The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1916-10-21
ACT NO. liz.

Senate Bill No. 96 - By Leon r. Smith.
JOINT RESOLUTION
Proposing an amendment to the Constitu-
ton OF the State of Louisiana, provid-
ing for the funding of certain debts of
the City of Shreveport. and judgments
against the said city, the issuance of
serial bonds by said city, providing
the purpose for and the manner in
which same may be issued, and the
duties of the City Council of the City
of Shreveport, with reference thereto;
and the levying by the City Council of
Shreveport of certain taxes to retire
the bonds as issued herein, by said
city. And providing for the submis-
sion of said amendment to the electors
of the State for their approval or
rejection.
Be II enacted by the General Assembly
of the State of Louisiana. two thirds of all
the members elected to each branch
thereof concurring, that subject to the
, ratification and approval of the electors
of this State, the Constitution of the State
be amended by Incorporating therein. the
following provisions, to-wit:
Section /. The City of Shreveport by
four fifths vote of all the members of the
City Council thereof. shall have power
and is hereby authorized to issue 100000
of bonds, or so much thereof as may be
necessary. to be styled City of Shreveport
Serial Gold Bonds. and to bear such rate
OF interest as the City Council may fix
from time to time. as each installment Of
the said bonds is offered for sale. as here
after provided; said rate of interest at no
time to exceed per cent per annum
payable semi-annually.
tn =
sbailsSe applied to the payment and retire.
ment of aiii-certificates of Indebtedness
issued by the CitSi-of Shreveport prior to
May /. 1916, and to tRe-payment Of all
judgments rendered against said city prior
to May 1, 1916
Section g. All bonds issued under this
amendment shall be in such form, terms
and denominations. and payable at such
times and places, within a period OF not
exceeding forty years from the date there
of, as the City Council of Shreveport shall
determine. Said bonds shall be issued In
serial form and shall be, payable in annual
installments, commencing not more than
one year 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 annual total
amounts of principal and interest to be
paid shall be as nearly equal as practi-
cable.
Said bonds shall be signed by the Mayor
and the Secretary Treasurer of the City
of Shreveport, and countersigned by the
Commissioner of Accounts and Finances,
and the coupons shall have the facsimile
signatures of the Mayor and Secretary
Treasurer. In case any such officer whose
~
pears on 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 be valid for all purposes.
Section 4. The principal and interest of
all bonds authorized by this amendment
shall be payable in gold coin of the United
states of America or it's equivalent. of the
standard weight and fineness at the time
of the issuance thereof. and shall be ex-
empt from all forms of taxation.
Section 5. The full faith and credit of
the City of Shreveport are pledged for the
payment of principal and interest Of all
bonds issued under this amendment. The
principal and interest of all bonds au-
thorized and to be issued under this
amendment. shall be paid out of tax which
shall be levied annually by the City Coun-
ell of Shreveport. upon all taxable prop
erty in said city. sufficient to provide for
the payment of the principal and interest
of said bonds as they respectively become
due. The tax so levied is to be in excess
of the general and special taxes provided
for elsewhere in this constitution and is
not to be affected by nor to affect the
limitations elsewhere contained in the
Constitution as to the issuance of bonds,
and the levying of taxes by municipalities.
Section 6. The provisions hereof are
self-operative and the City Council of
shreveport may by ordinance carry them
into effect.
BE II further enacted, etc. That the
Amendment proposed by this act shall be
submitted to the electors OF the State for
their approval or rejection, at the Con- l,
Tuesday after the first Monday in the
month of November. 1916: and there shall
he printed on the ofiician ballot to be used
in said election, the words.
Constitution of the State OF. Louisiana
providing for the funding OF certain debts
OF the City of Shreveport"
and the words,
the Constitution of the State of louisiana
providing for the funding Of certain debts
81 the City Of Shreveport"
bailot cast by him whether he votes for
or against the proposed amendment
FERNAND MOUTON.
Lieut. Gov. and President OF the Senate.
HEWITT BOUANCHAUD,
Sneaker Of the House of Representatives.
Approved: July 5. 1916,
r. G.. PLEASANT
Governor OF the State of Louisiana.
true Sopy p.1Ey