New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1916-10-28

shall, and it is hereby required to, lev
- 9, CD such instance . tax upon all tau
able property in the City of New o,
leans necessary TO pay the principal an
~. e.est OF said bonds.
Section 9. the principal and interes
O. all bonds authorized by this amend
lent shall bo payable in gold coin q
the Un.,ed States OF America, or it
equivalent, Of the standard of weigh
and fineness at the time of the issuanc
of each installment of said bonds.
Said bonds shall be exempt from al
taxation for State, parish, municipal O
other local purposes.
Savings banks, tutors of minors, cu,a
tors of interdicts, trustees and othe
fiduciaries may invest the funds in thei
hands in said bonds.
Said bonds may be used for deposi
with any officer, boa-d municipality o
other political subdivision of the State
| of Louisiana in any case where b.
present or future laws deposit or sccu.-
ity is required
|
leased from registry under such rule.
as the Board of Liquidation, City Debt
may prescribe.
Section 10. All bonds issued unde,
| this amendment shall bear such rate OF
interest or, from time to time, differen,
rates of interest, and shall, except az
herein otherwise specially provided, be in
| such form, terms and denominations, and
payable at such times and places, within
period of not exceeding fifty years
from the date thereof, as the Board OF
Liquidation, City Debt, shall determine
Said bonds shall be issued in serial form
and shall be payable in annual install
ments, commencing not more than two
years from their respective dates, and
the installment payable in each year
shall be 80 fixed that, when the annual
interest is added thereto, the several an
nual total amounts of principal and in
terest to be paid shall be as nearly equal
as practicable; provided, said INSTALL
ments may be fixed at five thousand dol
lars or the nearest multiple thereof.
Said bonds shall be signed by the
Mayor and the Commissioner of Pubic
Finance of the City of New Orleans, or
officers exercising similar functions, and
countersigned 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 fac-simile sig
natures or said Commissioner of Public
Finance and said Secretary OF Assistant
Secretary. In case any such officer
whose signature or counter signature
appears upon such = bond OF coupon
shall cease to be such officer before de-
livery of said bond or coupon to the
purchaser, such signature OF counter
signature shall nevertheless be valid for
all purposes. The cost and expense of
and selling said bonds shall be
paid for by the Board of Liquidation,
City Debt.
Section II. All bonds isued 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 (the
first insertion to be 1T least fifteen DAYS |
prior to the date Of the sale), and such /
other advertisement, in said city or else
where, - said Board of Liquidation may
n its discretion direct; provided, said
Board Of Liquidation may reject any and
Ill bids.
Section IL. Except as otherwise pro-
'ided in this amendment, the City of
New Orleans shall not borrow money,
ssue bonds, notes or other evidences of
or pledge its credit or an
icipate the collection of any Of it, taxes.
No money shall be drawn from the
reasury Of said city without specific ap-
'ropriation therefor previously made, nor
hall said city make any contract or In
ur any debt or obligation for any pur-
ose whatsoever unless sufficient funds,
ot otherwise appropriated, to pay and
ischarge same are actually. in the treas
ny OF said city at the time of makingI
he contract or mourning the debt or
litigation and are specially set aside and
edicated to said purpose, unless herein
therwise provided. The foregoing linn
:ation and restriction shall not apply ,
r be held to apply to contracts or obli- \
~sASAS AAS~AAS~ wan ASoPSCs " inc /
to said city of light, heat ori I
over, water, telephone service or garb-
&c removal or destruction. II
The said city may in any calendar year
! anticipation of the collection of the
'xes of such calendar year and for the 9
imposes for which such taxes are levied,
prov such sums - shall not be in ex- q
IS of the amount of its uncollected
xes Of such year, and may issue it, .
otes or other evidences of indebtedness
lerefor, and such sum, notes or other I
'idences Of indebtedness shall be pay =
'le only out Of the taxes of the calen- q
II year in which said loan or loans are .
ut made, and for which indebtedness .
id revenues shall be pledged, and said c
debtedness shall not Be payable outl b
any other funds OF moneys whatso-
er. No money shall be borrowed byI p
e said city except for current munich \
i purposes, and in no event shall any .
oney Be borrowed by said city to make l
to pay for works Of public improve S
emit Said city may issue for street. G.
wing purposes certificates ON its faith b
dcredit pursuant to legislative author O
?. 10 an amounf n0k in Axeaaa ~ anvI n