St. Landry clarion. (Opelousas, La.) 1890-1921, 1916-09-30

The principal and interest OF all polios
authorized by and to be issued. under
this amendment shall be paid primarily
out of az that one-half of the surplus
of the one per cent debt tax wnlch mere
port and maintenance of the pubic
schools of said city, as levied under anu
authorized by Act No. 40 OF the Cen
eral Assembly of the state OF Louisiana
made part of the Constitution or dnis
State. and 90, after January l. lsZe:
that portion of the one per cent oeus
tax, authorized and levied under ACT NJ
ITO aforesaid, and the two-mill tax au.
thorized by and levied under Act NO. .
of the General Assembly of the state
of Louisiana for the year lsss w from
dedication either by the calling ana re-
funding or the payment in due course
of all or any part OF the n4nas e ef this
amendment; provided that, If the fdnds
derived from the sources aforesaid snala
be insufficient in any one year TO pay
the principal and interest OF the pohos
issued under his amendment and then
outstanding and unpaid, or II Tor any
cause there shall not be FUNDS appro-
the City of New Orleans shall levy a
tax upon all taxable property IN san
city sufficient to provide for any such
deficiency; and provided further may,
when the aforesaid one per cent oeot
tax and two mill water ana sewer TAX
New Orleans shall levy a tax upon all
taxable property in said city suft1c1enS
TO nav the principal and interest OF
said bonds as they respectively oeconae
due.
Section s. It is hereby Intended that
All existing dedication and appropr1a-
lions of said one per cent debt tax au-
thorized by said Act No ITO of 1890 lex
cept with respect to the said one-ha1I
of the surplus of the one per cent dept
tax therein dedicated to public schools),
and of said two-mill water and sewer
tax. authorized by said Act No. 8 or
1899, shall be respected and perIormeo
according to 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 dedicatlons by
the payment, satisfaction or
of any of the bonded debt obligations
| now charged thereon and t~here-asalnst
| 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 10 the
payment of the principal and interest OF
| Ali 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 authorized
by this mendmen shall be turned over
it for general municipal purposes; but
when, and to the extent that, the obliga-
| lions now charged on said taxes shall De
i 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
issued under this amendment shall De
provided for by a tax upon all taxable
property in the City of New Orleans
| sufficient to pay the principal ana IN
| terest of said bonds as they respectively
] become due; provided, however, that. in
the event the funds hereinabove special
| " dedicated for the payment of the
principal and interest of the bonds is
z,.l III xhsc ~ apd rno ont ShnIIl6 nr0va
| insufficient, the City of New Orleans
| shall, and it is hereby required to, levy
in every such instance a tax upon all
taxable property in the City of New Or
leans necessary to a the principal
and interest of said bonds.
Section 9. The principal and interest
of all bonds authorized by this amenu-
| ment shall be payable in gold coin or
the United States of America. or It's
equivalent, of the standard of weight
and fneness at the time of the issuance
| OF, each instal1ment of said bonds.
Said bonds shall be exempt from all
| taxation for State, parish, municipal or
other local purposes.
aving banks, tutors OF minors; cura-
tors OF interdicts, trustees and other
fduciaries 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
ent or future laws deposit or security is
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 or
interest or, from time to time, different
rates of interest, and shall. except as
herein otherwise specially provided, be
and payable at such times and places,
within a period of not exceeding nfty
years from the date thereof, as the
Board of Liquidation, City Debt, shai
| determine. Said bonds shall be issued
in serial form and shall be payable in
annual insta1lments, commencing not
more than two years from their respec-
tive dates, and the installment payable
in each year shall be so fixed mat when
the annual interest is added thereto. the
several nnu total amounts of prin-
! cipal and interest to be paid shall De
as nearly equal as practicable; provided,
| said insta1lments 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. or
officers exercising similar functions, and
countersigned by the President or Vice
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 Commits
4 L ADilS l. llloAISO civ SoLA oSS-
rotary or Assistant Secretary. In case
any such officer whose signature
or counter-signature ppear upon
such a BOND or coupon shall
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-
4 pense of preparing and selling said
bonds shall be paid for by the Board or
Liquidation, City Debt.
Section IL. Air bonds issued under
this amendment shall be sold by the
Board of Liquidation. City Debt. to the
highest bidder or bidders by sealed pro-
poSals after due advertisement of not
journal of the City of New Orleans tine
first insertion to be at least fifteen days
prior to the date of the sa1e), and sucn
other advertisement, in said city or
may in. it's discretion direct; provIued,
said Board of Liquidation may reject
any and all bids.
Section IL. Except as otherwise pro-
| yfded in this amendment, the City OF
| New Orleans shall not borrow money,
issue bonds, notes or other evidences of
4 Indebtedness or pledge its credit or an
ticipate the collection OF any Of it's
taxes.
No money shall b. drawn from the
treasury of said city without specific
appropriation therefor previously made,
nor shall said city make any contract
or incur any debt or obligation for any
purpose whatsoever unless sufficient
funds, not otherwise appropriated. to
pay n discharge same are ctually In
| the treasury of said city at the time of
making the contract or mourning the
| debt or obligation and are specifically
set aside and dedicated to said purpose,
unless herein otherwise provided. The
foregoing limitation and restriction
| shall not apply or be held to apply to
| contracts or obligation incurred with
respect to the furnishing to said city or
| light, heat or power, water, TELEPHONE
| service or garbage remova or destruc-
ton.
The said city may in any calendar
year in anticipation of the collection of