The Caldwell watchman. (Columbia, La.) 1885-1946, 1916-09-01
Act No. ITO

Senate Bill No. 90. BY Leon r. Smith
A JOINT RESOLUTION
Proposing an amendment to the Con-
StitutiOn of the State Of Louisiana
providing 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 is
sued, and the duties of the City
Council of the City of Shreveport,
with reference thereto: and the levy
ing by the City Council of Shreve-
port of certain taxes to retire the
bonds as issued herein, by said city:
and providing for the submission Of
said amendment to the electors of
the State for their approval or re-
lection.
Be it enacted by the General Assem-
bly, Of the State Of Louisiana. two
thirds Of the members elected to each
ject to the ratification and approval Of
the electors Of this State, the Consti-
tuition Of the State be amended by in
cooperating therein the following pro-
visions, to-Wit:
Section /. The City Of Shreveport,
by a four-fifths vote Of all the mem
bers 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 inter-
est as the City Council may fix from.
time to time. as each installment of
the said bonds is offered for sale, as
hereafter provided: said rate Of inter
est at no time to exceed per cent
per annum, payable semi-annually.
Section 2. The proceeds of said
bonds shall be applied to the pay
mept and retirement of all certificates
Of Indebtedness issued by the City Of
Shreveport prior to May /. 1916, and
to the payment of all judgments rem
dered against said city prior to May
/, 1916.
Section 8. All bonds issued under
this amendment shall be in such form.
terms and denominations, and payable
at such times and places. within a pc
riod OF not exceeding forty years from
the date thereof, as the City Council of
Shreveport shall determine. Said
bonds shall be issued in serial form
and shall be payable in annual in
stallments. 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 prin-
cipal and interest to be paid shall be
as nearly equal as practicable.
Said bonds shall be signed by the
Mayor and the Secretary Treasurer Of
the City Of Shreveport. and counter
signed by the Commissioners of Ac-
counts and Finances, and the coupons
shall have the fac-simile signatures
OF the Mayor and Secretary Treasurer.
In case any such officer whose sigma
turc or counter signature, who ap-
pears Oh such bond or coupon, shall
cease to be such officer before de1iv-
cry Of said bond or coupon to the pur-
chaser, such signature or counter sig
nature shall nevertheless be valid for
all purposes.
Section 4. The principal and inter-
est OF all bonds authorized by this
amendment shall be payable in gold
ccin of the United States of America
OF its equivalent, OF the standard
weight and fneness at the time Of the
issuance thereof. and shall be exempt
from all forms Of taxation.
Section S. The full faiths and credit
of the City Of Shreveport are pledged
for the payment Of principal and in
teres. of all bonds issued under this
amendment. The principal and inter-
est OF all DOnuS hQtnofl2Cd and to be
issued under this amendment shall be
paid out of tax which shall be levied
annually by the City Council of
upon all taxable property
in said city, sufficient to provide for
the payment of the principal and in |
terest of said bonds as they respective
ly become due The tax so levied Is to !
be in excess Of the general and special |
taxes provided for elsewhere in this |
and is not to be affected |
by nor to affect the limitations else !
where contained in the Constitution |
rs to the issuance of bonds, and the |
levying OF taxes by municipalities.
Section s. The provisions hereof |
are self-operative. and the City Coun-
ell Of Shreveport may by ordinance |
carry them into effect
BE 1t further enacted. etc, That tie |
proposed by this Act |
shall be submitted to the electors Of |
The State for their approval or rejec-
Jon at the Congressional election to
be held on the first Tuesday after the
1rst Monday in the month of Novem-
per, 1915; and there shall be printed |
IN the official ballot to be used in said |
election the words, For the proposed
amendment 10 the Constitution OF the
state of Louisiana providing for the