New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1916-09-09

III every Such instance tax upon all tal
able property in the City of New O
leans necessary to pay the principal ar
interest of said bonds
Section 9. The principal and intere
of all bonds authorized by this amend
ment shall be payable in gold coin {
the United States of America, or il
equivalent, of the standard Of weigh
aud fineness at the time of the issuanc
of each installment of said bonds.
Said bonds shall be exempt from a
taxation for State, parish, municipal Q
other local purposes.
Savings banks, tutors of minors, cura
tors of interdicts. trustees and othe
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 b,
present or future laws deposit or secur-
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, 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
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
shall be so fixed that, when the annual
| 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 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 Assistant
Secretary of the Board of Liquidation,
City Debt, and the coupons attached to
said bonds shall bear the fac-simile sig
natures or said Commissioner of Public
Finance and said Secretary or Assistant
Secretary. In case any such officer
whose signature or counter-signature
appears upon such bond or coupon
shall cease to be such officer before de-
livery of said bond or coupon to the
purchaser, such signature or 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 IL. 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 1.-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 IL. Except as 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 or an
ticipate the collection Of any Of its taxes.
No money shall be drawn from the
treasury of said city without specific ap-
preparation therefor previously made, nor
shall said city make any contract OF In
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
Try of said city at the time of making
he contract or mourning the debt or
obligation and are specially set aside and ,
dedicated to said purpose, unless herein I
otherwise provided. The foregoing lin
tation and restriction shall not apply Z
II be held to apply to contracts or obli- ,
'ation incurred with respect to the 4
to said city of light, heat or q
over, water, telephone service or garb- b
&c removal or destruction. Il
The said city may in any calendar year /
4 anticipation of the collection of the I,
axes of such calendar year and for the s.
imposes for which such taxes are levied, il
orrow such sums as shall not be in ex- o
,ss of the amount of its uncollected b
'xes of such year, and may issue its N
otes or other evidences of indebtedness fl
lerefor, and such sum, notes or other ia
'idences of indebtedness shall be pay q,
Die only out of the taxes of the calen- q
II year in which said loan or loans are Of
st made, and for which indebtedness Is
id revenues shall be pledged, and said &C
debtedness shall not be payable out hs
any other funds or moneys whatso-
er. No money shall be borrowed by Dc
e said city except for current munich N
4 purposes, and in no event shall any As
oney be borrowed by said city to make IS
to pay for works of public improve St
ent. Said city may issue for street ce
wing purposes certificates on its faith be
dcredit pursuant to legislative author or
!, to an amount not in excess of any tai
ecial assessments which have been or liz