The Caldwell watchman. (Columbia, La.) 1885-1946, 1916-10-06

lnQeDleuHeSS OF the lily OF New " io<hAis
! existing at the time OF the adoption OF
this amendment, bonds may from time
| 70 time be issued and negotiated. Nhen
! any Of the issues of the bonds or sa'd
| city outstanding at the time OF the ddop-
! ton Of this amendment Shall pecolhe
| callable according to their terms OF H'e
! statutes under which they are reSpecee
! lively issued or when the consent VI
| all the holders Of any sucn issue Ok
| bonds can he secured. the Board OF LIZ
! OuldatiOn City Debt, shan nave VI,
! right in it's discretion to call al" way
! any one or more Of said issues or o"A"s'
and Shall be authorized by fSsol! '"il
duly adopted to issue ana hesol'",o
/ bonds to provide the funds hecess" :
! for that purpose; proEioeu, m" oT'a ~
/ that in no event shall the par value %
! the bonds so sold and negotiated eN-
coed the par value of the bonded III
dehtedness thereby to be refunded, go.
/ Section :. The full faith and cFeaIt
/ of the CITY Of New Orleans are p'eHseH
! for the payment Of the principal ana ~
/ terest of all bonds issued undeI 'Aie
/ amendment ,, ,,,,as
authorized bv and to be issued unner
this amendment shall be PAID primarily
out of % that one-half or the SUPP
Of the one per cent debt tax WhIcH He''
tofore has been dedicated Tor the SUI
port and maintenance OF the p"D''t
/ schools Of said city. as levied under ana
authorized by Act No. no of the Cen
eral Assembly of the State or LoulS'aIh
for the wear 1890 and subsequently
made part Of the Constitution or l,tis
State. and GU. after January l. l'-o.
that portion Of the one per cent uup'
tax. authorized and levied under Act NO.
ito aforesaid. and the two Null tax au-
thorized by and levied under Act NO
Of the General Assembly % the State
Of Louisiana for the year 1917 "Illth
shaIl have been released and freed from
dedica ton either by the calling ana re-
funding or the payment In due t"utsc
of all or any part or the pohuS eE'9tht ;-,
st the time Of the adoption or thIS
amendment: provided that, II the fuliS
derived from the sources aforesaid Sla!I
be insufficient in any one year 10 pay
the principal and interest or the boh"S
issued under this amendment ana theh
outstanding and unpaid, or II Tor any
cause there Shall not be funds appro-
nr,ated to or available for such purpose,
the CITY of New Orleans shall levy
tax upon all taxable property in SAID
CITY sufficient to provide Tor any such
deficiency; and provided further tnat
when the aforesaid one per cent deol
tax and two mill water ana sewer tax
shall cease to be levied, the City or
New Orleans shall levy tax upon All
taxable property in said city sufhcient
to pay the principal and interest or
said bonds as they respectively become
due.
Section g. It is hereby intended that
all existing dedication and approprla-
tons Of said one per cent debt tax an
thorized by said Act No ITO Of 1890 lex
cept with respect to the said one-haif
Of the surplus of the one per cent debt
lax therein dedicated to public schools).
and Of said two-mill water and sewer
tax. authorized by said Act NO. or
1898, 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 dedications by
the payment. satisfaction or retunding
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
payment of the principal and interest or
all bonds issued under this amendment;
that any residue thereof remaining after
the payment of the principal ana inter-
est in any one year OF bonds authorized
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 obliga-
tons now charged on said taxes shall be
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
sna fqt sss d Bonds
sued under this amendment should prove
insufficient, the City Of New Orleans
shall, and II is hereby required 20. 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 g. 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 its
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-
tors Of inte-dictS, trustees and other
1duciaries may invest the funds in their
hard In said bonds,
Said bonds may be used for deposit
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 IS
required.
Said bonds may be registered and re-
leased from registry under such rules
as the Board Of Liquidation. City Debt,
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 period of not exceeding ntty
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
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
az nearly equal as practicable; provided
said installments may be fixed at I'VE
thousand dollars or the nearest multi
pie thereof.
laid 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
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 Commas
sioner of Public Finance and said Sec
rotary or Assistant Secretary. In case
any such officer whose signature
or counter-signature appears upon
such bond or coupon shall
cease to be such officer before
delivery Of said bond or coupon