New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1916-11-04

shall. and it is hereby required TO-, lev,
-. e.e.y such instance a tax upon all tax
able property in the City of New Or
leans necessary to pay the principal ane
4.-e-est o. said bonds.
Section 9. TIE principal and interes
o: all bonds lied by this amend
lent shall BE- paya ole in gold coin O
the Uri.ed States C America, or it:
equivalent, of the standard of weigh
and hneness al the time of the issuance
of each installment of said BOMBS.
Said bonds shall be exempt from al
taxation for State, parish, municipal 0,
other local purposes.
Savings banks, tutors Of minors, cu-a
tors of interdicts, trustees and Other
fiduciaries may invest the funds in thei,
hands in said bonds.
Said bonds may be used for deposi
with any officer, board, municipality o.
other political subdivision of the State
of Louisiana in any case where by
present or future laws deposit or secu.
ity 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 OF
interest or, from time to time, difteren,
rates of interest and shall, except as
| herein otherwise specially provided, be in
such form, terms and denomina tons, and
payable at such times and places, within
! period of not exceeding fifty years
from the date thereof, as the Board OF
Liquidation, City Debt, shall determine
Said bonds shall be issued in serial form
and shall be payable in annual install
ments, commencing not more than two
years from their respective dates, and
the installment payable in each year
interest is added thereto, the several an
nual total amounts of principal and IN
terest to be paid shall be as nearly equal
as practicable; provided, said INSTALL
ments may be fixed at five thousand dol
lars or the nearest multiple thereof.
Said bonds shall be signed by the
Mayor and the Commissioner of Pubic
Finance of the City of New Orleans, or
officers exercising similar functions, and
countersigned by the President or Vice
President and the Secretary or Assistant
Secretary of the Board of Liquidation,
City Debt, and the coupons attached to
said bonds shall bear the fac-simile sig
natures OF said Commissioner of Public
Finance and said Secretary OF Assistant
Secretary. In case any such officer
whose signature or counter signature
appears upon such 4 bond OF coupon
shall cease to be such officer before de-
livery of said bond or coupon to the
purchaser, such signature OF counter
signature shall nevertheless be valid for
all purposes. The cost and expense of
preparing and selling said bonds shall be
paid for by the Board of Liquidation,
City Debt.
Section II. All bonds isued 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
less than five insertions in the official
journal Of the City Of New Orleans (the
first insertion to be at least fifteen days
prior to the date Of the sale), and such
other advertisement, in said city or else
where, As said Board Of Liquidation may
in its discretion direct; provided, said
Board of Liquidation may reject any and
all bids.
Section II. 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 OF an
ticipate the collection Of any Of its taxes.
No money shall be drawn from the
treasury Of said city without specific ap-
therefor previously made, nor
shall said city make any contract OF il
cur any debt or obligation for any pur-
pose whatsoever unless sufficient funds, |
not otherwise appropriated, to pay and
discharge same are actually. in the treas
ury of said city at the time of making
the contract or mourning the debt OF !
obligation and are specially set aside and
dedicated to said purpose, unless herein |
provided. The foregoing linn
itation and restriction shall not apply !
or be held to apply to contracts OF obi
CATION incurred with respect to the !
furnishing to said city of light, heat or
power, water, telephone service or gazb-
age removal or destruction.
The said city may in any calendar year
in anticipation of the collection of the
taxes of such calendar year and for the
purposes for which such taxes are levied,
borrow such sums as shall not be in ex-
less of the amount of its uncollected
taxes Of such year, and may issue its
notes or other evidences of indebtedness
therefor, and such sum, notes or other
evidences of indebtedness shall be pay
lble only out Of the taxes of the calen-
Lar year in which said loan or loans are
irst made, and for which indebtedness
aid revenues shall be pledged, and said
shall not be payable out
# any other funds or moneys whatso-
.ver. No money shall be borrowed by
he said city except for current munich
'al purposes, and in no event shall anyl
money be borrowed by said city to make
Y to pay for works Of public improve
nent. Said city may issue for street
'aving purposes certificates ON its faith
pursuant to legislative author