The Natchitoches enterprise. (Natchitoches, La.) 1888-1965, 1916-08-31

/ existing at the time of the adoption OF
! this amendment, bonds may from time
| to time be issued and negotiated. When
/ any of the issues of the bonds of said
| city outstanding at the time of the adop-
! tiOn of this amendment shall become
| callable according to their terms or tne
! statutes under which they are respec-
! lively issued or when the consent or
| all the holders of any such issue OF
| bonds can be secured, the Board OF LII
| quidation. City Debt shall have the
| right in its discretion 10 call and pay
| any one or more of said issues of bonds,
| and shall be authorized by resolution
| duly adopted to issue and negotiate
| bonds to provide the funds necessary
l for that purpose: provided however.
I that in no event shall the par value OF
the bonds so sold and negotiated ex-
coed the par value Of the bonded IN
| debte6ness thereby to be refunded.
Section T. The full faith and credit
| of the City Of New Orleans are pledged
| for the payment of the principal and IN
terest Of all bonds issued under this
amendment
The principal and interest of all bonds
authorized by and to be issued under
this amendment shall be paid primarily
out of ID 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 ana
eral Assembly of the State of Louisiana
for the year 1890, and subsequently
made part of the Constitution OF this
State. and (2D, after January l., 1878,
that portion of the >one per cent debt
tax authorized and levied Under Act No
10 aforesaid. and the two-mill tax au-
thoriZed by and levied under Act NO D
Of the General Assembly of the state
OF Louis ana for the year 1899 which
shall have been released and freed from
dedication either by the calling ana re-
funding or the payment in due course
of all or any part Of the bonds existing
at the time Of the adoption of this
amendment; provided that, II the FUNDS
derived from the sources aforesaid snail
be insufficient in any one year 10 pay
the principal and interest of the bones
issued under this amendment and then
outstanding and unpaid, or II for any
cause there shall not he funds appfo-
priated to or available for such purpose,
the City of New Orleans shall levy
tax upon all taxable property in SAID
city sufficient to provide for any such
deficiency; and provided further tnat,
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 aufflcient
to pay the principal and interest OF
said bonds as they respectively become
due.
Section 8. 1t is hereby intended that
all existing. dedication and appropria-
s&kOns of said one per cent debt tax au-
eAtiorized by said Act No Ito OF 1890 Eek
ckpt with respect to the said one-hatf
of 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. or
1899, shall be respected and performed
according 10 the prioritfes 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
said appropriations and dedicattons ny
the payment. satisfaction or refunding
of any of the bonded debt obligations
now charged thereon and there-against
shall, together with the one-half of the
surplus Of the one per cent debt tax
heretofore dedicated to public school
purposes be used and applied 20 the
payment OF the principal and interest or
all bonds issued Under this amendment;
that any residue thereof remaining after
est in any one year OF bonds authorized
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 60 the extent that the obiiga-
paid, satisfied or refunded. said taxes
shall be released from said obligations,
and. ultimately, when entirely released
and discharged, shall cease TO. be levied;
and, that, thereafter. any and all bonds
@sued under this amendment shall be
provided for by tax upon all taxable
property In the City Of New Orleans
terest of said bonds as they respectively
become due; provided. however, that, in
the event the funds herefnabove special
" dedicated for the payment ntua. of the h
sued under this amendment should prove
insufficient, the City Of New Orleans
shall and II 10 hereby required 70, levy
taxabie t property @ IN the ths city Of New Or Dr.
leans necessary to pay the princfpaI
and interest OF said bonds
Section 9. The principal and interest
of all bonds authorized by this ameno-
halI Srah Ia N 90 n
the United States Of America, or its
equivalent Of the standard of weight
and fineness at the time of the issuance
of each installment 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 fnterdicts. trustees and other
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
ent or future laws deposit or security Ia
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. Ali bonds issued under
this amendment shall bear such rate or
rates of interest. ard shall, except az
herein otherwise specially provided, be
In such form, terms and denominations,
and payable at such times and places,
within a period Of not exceeding ntty
years from the date thereof. az the
Board of Liquidation, City Debt shall
determine, Said bonds shall be issued
In serial form and shall be payable in
annual instaiiments, commencing not
more than two years from their respec-
tive dates, and the installment payable
in each year shall be so hxed that when
- H. - - -
several annual total amounts of prin-
cipal and interest to be paid shall De
ais nearly equal an practicable; provided,
said installmentB may be fixed at five
thousand dollars or the nearest multi
said bonds shall be signed by the
Mayor and the Commissioner Of Public
Finance of the City OF New Orleans, or
eountersigned 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 70 said bonds shall bear the
fac-simile signatures Of said Commits
sioner Of Public Finance and said Sec.
retry or Assistant Secretary. In case
any such oflcer whose signature
or signature appears upon
eease eeea 70 sO be such oSTcer T' before
delivery Of said bond or coupon
to the purchaser, such signature or
counter signature shall nevertheless De
valid for all purposes. The cost and ex-
pense Of preparing and selling said
bonds shall be paid for by the Board or
Liquidation, city Debt.
Section IL ALI bonds issued under
this amendment shall be sold by the
Board or Liquidation, City Debt, 20 the
highest bidder or bidders By sealed pro-
posals after due advertisement Of not
less than five insertions in the official
journal Of the City Of New Orleans ttne
q ,st fya.rt&a,, r., he n I foa NJ f1ffaan dars
prior to the date OF the Balel. and sucn
other advertisement, in said city or
elsewhere, as said Board OF Liquidation
may IN it's discretion direct; provided,
said Board OF Liquidation may reject
any and all bids.
Section H. Except as otherwise pro-
vided IN this amendment. the City or
New Orleans shall not borrow money,
a.. Il. s.s- raft -