New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1916-10-14


shall be also adopted by vote of three
.ourths of all the members OF the Board
Of Liquidation, Ci,y Debt. Due notice
of said election snail be published for
thirty days in the official journal OF salo
city (four weekly insertions OF SAID no
ice constituting publication for thirty
days, provided lhr.y days intervene be
.ween the date OF the first insertion ana
he date of said election.)
No bonds shall be issued under this
section or any other purpose or for any
greater amount than that stated in the
admission of the proposition to said
taxpayers.
Section S. In case Of fire, flood
,)estiience, storm other public calam
.ty, the City of New Orleans shall have
power, by a two thirds vote of all the
members of the Commission Council, OF
It's successor as the governing body OF
said city, concurred IN by three tourths
vote Of all the members of the Board OF
Liquidation, City Debt, to borrow money
and issue and negotiate bonds in such
sum, not exceeding in any one such
emergency.
Section s. 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 0.
this amendment, bonds may from time
to time be issued and negotiated. When
any of the issues of the bonds OF said
city outstanding a the time of the adop-
ton of this amendment shall become cal
liable according to their terms or the
statutes under which they are respcc-
lively issued, or when the consent o! a..
the holders of any such issue of bonds
can be secured, the Board of Liquida
ton, City Debt, shall have the right in
its discretion to 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 10
provide the funds necessary for that pur-
pose; provided, however, that in no
event shall the par value of the bon1s so
sold and negotiated exceed the par value
tf the bonds so sold and negotiated ex-
coed the par value of the bonded indeb.-
edness thereby to be refunded.
Section 7. The iull faith and creait OF
the City of New y leans are pledged 10:
the payment of the principal ana inter
est of all bonds issued under this amend
ment.
The 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 surplus
of the one per cent debt tax which here
l.. L.
port and maintenance of the public
schools of said city, as levied under and
by Act No. ITO of the Cen
eral Assembly of the State of Louisiana
for the year 1880 and subsequently,
made part of the Constitution of this
State, and (2), after January l, 1928,
that portion of TIE one per cent debt
tax, authorized and levied under Act No.
ITO aforesaid, and the two-mill tax au-
thorized by and lc led under Act No. 6
Of the General Assembly of the State oil
Louisiana for the year 1899 which shall
have been released and freed from ded
cation either by the calling and re-
funding or the payment in due course
IF all or any part Of the bonds existint
It the time of the adoption of this |
provided that, if the funds |
De insufficient in any one year to pay
The 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 Orleans shall levy tax
,pon all taxable property in said city /
to provide for any such de-
iciency; and provided further thai,
when the aforesaid one per cent debt tax
md two mill water and sewer tax shall
ease to be levied, the City of New Or
cans shall levy a tax upon all taxable
,orperty in said city sufficient to pay
he principal and interest of said bonds
IS they respectively become due.
Section 8. It is hereby intended that
II existing dedications and appropria-
ions of said one per cent debt tax au-
horized by said Act No. ITO of 1890 tex
ept with respect to the said one-half of
be surplus of the one per cent debt tax
herein dedicated to public schools, and
f said two-mill water and sewer tax,
uthorized by said Act No. s of 1899,
hall be respected and performed accord
ng to the priorities by said statutes es-
ablished; that all of that portion Of
he funds resulting from the levy of said
axes which shall be released from said
appropriations and dedications by the
ayment, satisfaction or refunding Of
ny of the bonded debt obligations now
harged thereon and there-against shall,
,gether with the one-half of the surplus
+ the one per cent debt tax heretofore
edicated to public school purposes, be
sed and applied to the payment Of the
rincipal and interest of all bonds is
led under this amendment; that any
.sidue thereof remaining after the pay
ent of the principal and interest in
~ one year Of bonds authorized by
lis amendment shall be turned over to
le City Of New Orleans to be used by
for general municipal purposes; but
hen, and to the extent that, the obli-
ltions now charged on said taxes shall
. paid, satisfied or refunded, said taxes
all be released from said obligations,
ID, ultimately, when entirely released |
ID discharged, shall cease to be levied;
d. that thereafter anv and all bonds Z