St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1916-09-09

aueGYon Z. The run rHftE ana credit
Of the City OF New Orleans arc pledged
Tor the payment Of the principal and IN
amendment
The principal and interest of all bonds
authorized by and to be issued under
this amendment snail Be paid primarily
Of the one per cent debt tax which here
tofors has been dedicated for the sup
port and maintenance OF the public
authorized BY Act No. 10 OF the Cen
eral Assembly OF the State Of Louisiana
for the year 1880, and subsequently
pads part Of the Constitution OF , tnis
that portion Of the one per cent debt
tax. authorized and levied under Act No.
40 aforesaid. and the two-mtll tax au-
Of the General Assembly OF the state
shall have been released and freed from
dedication either by the calling ana re-
Of all or any part Of the bonds existing
at the time OF the adeP1tep OF this
amendment; provided tAat II the funds
Be insumeisnt IN any one year to pay
the principal and interest OF the bonds
issued under this amendment and then
outstanding and unpaid. or II for any
priated to or available for such purpose.
the City OF New Orleans shall levy a
tax upon all taxable property in said
d.ao,ency :s and 70 prSoVsdsd further tnas,
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 sufi1ciens
to pay the principal and interest OF
said bonds ~ they respectively become
due.
Section 8. It 10 hereby intended tina.
all existing dedication and appropria-
tiOns Of said one per cent debt tax au-
thorixsd by said Act No 10 Of 1890 lex
Of efp the SURPLUS Of the ONE per cent debt
tax therein dedicated to public schools).
and of said two-mill water ana sewer
tax. authorized by said Act No. OF
according to the priorities 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
the payment. satisfaction or refunding
of any Of the bonded debt obligations
now charged thereon and there-agaInst
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 OF
all bonds issued under this amendment;
that any residue thereof remaining after
the payment OF the principal and inter-
est in any one year or bonds authorised
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 obliga-
tions now charged on said taxes shall be
paid, satisfied or refunded, said taxes
ohall be released from said obligations.
and. ultimately. when entirely released
and discharged, shall cease to be levied;
and. that, thereafter. any and all bonds
provided for by a tax upon all taxable
property in the City Of New Orleans
sufficient to pay the principal and in
tarest OF said bonds as they respectively
the event the funds hereinabove special
ly dedicated for the payment Of the
principal and interest of the bonds is
sued under this amendment should prove
shall. and 1t is hereby required to. levy
In every such instance a tax upon all
taxable property in the City Of New Or
leans Necessary ~, to pay Pay the principal
Section :. The principal and interest
Of all bonds authorized by this amena-
ment shall be payable in gold coin OF
the United States of America, or Its
equivalent, OF the. standard of weight
and fineness at the time of the issuance
Of each install1nent Of said bonds.
Said bonds shall be exempt from all
taxation for State, parish, municipal or
other local purposes.
Savings banks. tutors Of minors, cura-
tors of 1nterdicts. trustees and other
dduciaries may invest the funds in their
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
ent or future laws deposit or security II
required.
Said bonds may be registered and re-
leased from registry under such rules
- the Board Of Liquidation. City Debt,
section 10. All bonds issued under
this amendment shall bear such rate OF
interest or, from time to time, different
herein otherwise specially provided. be
in such form, terms and denominations.
and payable at such times and places.
wnn per tpa % not fbs
Board Of Liquidation. City Debt. shaii
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 1xed that, when
the annual interest is added thereto, the
several annual total amounts OF prin-
cipal and interest to be paid shall De
N nearly equal as practicable; provided,
0aid installments may be fixed at f1ve
thousand dollars or the nearest multi
plO thereof.
said bonds shall be signed by the
Mayor and the Commissioner OF Public
Finance OF the City Of New Orleans, or
OMcer0 exercising similar functions, ana
countersisned by the President or Vice
President and the Secretary or Assist
ant Secretary Of the Board Of Liquida
ton. City Debt, and the coupons at
tached to said bonds shall bear the
fac-simile signatures OF said Commfs-
sioner OF Public Finance and said Sec
rotary or Assistant Secretary. In case
any such officer whose signature
or counter-signature appears upon
cease cs to ' be such of1ieer before
delivery Of said bond or coupon
to the purchaser. such signature or
valid for al purposes. The cost and ex-
penss OF preparing ana selling said
bonds shall DO paid for by the Board OF
liquidation, City Debt
section II. All boeds issued under
Board Of Liquidation, City Debt, to the
highest bidder or bidders by sealed pro-
no0als after due advertisement OF not
less than five insertions in the official
journal Of the City Of New Orleans ttne
1rst insertion to be ct least fifteen days
other advertisement, in said city or
elsewhere, az said Board Of Liquidation
nay in its discretion direct; provided,
ean Board OF Liquidation may reject
any and all bids
section IL. Except ~ otherwise pro-
vided in this amendment, the City OF
New Orleans shall not borrow money.
Issue bonds, notes or, other evidences OF
indebtedness or pledge its credit or an
ticipate the collection of any of 1ts
taxes.
No money shall be drawn from the
treasury Of said city without specific
therefor previously made.
nor shall said city make any contracv
or incur any debt or obligation for any
purpose whatsoever unless sufficient