New Iberia enterprise and independent observer., 1916-10-07
Adopted at the Session of the Legislature OF 19lt
10 be voted on at the Congressional Election.

:. | nance befOTe any 3u@n eleCtloH - oAoeie
shall be also adop.ed by vote OF thre:
,ourths of all the members OF the Bear
If Liquidation, City Debt Due notle
l. Of said election sail be published te
q | thirty days in the official journal OF sal
,ity flour weekly insertions OF SAID nc
ice constituting a publication tor thi!t
days, provided .hlr.y days intervene be
.ween the date OF the first insertion an
he date of said election.)
No bonds shall be issued under thi
section ior any other purpose or tor an
greater amount than that stated IN tn
! | admission of the proposition to sal
taxpayers.
. Secuon 5. In case of fire, flooc
,estilence, storm or other public calam
ty, the City of New Orleans shall hav
|. power, by a two thirds vote of all tn
members of the Commission Council, o
It's successor as the governing body o
said city, concurred IN by three-tourth
yote of all the mem oers of the Board o
Liquidation, City Debt, to borrow MONEY
and issue and negotiate bonds in sucl
sum, not exceeding in any one suci
emergency.
Section 8. For the purpose of re
funding all 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 flom time
to time be issued and negotiated. Whe:
any of the issues of the bonds 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 are respec-
lively issued, or when the consent o. AL
the holders of any such issue of bonds
can be secured, the Board of Liquida
ton, City Debt, shall have tbs right in
its discretion to Gail and pay any one
or more of said issues of bonds. vnd
shall be authorized by resolution duly
adopted to issue and negotiate bonds 10
provide the funds necessary for that pur-
pose; provided, however, that in no
event shall the par value of the bonls so
sold and negotiated exceed the par value
tf the bonds so sold and negotiated ex-
ceed the par value of the bonded indeb.
edness thereby to be refunded.
Section 7. The iull faith and cre1it of
the City of New O leans ars pledged ic:
the payment Of the principal ana inter
est of all bonds Issued under this amend
ment.
Inc principal and interest Of all ponds
authorized by and to be issued under
this amendment shall be paid primarily
out of o. that one-half Of the :urplus
of the one per cen, 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 Gen
eral Assembly Of the State Of Louisiana
for the year 1850, and subsequently
made part of the Constitution of this
State, and (2), after January l, 1928,
that portion of tine one per cent debt
tax, authorized and levied under Act No.
Ito aforesaid, and the two-mill tax au-
thorized by and lie led under Act No. 6
If the General Assembly of the State OF
Louisiana for the year 1899 which shall
have been released and freed from ded-
cation either by the calling and re-
unding or the payment in due course
# all or any part of the bonds exiatin.,
i the time of the adoption Of this
amendment; 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
ause there shall not be funds approp-
lated to or available for such purpose,
he City of New O. leans shall levy a tax
pom all taxable property in said city
efficient to provide for any such de-
cheney; and provided further thai,
'hen the aforesaid one per cent debt tax .
nd two mill water and sewer tax shall
ease to be levied, the City of New Or
'ans shall levy a tax upon all taxable
orperty in said city sufficient to pay {
lie principal and interest of said bonds !
) they respectively become due.
Section 8. It is hereby intended that !
! existing dedications and appropzia- q
ons of said oneeper cent debt tax au- i.
,orized by said Act No. ITO of 1890 Tex /.
:pt with respect to the said one-half of q
e surplus Of the one per cent debt tax d
erein dedicated to public schools), and Il
said two-mill water and sewer tax, s.
asAV4ALeO Uy oSIO <aCt NO. OF 4693, | II
all be respected and performed accord o
g to the priorities by said statutes es- e
that all of that portion Of Il
e funds resulting from the levy of said p
xes which shall be released from said n
and dedications by the o.
yment, satisfaction or refunding of n
~ Of the bonded debt obligations now p
arged thereon and there against shall, n
gether with the one-half of the surplus it
the one per cent debt tax heretofore 81
dicated to public school purposes, be 81
ed and applied to the payment of the p'
incipal and interest Of all bonds is- b.
ed under this amendment; that any 81
'idue thereof remaining after the pay th
mt of the principal and interest in tn
y enc year of bonds authorized by d
Is amendment shall be turned over to nj
, City Of New Orleans to be used by th
for general municipal purposes; but pr
len, and to the extent that, the obli- on
lions now charged on said taxes shall Dc
paid, satisfied or refunded, said taxes ~
III Be released from said obligations, nj
!, ultimately, when entirely released in
discharged, shall cease to be levied; sh
!, that, thereafter, any and all bonds an
ned under this amendment shall he th,