New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1916-09-16

| shall. and ii is hereby required to, le'
in every such instance a tax upon all ia
able property in the City of New Q
leans necessary to pay the principal al
\ interest of said bonds.
Section 9. The principal and ntere
of all bonds authorized by this amene
ment shall be payable in gold coin ,
the United States of America. or il
equivalent. of the standard of weigh
and fneness at the time of the ssuanc
of each installment of said bonds
Said bonds shall be exempt from a
taxation for State, parish, municipal o
other local purposes.
Savings banks, tutors of minors. cura
, tors of nterdicts. trustees and othe
fiducisries may invest the funds in thei
, hands in said bonds
, Said bonds may be used for depos
with any officer, board, municipality o
other political subdivision of the State
of Louisiana in any case where By
present or future laws deposit or secut-
itv 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 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 instalment 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 sgnatu re
appears upon such a bond or coupon
hall Il
livery of said bond or coupon to the
purchaser, such signature or counter
signature shall nevertheless be valid for
al purposes. The cost and expense of ,
and selling said bonds shall be |
,aid for by the Board of Liquida,i $
lily Debt.
Section IL. All bonds isued under a
his amendment shall be sold by the i
3oard of Liquidation, City Debt, to the $
ighest bidder or bidders by sealed pro- b
osals after due advertisement of not e
sss than five insertions in the officia. f
'urnal of the City Of New Orleans 1.-THE s.
rst insertion to be at least fifteen days. e,
rior to the date Of the sale), and suc.. Il
Their advertisement, in said city or else Il
here, a. said Board OF Liquidation mayI C
its discretion direcl; provided, sauI e,
GARD Of Liquidation may reject any and1 B
| bids. h,
Section IL. Excep. as otherwise pro- n,
ded in this amendment, the City OF al
ew Orleans shall not borrow money, n,
sue bonds, notes or other evidences OF de
debtedness or pie ~ss its credit or an of
'ipate the collection J. any of its taxes. IL
No money shall be afawn from the WI
:asury of said city without specific APP or
opriation therefor previously made, nor at
all said city make any contract or ia an
r any debt or obligation for any pur- tn
Sc whatsoever unless sufficient funds an
otherwise appropriated, to pay anu tn,
charge same are actually in the treas in,
' of said city at the time of making1
. contract or mourning the debt or pu
legation and are specially set aside and ms
Heated to said purpose, unless herein thu
erwise provided. The foregoing lin Gil
ton and restriction shall not apply eae
be held to apply to contracts or obli- wi,
ion incurred with respect to the an,
nishing to said city of light, heat or ass
yer, water, telephone service or garb- no,
removal or destruction. tax
he said city may in any calendar year 18e
anticipation of the collection of the tax
es of such calendar year and for the sha
poses for which such taxes are levied, if
row such sums a. shall not be in ex- of
of the amount of its unsolicited bon
IS of such year, and may issue its mil
Is or other evidences of indebtedness for
'efor, and such sum, notes or other tax
ences of indebtedness shall be pay and
only out of the taxes of the calen- and
year in which said loan or loans are of
made, and for which indebtedness a.
revenues shall be pledged, and said coed
btedness shall not be payable out half
my other funds or moneys whatso- S,
No money shall be borrowed by Der
said city except for current munich New
and in no event shall any as d
ey be borrowed by said city to make 15o
o pay for works Of public improve Stat
(. Said city may issue for street cept
ng purposes certificates en- its faith be 7
redit pursuant to legislative author or 4
to an amount not in excess of any take,
al assessments which have been or liQat