The Natchitoches enterprise., 1916-11-02

to time be issued and negotiated. When
any of the issues Of the bonds OF sa1o
city outstanding at the time of the auop-
ton of this amendment shall: become
callable according to their terms or tne
statutes under which they ere respec-
lively issued, or when the coAsent OF
bonds can be secured, the Board of LII
uuidation, City Debt, shall nave tne
right in its discretion to call ana pay
any one or more of said issues CT oonds,
end shall be authorized by resolution
duly adopted to issue and negotiate
bonds to provide the funds necessary
for that purpose; provided, however.
that in no event shall the par value OF
the bonds so sold and negotiated eN-
ceed the par value of the bonded IN
debtedness thereby to be refunded.
Section Z. The full faith and cTealt
of the City of New Orleans are pledged
for the payment of the principal ana IN
terest Of all bonds issued under this
amendment.
The principal and interest Of all bonds
authorized by and to be issued under
this amendment shall be paid primarily
out Of ID that one-half OF the surplus
of the one per cent debt tax when mere
tofore has been dedicated for the sup
port and maintenance of the public
schools of said city, as levied under ana
authorized by Act No. 11O or the GEN
eral Assembly of the State of Louisiana
made part of the Constitutions or this
State, and (2), after January /, 1928.
that portion of the one per cent dept
tax, authorized and levied under ACT no
10 aforesaid, and the two-mill tax au-
thorized by and levied under Act NO. .
of the General Assembly Of the state
of Louisiana for the year 1899 wnlch
shall have been released and frsed from
dedication either by the calling ana re-
funding or the payment in Que course
of all or any part or the bonos exIstins
at che time of the adoption OF th:s
amendment; provided that, If the fundS
derived from the sources aforesaid snail
be insufficient in any one year TO pay
the principal and interest Of the bones
issued under this amendment ana tnen
outstanding and unpaid, or II for any
cause there shall not be funds appro-
priated to or available for such purpose,
the City of New Orleans shall levy
city suflcient to provide for any such
deficiency; and provided further tnat,
when the aforesaid one per cent oept
tax and two mill water ana sewer tax
shall cease to be levied, the City OF
New Orleans shall levy tax upon all
taxable property in said city sufficient
to ray the principal and interest OF
said bonds as they respectively become
due.
Section 8. 1t Is hereby intended that
all existing dedication and appropria-
tions of said one per cent debt tax au-
thorized by said Act No 110 of 1890 Tex
cent with respect to the said one-hair
of the surplus of the one per cent dept
tax therein dedicated to public schoolsJs
and of said tWo-mill water and sewer
tax, authorized by said Act No: 8 OF
according to the priorit!es 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 dedicatlons py
the payment, satisfaction or refunding
Of any of the bonded debt obiigatlons
now charged thereon and there-aganst
shall, together with the one-ha1f of the
surplus Of the one per cent debt tax
heretofore dedicated to public school
purposes, be used and applied TO the
payment of the principal ana interest," OF
ali bonds issued under this amendment;
that any residue thereof remaining after
the payment of the principal and inter-
~ os d aFas assss Sa q
N, ff4e city Of New Orleans, TO be used by
1t for general municipal purposes: put
when, and to the extent that, the ooiiga-
tions now charged on said taxes snall De
rafd satisfied or refunded, said taxes
shall be released from said oDl1gatlons,
and, ultimately, when entirely released
and discharged, shall cease to &c levleai
and, that, thereafter. any and all bonds
issued under this amendment SHAH pc
provided for by q tax upon all taxable
property In the City Of New Orleans
sufficient to pay the prlncipaI ana IN
terest Of said bonds as they respectively
become due; provided, however, that. In
the event the funds heretnaboye special
ly dedicated for the payment OF me
sIIad Under this amendment should prove
Insufficient the City of New Orleans
shall, and IL is hereby required TO, levy
in every such instance a tax upon all
taxable property in the City OF New Or
Iaens necessary to pay the prlncfpai
and interest of said bonds.
Section 8. The principal and interest
of all bonds authorized by this amend.
ncnt shall be payable in gold coin OF
the United States of America. Csr Its
equivalent of the standard of weight
and fneness- at the time of the issuance
of each installmenf OF salo noh9s, u.s., ou
taxation for State, parish, mumcipal or
other local purposes.
Savings banks, tutors or miners, cura-
tors of interdicts, trustees ana other
fsduciaries NAV invest the fundE in their
hand in said bonds
Said bonds may be used Tor deposit
with any officer, board. municipality. or
other political subdivision of the state
of Louisiana in any case where by pres
ent or future laws deposit or security ID
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 ut such times ana places,
within a period Of not exceeding nfty
years from the date thereof. an the
Board of Liquidation, City Debt. shah
determine. Said bonds shall re issned
in serial form ana Shall be payapie IN
annual installments, commencing not
more than two years from their respec-
tive dates, and the fnstallment payable
IA each year shall be sc fixed tifat, when
the annual interest IS adaed tnereto. tne
several annual total amounts OF prtn-
ciral and interest to be paid shall oe
- nearly equal as practicable; provided,
said installments may be fixed at I'VE
thousand dollars or the nearest multi
pie thereof.
aid bonds shall be signed: by the
Mayor and the Commissioner ef Public
Finance of the City of New Orleans, or
counterssgned .bv the President or Vice
President and the Secretary OF Assist
ant Secretary of the Board of LiaOs'la-
ton, city Debt, and the coupons at
taciled to said bonds shall bear the
ac-simile signatures of said Commits
sioner of Public Finance and said Sec
retary or Assistant Secretary. In case
any such officer whose signature
or counter-signature appears upon
cease cess to OSea Se such n o;ieeP 1P'4 before @
delivery OF said bond or coupon
to the purchaser. such signature or
counter-signature shall nevertheless Dc
valid for all purposes The cosL ana ex,
rense Of preparing and selling said
sopds shall be paid for by the Board OF
Tiaufaation, City Debt.
Section II. All bonds issued under
ttl.s amendment shall be sold by the
bard of Liquidation, City Debt to the
Richest bidder or bidders by sealed pro-
r5ssals after due advertisement of not
is than fve insertions IN the official
,,rnaI of the City of New Orleans tna
6rst Insertion to be at least fifteen days
fast- to the date OF the salel. ana slcn
ether advertisement, In said city or
Elsewhere, as said Board of Liquidation
nav in its discretion direct; provlded,
said Board OF Liquidation may reject
any and all bids
Section IL. Except as otherwise pro-
x-tded ia this amendment. the City OF
fyew Orleans shall not borrow money,
issue bonds, notes or other evidences OF
Indebtedness OF pledge it's credit or an
tIcfpate the collection OF any OF ttB