St. Landry clarion. (Opelousas, La.) 1890-1921, 1916-10-21

this amendment, bonds may from Tins
to time be issued and negotiated. When
any of the issues of the bonds OF sara
city outstanding at the time OF tne auopa
tion OF this amendment peconse
caIlable according to their terms OF tns
statutes under which they are respees
lively issued, or when the consent o.
ali the holders of any such issue OF
bonds can be secured, the Board 81 LII
quotation, City Debt. shali hapS NV
any one or more of said issues OF ponas,
and shall be authorized by resoiutloh
duly adopted to issue and neeotla.s
bonds to provide the funds necessary
for that purpose: provided, however,
that in no event shall the par value OF
the bonds so sold and negotiated ex-
ceed the par value OF the nohaso IN
Section Z. The full faith and creoi5
Of the City of New Orleans are pledged
for the payment Of the principal ana IN
terest OF all bonds issued under THIS
h principal and interest OF all bonds
authorized by and to be issued under
this amendment shall be paid mar
Of the one per cent debt tax which here
tofore has been dedicated for the sup
port and maintenance of the pubic
schools Of said city, a. ieyleo u the G anu
eral Assembly Of the state OF Louis,ana
made part Of the C~onstitution OF this
STATE, ana t1J, dLItE Cdiu@A
that portion OF the one per cent dept
tax, authorized and levied under ACT no.
ITO aforesaid. n the two-mili tax aas
thorized by and levied under Act 30,
Of the General Assembly Of the state
Of Louisiana for the year 1893 Wnlcn
shall have been released and freed from
dedication either by the calling re-
funding or the yn IN cue ayistitne
at the time of the ADOPTION OF LIE
amendment: provided that, If the und
derived from the sources aforesalo sLa,t
the principal and interest Of the bones
issued under this amendment and then
outstanding and unpaid, or II Tor any
aus there shall not be appro-
the City of New Orleans shall levy a
tax upon all taxable property IN saIa
city sufficient to provide Tor any such
defcicncy; and provided further tnat,
when the aforesaid one per cent oept
tax and two mill water sewer tax
shall cease to be levied, the City OF
New Orleans shall levy a TAX upon a..
taxable property in said city sufnclens
to pay the principal and interest," OF
said bonds an they respectively become
due.
ali existing dedication and a~ppropr1a-
tions of said one per cent debt tax an
thorized by said Act No no or lsSV Tex
cept with respect to the SAID one-naIt
tax therein dedicated to public schools).
and Of said two-mill water ana sewer
tax. authorized by said Act NO. 9 OF
1899. shall be respected \ perIormeu
utes established; that all of that portion
of the funds resulting from the levy OF
said taxes which shall be released from
the payment. satisfaction or ~refundfng
of any OF the bonded debt bflsatlon
now charged thereon ~fe-aga1
shall, together with the one-half OF the
1911, 1F tha n 0aF Hranf dent tax
heretofore dedicated to public school
purposes. be used and applied TO the
payment of the principal and interest or
ali bonds issued under this amendment;
that any residue thereof remaining after
the payment OF the principal and inter.
est i1 any one year of bonds authorized
by this amendment shall be turned over
TO the city of New Orleans to be used by
Il for general municipal purposes: but
when, and to the extent that, the obllga-
tions 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 onde
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
become due; provided, however, that, in
the event the funds ~hereina6ove special
~ dedicated for the payment OF the
principal and interest of the bonds is
sued under this amendment should prove
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 70 pay the principai
Section s. The principal and Interest
Of all bonds authorized by this amend
ment shall be payable in gold coin OF
the United States of America, or it's
a,t,J,rnfant E pf tho SfaudaY 1 of weight
and fneness at the time Of the ISSUANCE
OF each installment of said 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
fduoiaries may invest the funds in their
Said bonds may be used for deposit
with any officer, board, municipality. or
other political subdivision of the State
emit 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 OF
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 nifty
Board OF Liquidation. City Debt, shall
determine. Said bonds shall be issued
In serial form and shall be payable in
annual i~nstallments. commencing moi
more than two years from their respec-
tive dates, and the installment payable
in each year shall be SO fixed that. when
the annua interest is added thereto, the
several annual total amounts OF prfn-
cipal and interest to be paid shall De
as nearly equal az practicable; provided,
said installments may be fixed at f1ve
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
President and the Secretary or Assist
ant Secretary OF the Board of Lfquida-
ton. City Debt, and the coupons at
fac-simile signatures of sail Commas
sionet of Public Finance and said Sec
Rotary or Assistant Secretary. In case
any such officer whose signature
or counter-signature appears upon
cease sssa Z to 0S Se SUCH & of sHaPon before saa,'
delivery of aid bond or coupon
TO the purchaser, such signature or
counter-signature shall nevertheless De
valid for all purposes. The cost I'M ex-
pense of preparing and selling said
bonds shall be paid for by the Board OF
Liquidation, City Debt.
Section IL. All bonds issued under
this amendment shall be sold by the
Board Of Liquidation, City Debt, to the
highest bidder or bidders by sealed pro-
tposals after due advertisement OF not
Tess than Ave insertions in the official
journal of the City Of New Orleans ttne
nrst insertion to be at least fifteen days
prior to the date Of the sale). and sucn
other advertisement, in said city or
elsewhere, as said Board of Liquidation
may In its discretion direct provided.
said Board of Liquidation may reject
any and all bids.
Section IL. Except as otherwise pro-
yided in this amendment, the City OF
Mao orlAars shall not borrow money.