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

indebtedness or the City OF New orleans
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 saho
city outstanding at the time of the adop-
tion Of this amendment shall become
callable according to their terms or the
statutes under which they are respec.
lively issued, or when the consent OF
bonds can be secured. the Board of Lii
quidation, City Debt, shall have the
right In it's 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 negot1ate
bonds to provide the funds necessary
for that purpose provided, however
that In no event shall the par value OF
eeed the par value of the bonded IN
debtednsss thereby to be refunded.
Section Z. 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 undef
this amendment shall be paid primarily
out of ~ that one-ha1f Of the surplus
Of the one per cent debt tax which mere
Sor orr ana "a maintenance ssnt 81 the public
sehools Of said city, as levied under n
erai ASSEMBLY Il Of the state Of Louisiana
GU{ TIC year low 0Ii0 upSO2tSAt
made part Of the Constitution Of this
State. ana az, after January l.. 1898,
that portion Of the one pei. cent DEBT
fxx. authorised and levied under Act No.
1l6 aforesaid, and the two~mill tax an.
thorized by and levied under Act No. q
Of the Genera Assembly Of the State
Of Louisiana for the year 1888 wnten
dedication either By the calling ana re-
funding or the payment In due course
o$ all Or any part Of the bonds existing
at the time of the adoption OF this
ernendmsnt: provided that II the funds
derived from the sources aforesaid shall
the principal and interest Of the bonds
cause there shall not be funds appro-
pFiated 10 or available for such purpose.
the City Of New Orleans shall levy q
efn u sD1aoi en- 1 to provl 1eof3e For any " such unsa
deficiency; and provided further tnat,
when the aforesaid one per cent debt
tax and two nail water n sewer tax
New Orleans shall levy a tax upon all
taxable property in said city suficieny
10 pay the principal and interest OF
said bonds a. they respectively become
Section s. It is hereby intended hat
I'll exigttng dedication and appropria-
lions Of said one per cent debt tap &u-
oept with respect to the said ons-half
Of the surplus Of the one per cent debt
tax therein dedicated to public schools.
and Of said two-mil water and
1889. shall be respected and performed
Vtss sstablishsd; That al Of that portion
e 8s,t sh t.s ssad 1b Issu, shsiE f bs r.l tns asy front M
said appropriations and dedications by
the payment. satisfaction or ~refunding
Of any Of the bonded debt obligations
shall together with the one-nalf Of the
SURPLUS Of the one per cent debt tax
heretofore dedicated 10 public school
purposes. be ysed and applied to. the
eli bonds issued under this amendment;
that any residue thereof remaining after
the payment Of he principal and inter-
est q any n year Of bonds authorised
10 the city Of New Orleans. to be used by
1t for general municipal purposes; but
when. and to the extent that, the obliga-
tons now charged on said taxes shall be
pai6. satisfied or refunded, said taxes
shall be released from said obligations,
and ultimately, when entirely released
and discharged, shall cease to be levied;
nnd, mat s,,d 1nsr ear any ana al aha 6Gn 90
provided for by a tax upon all taxable
property In the City of New Orleans
sufficient to pay the principal and in
terest Of said bonds as they respectively
event the funds hereinabove special
principal and interest of the bonds is
efficient, the City of New Orleans
shall, and 1t fs hereby required to, levy
In every such instance a tax upon all
taxable property n the City Of New Or
necessary to pay the prfncfpaf
interest Of said bonds.
Seetion 9 The principal and interest
81 all bonds authorized by this amend
he united States OF America, or it's
of the standard of weight
Ind nnsness at the time of the ssuan
each installment of said bonds.
Said bonds shall be exempt from all
for State, parish. municipal or
local purposes.
EAvfngs banks, tutors OF minors, cura-
!ors OF interdicts, trustees and other
1eud in said bonds.
Said bonds may be used for deposit
With any officer, board, municipality. or
political subdivision Of the State
II Louisiana in any case wher by pres
mt or future laws deposit or security 10
Said bonds may be registered and re-
eased from registry under such rules
Is the Board Of Liquidation, City Debt,
nay prescribe.
Section 10. All bonds issued under
his amendment shall bear such rate OF
'ates OF interest, ard shall. except az
,srsin otherwise specially provided, be
q such form, terms and denominations,
md payable at such times and places,
within q period Of not exceeding nifty
'ears from the date thereof, as the
Board OF Liquidation. City Debt, shall
Said bonds shall be issued
n serial form n shall be payable in
Lnnual installments. commencing not
nore than two years from their respec-
dates. and the tnstallment payable
a each year shall be so liked that, when
hn. annual fYtarast fg adHod fhnro4n $hn #
everal annual total amounts of prin-
ipal and interest to be paid shall be
. nearly equal as practicable; provided.
aid attachments may be fixed at nye
dollars or the nearest multi
10 thereof.
said bonds shall be signed by the
iayor and the Commissioner OF Public
finance OF the City Of New Orleans. or
Ulcers exercising similar functions. ana
undersigned by the President or Vice
and the Secretary or Assist
Mt Secretary Of the Board of Liquida-
achsd to said bonds shall bear the
ac-simile signatures OF said Commas
of Public Finance n said Sec
etary or Assistant Secretary. In case
ny such officer whose signature
counter-signature appears upon
leh q bond or coupon shall
Ease to be such officer before /.
of said bond or coupon
the purchaser, such signature or
ounter-signature shall nevertheless De
Aid for all purposes. The cost and ex-
OF preparing and selling said
shall be paid for by the Board or !
City Debt. !,
Section II. All bonds issued under ]
lis amendment shall be sold by the !
oard of Liquidation, City Debt, to the !
Ighest bidder or bidders by sealed pro- J
osals after due advertisement of not {
ss than five insertions in the official
iurnal of the City of New Orleans the I
st insertion to be at least fifteen days 9
rior to the date of the sale) ,.and sucn !
.her advertisement, in safd city or I
sewhere. as sale Board of Liquidation 7
in it's discretion direct; provided, !
Id Roard of Liquidation NAV ra1ecr r
~ and all bids. Q