The Caldwell watchman. (Columbia, La.) 1885-1946, 1916-10-27

twisting at the time VI t4lp 49,
his amendment, bonds may from IN,
~ time be issued and negotiated "ne'
snv of the issues Of the BONDS Oh saa'
city outstanding at the time OF inc auop
ZION 0f his amendment shall peconn'
csIlahle according to their telHin y .a'
statutes under which they are respe .
lively Issued. or when the co"nrH. ~
all the holders OF any sG 9nord az I'll
Monde cen he secured. the BOard ot u,
onidation. CITY Debt, shall! nave wv
right in its discretion to call anu pas
NV ono or more Of said issues Oh uohus
and shall be- authorized by resolu.aoi
duly adopted to issue n hes"r
bonds TO provide the funds necshsat ,
for that purpose provided, ho"e',
that In no event shail me pc, taG OK,
the bonds so sold and nes0'aSeu en-
coed the oar value Of the hohdeA 'i
S~ahte6ness thereby to be refunded -.
Section :. The full faith ana cree!
Of the City OF New Orleans are P'eysv'
for the payment Of the principal ana ~.
terest Of all bonds issued uhdef 'n'A
amendment. ,as
The principal and interest Of all honas
authorized by and to be issued uhuet
thts amendment shall be paid primarily
ont of u that oue-halt OF the snrplue
Of the one per cent debt tax Whlch mere
t0fore has been dedicated for the sup
port and maintenance or the pune
schools Of said city. AS levied under an"
authorized by Act No. 40 or the zen
srai Assembly of the State OF Louisiana
Sor the year 1880, and s~ubSequentiy
made part OF the Constitution or TINS
state and t2). after January /, l'-o.
that portion Of the one per cent crp'
tax, authorized and levied under Act NO
10 aforesaid. and the two-mlll tax auc
thOrlzed by and levied under Act 40 o
Of the General Assembly Of the state
= .I,;~,o fnr thu VPlr MY Wnlcll
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 eXlsttts
at the time Of the adoption OF TINS
amendment; provided that. II the tunds
derived from the sources aforesaid snail
be insufficient In any one year 10 pay
the principal and interest OF the bonos
issued under this amendment and then
outstanding and unpaid, or II for any
cause there shall not be funds appro-
pr.ated 10 or available for such purpose,
the City Of New Orleans shall levy a
tax upon all taxable property IN sald
city sufficient to provide for any suen
dehcisncy, and provided further tina
when the aforesaid one per cent debt
tax and two mill water and sewer tax
shall cease to be levied, the City OF
New Orleans shall levy a tax upon all
taxable property in said city suff1clent
to pay the principal and interest OF
said bonds as they respectively become
due.
Section &. II is hereby intended that
all existing dedication n appropria-
lions Of said one per cent debt tax au-
thorized by said Act No 10 Of 1890 lex
cept with respect to the said one-haIf
Of the surplus OF the one per cent debt
tax therein dedicated to public schOols),
and Of said two-mill water and W
tax. authorized by said Act No. { OF
1899, shall be respected and performed
according to the priorities by said stat
utes established; that all OF that portlon
Of the funds resulting from the levy OF
said taxes which shall be released from
said appropriations and dediCationS ny
the payment, satisfaction or refunding
Of any OF the bonded debt obligations
now charged thereon and t~here-asalnst
shall, together with the one-ha!f Of the
heretofore dedicated to public school
purposes. be used and applied to the
payment of the principal and interest OF
all bonds Issued under this amendment;
that any residue thereof remaining after
the payment OF the principal and inter
est In any one year of bonds authorized
by this amendment shall be turned over
10 the city OF New Orleans. to be used by
1t for general municipal purposss; but
WnpH. anu u the eAleHl lndt, TIE Uul!sd-
tons now charged on said taxes shall be
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 be
provided for by q 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
become due: provided, however, that, In
the event the funds hereinabove special
ly dedicated for the payment Of the
principal and interest Of the bonds is
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 pay the principal
and interest Of said bonds.
Section 2. The principal and interest
Of all bonds authorized by this amenG-
ment shall be payable in gold coin Of
the United States of America. or its
equivalent, of the standard of weight
and tineness at the time Of the issuance
Of each installment of sad 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 interdicts, trustees and other
fduciaries may invest the funds in their
hand in safd 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
ne thn pnr~J ~ I S-,idatI11 TIk, DaLs
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
In such form, terms and denominations,
and payable at such times and places.
within a period of not exceeding atty
years from the date thereof, as the
Board Of Liquidation. City Debt, SHAH
determine. Said bonds shall be issued
In serial form and shall be payable in
annual installments, commencing not
more than two years from their respec-
tive dates, and the installment payable
In each year shall be SO fixed that, when
the annual interest is added thereto, the
several annual total amounts of prin-
cipal and interest to be paid Shall De
as nearly equal as practicable; provided.
said installments may be fixed at trve
thousand dollars or the nearest multi
pie thereof.
oaid 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
President and the Secretary or Assist
ant Secretary of the Board of Liuuida-
ton, City Debt, and the coupons at
tached to said bonds shall bear me
fac-simile signatures of said Commits
sioner of Public Finance and said Sec
rotary or Assistant Secretary. In case
any such officer whose signature
or counter-signature appears upon
u a bond or coupon shall
cease to be such officer before
delivery of said bond or coupon
to the Ourchasar Sr,h ,Nf