New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1916-10-14

the City of New Orleans. but such Ger
tifcates shall be secured as herein anc
as otherwise provided for by said act o,
subsequent legislative authority not in
cop1ict herewith provided, however
that paving certificates, for which the
faith and credit of the City of New Or
leans shall be pledged, whether issued
under the aforesaid Act No. q of l914
or under subsequent legislation, shall not
at anv time be outstanding in an amount
in excess of Five Million Dollars
($S ,O0O,00O) in face value.
Section -. The total issue of bonds
by the City of New Orleans for all pur-
poses shall never exceed ten per centum
of the assessed valuation of the prop
erty in said city; provided, however, thai
neither the bonds issued for water, sew
erage and drainage purposes namely,
the $12,O0O,000 Public improvement
Bonds issued under said Act No oil
1899 and the $S,0oO,O0O New Public I'm
provement Bonds issued under Act No
10 OF the General Assembly of the State
of Louisiana for the year 1906, and acts
thereto, as well as such bonds, hereby or
hereafter authorized, into which the
aforesaid bonds or any part thereof may
be refundcd), nor the $2,OO0,O00 Public
Belt Railroad Bonds authorized by Act
No. 179 of the General Assembly Of the
State of Louisiana for the year 1908, nor
any bonds hereafter authorized for PUP
tic Belt Railroad purposes, nor any
bonds which may hereafter be issued for
water supply or for the acquisition OF
construction of any revenue producing
public utility, nor any paving certificates
primarily chargeable against special as
sessments for street paving. shall be in
cluded in computing the Indebtedness OF
said City of New Orleans under this i'm
itaton; and provided further that emery
ency bonds may be issued as authorized
IN Section of this amendment even
though said limitation shall have beea
reached; provided that the Nine Million
Dollars of bonds authorized by Section
/ of this amendment shall not be subject
10 the limitation herein fixed at the time
or times that same shall be issued; but,
With respect to an other bonds that may
oe issued hereafter under this amend
ment there shall be included in the com
putation said Nine Million Dollars OF
bonds, notwithstanding the fact that .ii
of said Nine Million Dollars Of bonds
shall not have been actually issued, and
such amount Of emergency bonds as
nay oe then outstanding.
Section IA. The Board OF Liquida-
ton, City Debt, as now organized anu
created and with the powers, duties anu
functions prescribed by existing laws
and by this amendment, shall be con
tinued while any bonds authorized BY
this amendment are outstanding anu
unpaid; and all taxes which may be
levied for the payment of SAID bonds
shall, day by day as collected, be paid
over to said Board, and shall by it be !
applied in payment OF the principal ana
interest of said bonds and SAID board
shall with respect to all bonds authorized
by this amendment be entitled to ex-
ercise all the rights and enforce the per
Torrance OF all the obligations, the |
same as it is authorized to do under laws
existing at the time Of the adoption Ut !
this amendment with respect to any OF
the presently outstanding bonds of said !
City of New Orleans. All funds, prop
erty and things of value held BY the
Board of Liquidation, City Debt, to1
bonded debt purposes other than taxes |
now or hereafter levied, and particularly |
all funds, property and things OF value
now or hereafter held by said Board un-
der Act No. 1873 Of the General Assembly
of the State Of Louisiana for the year
1880 and all amendments thereto, shall
when released from contract obligations
Or dedications imposed by laws existing
It the time of the adoption of this
be used and employed in
The discretion of said Board in payment
and retirement Of any bonds OF
he City Of New Orleans then outstand-
ing.
Section Is. For general municipal
purposes, exclusive OF the support ana
of the public schools and
he payment of the bonded debt Of the
City of New Orleans, said city may in
Zach year levy upon all taxable property
within said city tax not exceeding ski
md one-half mills on the dollar of the.
thereof; provided,
.owever, hat when the one per cent debt
Ak authorized by said Act No. lilo of
800 and the two mill water and sewer
Ak authorized by said Act No. 6 of 1895
hall both have ceased to be levied, and
f thereafter the taxes levied by the City
# New Orleans in any one year for
,onded debt purposes be less than ten
Mills, said city may in such events levy
or its general purposes such additional
az which, when added to the tax OF six
nd one-half mills hereby authorized
nd the taxes levied for the payment
f the principal and interest of its bonds
5 they severally mature, shall not ex-
eed in the aggregate sixteen and one
alf mills.
Section Is The reservation of twenty
er cent of the revenues of the City of +,
lew Orleans shall not hereafter be made
s directed by Section 40 of the Act No. {
50 of the General Assembly of the
tate Of Louisiana for the year 1912, ex- I
ept insofar as the fund 50 directed to
E reserved shall have been appropriated
r dedicated before this amendment I
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