Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1916-09-08

Section Z. The full faith and credit
Of the City of New Orleans are pledged
for the payment of the principal and 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 % that one-half of the surplus
of the one per cent debt tax which here
tofore has been dedicated for the sup
schools OF said city. as levied under and
authorized by Act No. ITO of the Cen
eral Assembly OF the State of Louisiana
for the year 1880. and subsequently
State. and CD. after January i. 1928.
that portion of the one per cent debt
tax. authorized and levied under Act No.
10 aforesaid. and the two-mill tax au.
of the General Assembly of the state
of Louisiana for the year 1899 whlcn
shall have been released and freed from
dedication either by the calling ana re-
funding or the payment in due course
of all or any part of the bonds existing
at the TING OF the adoption or TINS
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 Donds
issued under this amendment and then
outstanding and unpaid, or II Tor any
cause there shall not be funds appro-
priated to or available for such purpose.
the CITY of New Orleans shall levy
tax upon all taxable property IN sala
city sufficient to provide for any such
deficiency; and provided further tnat,
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 a tax upon all
taxable property in said city sufhcient
to pay the principal and interest OF
| said bonds as they respectively become
due.
Section s. 1t is hereby intended that
all existing dedication and appropria-
| tions of said one per cent debt tax au-
thorized by said Act No 10 OF 1880 Tex
cept with respect to the said one-haii
of the surplus of the one per cent debt
tax therein dedicated to public schools).
| and of said two-mill water ana sewer
tax. authorized by said Act No. or
| 1899 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 dedicatlons oy
| the payment. satisfaction or refund1ng
| of any of the bonded debt obligations
now charged thereon and there-against
| shall; together with the one-half of the
| surplus of the one per cent debt tax
heretofore dedicated to public schooi
| purposes. be used and applied TO the
| payment OF the principal and interest or
all bonds issued under this amendment
| that any residue thereof remaining AFTER
| the payment of the principal and inter-
| est In any one year VI DOuuS duthoi i1CN
| by this amendment shall be turned over
| to the city of New Orleans. to be used by
1t for general municipal purposes; but
when, and to the extent that. the obliga-
/ paid, satisfied or refunded. said taxes
| shall be released from said obligations,
| and. ultimately, when entirely released
| and discharged, shall cease to be levied;
| and that, thereafter. any and all bonds
| issued under this amendment shall be
| provided for by tax upon all taxable
property in the City of New Orleans
| sufficient to pay the principal and IN
| terest of said bonds as they respectively
become due; provided. however. that. in
| the event the funds hereinabove special
| ly dedicated for the payment of the
| principal and interest OF the bonds is
| sued under this amendment should prove
| insufficient. the City of New Orleans
| shall, and II il hereby required to, levy
| in every such instance tax upon all
| taxable property in the City of New Or
leans necessary to pay the principal
| and interest of said bonds.
| Section 9. The principal and interest
| of all bonds authorized by this amenu-
| ment shall be payable in gold coin of
| the United States of America, or it's
| equivalent. of the standard OF weight
| and fineness 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-
| IOrS OF lnterQlCtS, tTuStetS anu OtHcE
fiduciaries may invest the funds in their
| hand in said bonds.
| Said bonds may be used for deposit
1 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,
4 may prescribe.
Section 10. All bonds issued under
| this amendment shall bear such rate or
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 a period of not exceeding nifty
| years from the date thereof as the
| Board of Liquidation. City Debt, SHAH
| determine. Said bonds shall be issued
| in serial form and shall be payable in
| annual installments. commencing not
| more than two years from their respec-
| tive dates. and the installment payable
| the annual interest 10 added thereto. the
several annual total amounts of prin-
| cipal and interest to be paid shall DC
as nearly equal as practicable; provided.
4 said installments may be fixed at ~f1ve
| thousand dollars or the nearest multi
pie thereof.
said bonds shall be signed by the
| Mayor and the Commissioner of Public
4
| officers exercising similar functions, and
| countersigned by the President or Vice
| President and the Secretary or Assist
| ant Secretary of the Board OF Liquida-
| ton, City Debt, and the coupons at
| tached to said bonds shall bear the
| fac-simile signatures of said Commits
| sioner of Public Finance and said Sec
rotary or Assistant Secretary. In case
or counter-signature appears upon
| such bond or coupon shall
cease to be such officer before
delivery of said bond or coupon
| counter-signature shall nevertheless De
valid for all purposes. The cost and ex-
pense of preparing and selling said
bonds shall be paid for by the Board or
| Section IL. Air bonds issued under
| this amendment shall be sold by the
| Board of Liquidation. City Debt. to the
/ highest bidder or bidders by sealed pro-
| posals after due advertisement of not
| less than five insertions in the Official
| journal of the City of New Orleans ttne
first insertion to be at least fifteen days
| prior to the date of the salel, and sucn
| other advertisement. in said city or
| elsewhere. as said Board of Liquidation
may in it's discretion direct; provided.
said Board Of Liquidation may reject
| Section H. Except as otherwise pro-
vided in this amendment the City OF
| New Orleans shall not borrow money.
issue DondS, notes or Otner evidences OF
| Indebtedness 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
| purpose whatsoever unless sufficient
| funds. not otherwise appropriated, to
| pay and discharge same are actually in
the treasury of said city at the time of
| making the contract or mourning the
| debt or obligation and are specifically