St. Landry clarion. (Opelousas, La.) 1890-1921, 1916-11-04

knashEsdnss8 Of the City Of New Orleans
existing ut the time OF the adopsion OK
20 tiase 30 Issued and negotiated. When
any Of the iasues Of the bonds OF said
city outstanding at the time OF the Q
cailAble according to their terms or tns
STATUTES under which they are respse,
lively issued. or when the consent os
all the holders Of any suSn issns rs Z
onidatton, City Debt. shall have sns
Fight in it's discretion to cell and Pay
any one or more of said issues OF ponce,
and sAsll Be authorised by nsootiass
bombs 70 provide the funds Necessary
for that purpose: provided. noTever
that In nc event shall the par Vaius oh
eeed the par value Of the bonded IN
dsbtednsss thereby TO be refunded.
Section 7. The fall faith and erec,s
Ct the City Of Fe ~ t 3sie nrano ia sasdi in
terest OF an bonds issued under this
The principal and intersst Of 81 bonds
this amendment shall be paid primarily
cut Of 81 that one-half Of the surplus
Of the one per cent asot tax Which mere
tofore has been dedicated f1 tss 'ns nu sdRc
1nhoois OF said city, 10 levied under
a~utherissd 5y At nc; lie q the Gsn.
for ,ssA H.; AK Hsa J, t hsss; c%o asa ans'e q sais
Eta3a, and CO. after January !, lS1s.
thar portion Of the one PSF cent o3ps
tar. authorised and levied undes Ass No.
81 the General Assembly Of the State
OF Louisiana for the year 1893 whlen
6~edieafion either by the calling ana re-
fundins or the payment in due course
of ef Or any part Of the bonds existing
at the time OF the ADOPTION OF .n,s
derived from the sources aforesaid shall
be insufficient in any year 20 pay
the principal ana interest OF the Oa then
cause there shall not be funds appro-
priated to or available for such
the City OF New Orleans shall levy
tar upon all axable property in said
city sufficient to provide for any such
deficiency; and provided further fnat,
when the aforesaid one per cent DEBT
shall cease to be levied, the City Of
New Orleans shall levy a tax upon all
taxable property in said city sufacfens
TO pay the principal and interest OF
said bonds az they respectively become
due.
Section 8. 1t is hereby intended that
all existing dedication and approprla-
tons Of said n per cent dept LEI s az faa-
oept with respect to the said one-haiI
Of the surplus Of the one per cent debt
tax therein dedicated to public
tax, authorized by said Act No. s OF
1890. shall be respected and performed
according to the priorities by said stat
utes established: that all of that portion
of the funds resulting from the levy OF
said taxes which shall be released from
said appropriations and dedications by
the payment. abstraction or
OF any Of the bonded dspt iigaa,o
shall, together with the oHe-half or the
surplus Of the one per cent debt tax
heretofore dedicated to public schooi
purposes. be ased and applied 10 the
payment Of the principal and interest OF
ali bonds issued under his amendment;
that any residus thereof remaining after
the payment Of the principal and inter.
est n any ono year OF bonds authorized
by his -esaendmsnt shall be turned over
to the city Of New Orleans, to be used by
It for general municipal purposes: Y
when. and to the extent that, the obliga-
tons now charged on said taxes shall Dc
paid. satisfied or refunded. said taxes
shall DO released from said obligations.
and. ultimately, when entirely released
and disoharged. shall cease to De is sp !
issued under this amendment shall %
provided for by a tax upo all taxable
property In the City Of New Orleans
terest OF said bonds as they respectively
become due; provided, however, that, in
the eysnt the funds h~ereinabove special
ly dedicated for the payment of the
sued under this amendment should prove
insufficient, the City of New Orleans
shall, and 1t Is hereby required to, levy
in every such instance q tax upon all
taxable property in the City OF New Or
1sans necessary TO pay the principal
and interest Of said bonds.
Section 3 The principal and interest
OF all bonds authorized by this amend.
the United States of America, or its
equivalent, of the standard Of weight
ana fneness at the time Of the issuance
SAID bonds h be exempt from all
taxation for State, parish. municipal or
other local purposes.
Savings banks. tutors Of minors, cura-
tors Of tnterdicts, trustees and other
aduc4aries nay invest the funds in their
hand In said 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 whore by pres
emit or future laws deposit or security 10
required.
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 q period of not exceeding llfty
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 fnstallments, commencing not
more thar two years from their respec-
tive dates, and the fnstallment payable
in each year shall be SO fixed that, when
the annual interest is added thereto, the
several annual total amounts OF prin-
cipal Inc interest to be paid shall De
as nearly equal as practicable; provided,
said installments may be fixed at nve
thousand dollars or the nearest multi
pie thereof.
said bonds shall be signed by the
Mayor and the Commissl of Public
Finance of the City of New Orleans, or
officers exercising similar functions. n
countersigned by the President or Vice
President n the Secretary or Assist
ant Secretary of the Board of Liquida-
ton. City Debt, and the coupons at
tachsd to said bonds shall bear the
fac-simile signatures of said Commas
sioner of Public Finance and said Sec
rotary or Assistant Secretary. In case
any such officer whose signature
or counter-signature appears upon
such a bond or coupon shall
cease to be such officer before
delivery of said bond or coupon
to the purchaser. such signature or
counter-signature shall nevertheless Dc
valid for all purposes. The cost and ex-
pense OF preparing and selling said
bonds shall be paid for by the Board or
Liquidation, City Debt.
Section II. All bonds issued under
this nendmen shall be sold by the
Board of Liquidation, City Debt, to the
highest d or bidders by sealed pro-
posals after due advertisement of not
less thar five insertions in the official
journal of the City of New Orleans tine
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,
sa!d Board of Liquidation may reject
any and all bids.