St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1916-09-23

QeOI0QnGS6 IHCTSVy 10 VS I0xuNOV0s
eection 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 when .a mere .m,e-
port and maintenance OF the puonc
schools OF said city. al levied under ana
authorized by Act No. ITO OF the Cen
era Assembly Of d the state sta OF nah1
made part Of the Constitution Of this
State, and (2), after January l.. 1873.
that portion Of the one per cent dept
10 aforesaid, and the two-mill tax au.
thorized by and levied under Act No. 8
Of the General Assembly Of the state
Of Louisiana for the year 1888 whlcn
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 time Of the adoption OF tina
derived from the sources Aforesaid shall
be insufficient In any one year to pay
the principal and interest OF the oonoe
issued under this amendment and then
cause there shall not b funds appro-
priated to or available for such purpose.
the City OF New Orleans shall levy
tax upon all taxable property In said
deficiency: and provided further enes.
when the aforesaid one per cent debt
tax and two mill water and sever tax
shall cease to be levied. the City Of
taxable property in said city sumcien.
to pay the principal and interest OF
said bonds a. they respectively become
due.
ali existing dedication and appropria-
lions Of said one per cent debt tax au-
thorized by said Act No 10 Of 1890 lex
cspt with respect to the said one-haif
tax therein dedicated to public schools).
and OF said two-mill water ana sewer
tax. authorized BY said Act No: OF
1899, shall be respected and performed
ss to ac III 81 hat
Of the funds resulting from the levy OF
said taxes which shall be released from
said appropriations and dedicAttono ny
Of any Of the bonded debt obligations
now charged thereon and there-agalnst
shall. together with the one-half OF the
surplus Of the one Per cent dsnt s. ta1
3. ns.S .a 70
payment OF the principal and interest OF
all bonds issued under this amendment;
that any residue thereof remaining after
ths p Of ss 81 and
by this amendment shall be turned over
to the city Of New Orleans. to be used BY
It for general municipal purposes; but
when, and to the extent that. the ob!iga-
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 a tax upon all taxable
property in the City Of New Orleans
SUFFICIENT to pay the principal and In
become n - due 1eD provided. howevsr. that. il
the event the funds hereinabovs special
" dedicated for the P. !n t Of the p.
insufficient. the City Of New Orleans
shall, and it il hereby required to. levy
tn every, such instance Q tax upon all
ta1able property in the city Of New Or.
ana interest Of said bonds.
Section :. The principal and interest
Of all bonds authorised by this amend
ment shall be payable In gold coin Of
equivalent, Of the standard Of weight
ana lineness at the time Of the issuance
Of each installment OF said bonds
Said bonds shall DO exempt from all
taxation for State. parish, municipal or
Savings banks. tutors Of minors. cura-
tors OF tnterdicts. trustees and other
aduefaries may invest the funds In their
hand in said bonds.
said bonds may bs used for deposit
with any officer, board. municipality. or
other political subdivision Of the State
Of Louisiana in any case whore by pres
ent or future laws deposit or security ID
required.
Bald bonds may be registered and re-
leased from registry under such rules
90 the Board Of Liquidation. City Debt.
section 10. All bonds issued under
this amendment shall bear such rate OF
interest or. from time to time. different
rates OF interest, and shall. except ~
herein Otherwise specially provided, be
and payable at such times and places.
within a period Of not exceeding ntty
years from the date thereof; as the
Board Of Liquidation; City Debt. SHAH
in serial form and shall be payable in
annual installments. commencing not
more than two years from their fespec-
tive dates, and the instailment PAYABLE
the annual interest 10 added thereto. the
several annual total amounts Of prin-
cipal and Interest to be paid shall De
as nearly equal as practicable; provided.
thousand dollars or the nearest multi
pie thereof.
said bonds shall be signed by the
Mayor and the Commissioner Of Public
officers exercising similar functions. ana
countersigned by the President or Vice
President and the Secretary or Assist
ant Secretary OF the Board Of LiQuida-
tached to said bonds shall bear the
fac-simile signatures Of said Commas
sioner Of Public Finance and said Sec
rotary or Assistant Secretary. In case
IT.
cease to be such oficer before
delivery Of said bond or coupon
to the purchaser. such signature or
valid for al purposes. The cost and es-
Bonds shall be paid for BY the Board OF
Liquidation. City Debt.
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
Journal Of the City Of New Orleans (tne
Arst insertion to be at least fifteen days
prior to the date Of the sale), and sucn
other advertisement. in said city or
may in its discretion direct; PROVIDED.
SAID Board Of Liquidation may reject
any and all bids.
Section IL. Except ~ otherwise pro-
vided in this amendment the City OF
New Orleans shall not borrow money.
issue bonds. notes or other 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 .sha!. SSH - make any, contract
or incur any debt Or Obligation for any