The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1916-10-07

all or any part OF the Don0S exlstlnS AT
the time of the adoption of this amend
ment; provided that. If the funds derived
from the sources aforesaid shall be in
sufficient in any one year to pay the prin-
under this amendment and then out
standing and unpaid. or If for any cause
there shall not be funds appropriated to
or available for such purpose, the City Of
New Orleans shall levy a tax upon all
| taxable property in said city sufficient to
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 1890 Except with re-
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 1899. shall be respected
and performed according to the priorities
| by said statutes established; that all of
| the levy OF said taxes which shall be
released from said appropriations and
or refunding 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 school
purposes, be used and applied to the pay
| ment of the principal and interest of all
| 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 ii for
general municipal purposes. but when,
and to the extent that. the obligations
now charged on said taxes shall be paid,
satisfied or refunded, said taxes shall be
| released from said obligations. and, ulti-
mateiy. when entirely released and dis
charged, 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 interest of said bonds as
| they respectively become due; provided,
however, that, in the event the funds
hereinabove specially dedicated for the
payment of the principal and interest of
the bonds issued under this amendment
should prove insufficient, the City of New
Orleans shall, and 1t is hereby required to,
levy in every such instance a tax upon all
| taxable property in the City OF New
Orleans necessary to pay the principal
and interest of said bonds.
Section 3. The principal and interest Of
| all BOMBS authorized by this amendment
shall 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
fnstaiiment of said bonds.
Said bonds shall be exempt from all
| taxation for state, parish, municipal or
S;virgs banks tutors of minors, cura-
tors OF interdicts, trustees and other
iiduciaries 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
isiana in any case where by present or
future laws deposit or security is required.
said bonds may be registered and re-
leased from registry under such rules as
Ilaen of dat
prescribe.
Section 10. All bonds issued under this
amendment shall bear such rate of in
terest 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 pay
period of not exceeding fifty years from
the date thereof, as the Board of Liquda-
ton. 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 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-
fixed at five thousand dollars or the near
est multiple thereof.
Said bonds shall be signed by the Mayor
and the Commissioner of Public Finance
of the City of New Orleans, or officers
exercising similar functions. and counter
signed by the President or Vice President
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 bond
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.
City Debt.
Section IL. All bonds issued under this
amendment shall be sold by the Board of
| Liquidation. City Debt, to the highest
bidder or bidders by sealed proposals after
due advertisement Of not less than five
| City of New Orleans tthe first insertion to
| be at least fifteen days prior to the date
| of the sale), 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 IL. Except as otherwise pro-
yided in this amendment, the City of New
1 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
| nor shall said city make any contract or
| incur any debt or obligation for any pur-
pose whatsoever unless sufficient funds,
| discharge same are actually in the treas
/ ury of said city at the time of making the
contract or mourning the debt or obliga--
| dedicated to said purpose. unless herein
otherwise provided. The foregoing limi-
| tation and 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