St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1916-05-06

may be required for q sinking 1ulL
for the payment Of the bonds at ma
turity. provided such special taxes
for all purposes shall not in any
year exceed the limit prescribed By
the constitution Of ten mills on the
dollar of the assessed valuation OF
the property of the town, and to
issue negotiable bonds not to exceed
ten per centum Of the assessed valu-
alton of the property of the said
town; and,
Whereas. the assessed valuation of
the said town of Covington, At the
present time equals the amount OF
Seven Hundred and Fifteen Thous-
and Two Hundred and Sixty-FOur
($7l5,263.O0) Dollars; and.
Whereas, it has been and Is now
hereby determined by the Mayor and
Board of Aldermen OF the town OF
Covington, La, to submit to the
property taxpayers qualified as cleo
tors under the constitution and laws
Of the State Of Louisiana, the fo!s
lowing propositions:
Shall q debt be incurred by the
town of Covington. in the sum OF
Sixty Thousand Dollars and negoti-
able bonds be issued in said amount,
bearing interest at the rate OF i've
per cent per annum payable semi
annually, the principal of said bonds
becoming payable within 81 years
of their date, and issued in such de-
nominations, payable at such time,
and in such installments with such
other details relating thereto as shall
be determined by the Mayor and
Board of Aldermen and authorized
by the constitution and laws OF the
State of Louisiana The funds real
ICED from the mourning of said debt
and the sale Of said bonds to be used
tor the purpose Of constructing a
waterworks system in said town, the
title to which shall vest in said town
Of Covington: and.
Whereas, In the event said indebt-
edness designated in the foregoing
proportion shall be- authorized by
the taxpayers to be. incurred and
bonds shall be issued therefor, the
total amount of the indebtedness OF
said town (including said bonds)
shall be within the constitutional
limit of ten per centum on the as
sessed valuation of the property OF
said town, and the special tax to be
annually levied to pay the INSTALL
ments OF interest and principal OF
said bonds a. they respectively fall
due with all other special taxes
levied and to be levied for other
lawful purposes will be within the
limit prescribed by the constitution,
Of ten mills ON the dollar of the as
sessed valuation of the property
within such town prescribed by the
constitution:
Now, therefore, be 1t ordained BY
the Mayor and Board of Aldermen
Of the Town Of Covington, in regular
session convened:
Section /. That the town of Gov
ington incur debt of Sixty Thous-
and ($60.0O0) Dollars to be used
for the exclusive purpose of con.
,tructing, erecting and eQuipping
system in the town
Louisiana, for supplyin:
the Inhabitants of said town of Gov
ington, Louisiana, with water, Tia
title to such system shall be veste
in the said town Of Covington;
Be it further ordained, ETC.,
Section 2. That as representa-
said Indebtedness said town Of CO
ington do issue 120 negotiable bon.
to 100, both numbers il.
bearing date of July j
1916. with five per cent per annun
interest from date. payable sem.
on the 18th day of Jul
and the 18th day Of January. eacl
year in the specific amounts and ma
as follows:
10 bonds of $500. each. one Of |
,aid bonds maturing July 18th OF |
,ach year from 1917 to 1926, both |
inclusive.
10 bonds OF $500 each. two Of said
onds maturing on July 18th Of each
rear from 1887 to 1891, both inclu-