Of ~ that one-haif or the surplas
Of the one per cent debt tax which mere
port and maintenance OF the pubic
Sohools Of said city, as levied under Ing
authorized by Act NO; 10 q the zen zen
s seal t As's 1sa9 q ass eas s ana Subsequently 81
naade part OF the Constitution Of this
State. and t3), after January l.. ls5s:
that portion Of the one per cent o ~
10 aforesaid, and the two-miil tag eas
thorized by and levied under Act no. .
Of the General Assembly OF the sIate
e q hG ave Been ao released as and freed froa
dedication either by the Gaining ana &c.
funding or the payment In u eourse
OF Ell Or any part OF the e 81 this
amendment: provided that, II the funds
derived from the sources aforesaid snall
be insufficient in any one year 70 pay
issued under this amendment and then
outstanding and unpaid, or II Tor any
cause there shall not be funds appro-
priated to or available for sucn purpose
the City OF New Orleans shall levy a
tax upon all taxable property IN saia
city sufficient to provide for any sucn
deficiency; and provided further tnat,
when the aforesaid ono per sever cegs saS
shall cease to be levied, the City OF
New Orleans shall levy a tax upon all
taxable property In said city sufnclens
to nav the principal and interest OF
said bonds as they respectively become
Section s, 1t is hereby intended that
all existing dedication and appropria-
thorized by said Act No Ito OF 1870 Tex.
cept with respect to the said one-naiI
of the surplus of the one per cent dept
tax therein QGQlCdlto GO poDlAS ShONASI
and of said two-miIl water and sewer
tax, authorized by said Act No. . OF
1899. hall be respected and perIorined
according to the prioritles by SAID etat-
utes established; that all of that portion
Of the funds resulting from the levy or
said taxes which shall be released from
said appropriations and dedicat1ons by
the payment. satisfaction or refundlng
Of any of the bonded debt obligations
now charged thereon and ~ere-agaln
shall, together with the one-half OF the
surplus of this one per cent DEBT TAX
purposes. be used and applied to the
payment Of the principal and intere i OF
ali bonds issued under this amendment;
tha any residue thereof remaining AFTER
the payment OF the principal and inter.
est Fl any one year of bonds authorized
by this amendment shall be turned over
to the city of Nav Orleans, to be used by
II for general municipal purposes; Dut
when, and to the extent that, the opi1ga-
tons now charged on said taxes shall DO
paid. satisfied or refunded said taxes
shalI 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 al taxahle
property in the City Of New Orleans
Sufficient to pay the principal and in
threst Of said bonds as they respectively
Become due; provided, however, that. In
the event the funds ~hereinabove special
" dedicated for the paymen Ct the
sued under this amendment should prove
insufficient, the City of New Orleans
shall. and 1t is hereby required to, levy
taxable property in the City Of New Or
leans necessary to pay the principal
n interest of said bonds.
Section 8 The principal and interest
Of all bonds authorized by this amend
ment shall be payable in gold coin OF
the United States of America, or it's
Equivalent, of the standard of weight
and hneness at the time Of the issuane
Of each installment of said bonds.
Said bonds shall be exempt from all
taxation for State, parish, municipal or
other local purposes.
Bayings banks, tutors of minors. cura-
tors Of fnterdicts, trustees n other
nduciaries may invest the funds In their
hand in said bonds.
Said bonds may be used for deposit
with any officer, board, municipality. or
other political subdivision of the State
Of Louisiana in any case where by pres
emit or future laws deposit or security 10
required.
Said bonds may be registered and re-
leased from registry under such rules
as the Board of Liquidation. City Debt,
may prescribe.
Section 10. All bonds issued under
this amendment shall bear such rate OF
interest or, from time to time, different
rates of interest, and shall, excep, as
herein otherwise specially provided, be
II Ia SUCH lOGI1, Lei dIlo oStOIllIld tlOI6i
and payable at such times and places,
within a period of not exceeding ntty
years from the date thereof, as the
Board of Liquidation. 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 respec-
tive dates, and the installment payable
in each year shall be so fixed that when
the annual interest Is added thereto, the
several annual total amounts of prfn.
cipal and interest to be paid Shall De
as nearly equal as practicable; provided
said iastallments may be fixed at nve
thousand dollars or the nearest multi
pie thereof.
said bonds shall be signed by the
Mayor and the Commissioner of Public
Finance Of the City Of New Orleans, OF
officers exercising similar functions. anc
countersigned by the President or V1ct
President and the Secretary or Assist
ant Secretary of the Board Of Liquida'
ton. City Debt, and the upon at
tached to said bonds shall bear the
fac-simile signatures of said Commits.
sioner of Public Finance and said Sec.
rotary or Assistant Secretary. In cast
any such officer whose signature
or eounter-signature appears upor
SUCH a bond or coupon shall
cease to be such officer befor'
delivery of said bond or coupon
counter-signature shall nevertheless Dc
valid for all purposes. The cost and ex.
pense Of preparing and selling sale
bonds shall be paid for by the Board OF
Liquidation, City Debt.
Section IL. All bonds issued under
this amendment shall be sold by tbs
Board of Liquidation, City Debt, to tne
highest d or bidders by sealed pro,
iposals after due advertisement of moi
less than five insertions in the oficia
journal of the City of New Orleans (tne
drst insertion to be at least fifteen day!
prior to the date of the salel, and sucr
other advertisement, in said city oil
elsewhere, as said Board OF Liquidation
may in its discretion direct; provided
said Board of Liquidation may reJec'
any and all bids.
Section IL. Except as otherwise pro.
vidad in this amendment, the City OF