The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1916-11-04

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from the sources aforesaid shall be in
cipai and interest Of the bonds issued
andns and mnpad or IL
there shall not be funds appropriated TO
or available for such purpose, the City of
New orleans shan Levy c,,v tax upon all
provide for any such deficiency; and pro-
| vided further that, when the aforesaid one
per cent debt tax and two-mill water and
sewer tax shall cease to be levied, the
City Of New Orleans shall levy tax upon
all taxable property in said city sufficient
TO pay the principal and interest of said
bonds as they respectively become due.
Section s. 1t is hereby intended that all
existing dedications and appropriations of
said one per cent debt tax authorized by
said Act No. ITO of 1880 Except with re-
f, spect to the said one-half of the surplus
| of the one per cent debt tax herein dedi-
Gated to public schools, and of said two
| mill water and sewer tax, authorized by
| said Act No. of 1893. shall be respected
and performed according to the priorities
| by said statutes established; that all of
that portion OF the funds resulting from
the levy OF said taxes which shall be
| released from said appropriations and
| declarations by the payment, satisfaction
or reminding OF any Of the bonded debt
! there-against shall, together with the one
| half of the surplus of the one per cent debt
( tax heretofore dedicated to public school
purposes pnIs be used and applied to the pay;
| a
| bonds issued under this amendment; that
| any residue thereof remaining after the
payment OF the principal and interest in
| any one year of bonds authorized by this
| amendment shall be turned over to the
| CITY of New Orleans to be used by it for
general gen a, m, municipal purposes. but when.
now charged on said taxes shall be paid,
| satsned or refunded, said taxes shall be
released from said obligations, and, ulti-
mately, when entirely released and dis
charged, shall cease to be levied and,
tnat, thereafter, any and all bonds issued
under this amendment shall be provided
Tor by tax upon all taxable property in
| the City of New Orleans sufficient to nav
the principal and interest of said bonds as
they respectively become due; provided,
however, that, in the event the funds
hereinaboye specially dedicated for the
payment of the principal and interest of
me bonds issued under this amendment
Orleans shall. and ii is hereby required to,
| levy in every such instance tax upon ali
taxable property in the City OF New
spd in, necessary to pay the principal
section .. The principal and interest of
all bonds authorized by this amendment
snaH be payable in gold coin of the
| united states of America, or its equiva-
| lent, OF the standard of weight and fine
ness at the time of the issuance of each
installment of said bonds.
said bonds shall be exempt from all
| taxation for State. parish. municipal or
other local purposes.
Savings banks. tutors of minors, cura-
| TORS OF interdicts, trustees and other
| fiduciaries may invest the funds in their
hands in said bonds
| said bonds may be used for deposit with
any officer, board, municipality or other
political subdivision of the State of Lou
lslana IN any case where by present or
future laws deposit or security is required.
, Said t bonds may be registered and re-
leased from registry under such rules as
| the Board of Liquidation. City Debt, may
prescribe.
4
amendment shall bear such rate of in
| terest or. from time to time. different rates
oil interest, and shall, except as herein
otherwise specially provided. be in such
| form. terms and denominations, and pay
| able at such times and places, within a
period OF not exceeding fifty years from
the date thereof. as the Board of Liquida-
| uon, CITY Debt, shall determine. Said
bonds shall be issued in serial form and
shall be payable in annual installments,
commencing not more than two years
from their respective dates, and the in
stallments payable in each year shall be
| so fxed 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 practie
cable; provided. said instaliments may be
liked at five thousand dollars or the near
est multiple thereof.
Said bonds shall be signed by the Mavor
and the Commissioner of Public Finance
OF the City of New Orleans, or officers
exercising similar functions, and counter
L
and the Secretary or Assistant Secretary
of the Board of Liquidation, City Debt,
and the coupons attached to said bonds
shall bear the facsimile signatures of said
Commissioner of Public Finance and said
| secretary or Assistant Secretary. In case
| any such officer whose signature or coun-
| ter-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 be valid for
all purposes. The cost and expense of
preparing and selling said bonds shall be
paid for by the Board of Liquidation.
Section H. All bonds issued under this
amendment shall be sold by the Board OF
| Liquidation, City Debt. to the highest
6n or bidders by sealed proposals after
! Insertions in the official journal of the
/ City of New Orleans 1.-THE first insertion to
be at least fifteen days prior to the date
of the salel. and such other advertise
| ment, IN said city or elsewhere, as said
Board of Liquidation may in its discretion
direct; provided, said Board Of Liquidation
| may reject any and all bids.
Section ~. Except as otherwise pro-
yided in this amendment, the City of New
Orleans shall not borrow money, issue
bonds, notes or other evidences of in
debtedness or pledge its credit or an
| ticipate the collection of any of its taxes.
No money shall be drawn from the
| treasury of said city without specific
appropriation therefor previously made,
nor shall said city make any contract or
| incur any debt or obligation for any pur-
pose whatsoever unless sufficient funds,
not otherwise appropriated. to pay and
| discharge same are actually in the treas
| ury of said city at the time OF making the
| contract or mourning the debt or obliga-
| ton and are specifically set aside and
| dedicated to said purpose. unless herein
| otherwise provided. The foregoing limi-
tation End restriction shall not apply or
| be held to Apply to contracts or obligation
incurred with respect to the furnishing to
said city of light, heat or power, water,
| telephone service or garbage removal or
| destruction
The said city may in any calendar year
/ in anticipation of the collection OF the
| taxes of such calendar year. and for the
purposes for which such taxes are levied,
| borrow such sums AS shall not be in
| excess of the amount of its uncoilected
| taxes of such year. and may issue its
| notes or other evidences of Indebtedness
| therefor. and suciI sum, notes or other
| evidences Of Indebtedness shall be pay
| able only out of the taxes of the calendar
year in which said loan or loans are first
| made. and for which Indebtedness said
| revenues shall be pledged, and said in
| debtedness shall not be payable out of