The Natchitoches enterprise., 1916-09-07
Act No. 40

SENATE Bill No. SO. BY Leon r. SEith
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, ana
judgments against the said CITY the
issuance Of serial bonds by SAID eAty.
providing the purpose for aud the
manner In which Same may be is
sued. and the duties Of the City
Council of the City of Shreveport,
with reference thereto: end 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 or
the State for their approval or re-
lection.
Re II enacted by the General Assem-
bIy of the State of Louisiana, two
thirds of the members elected to each
branch thereof concurrfng, that, sub
iect to the ratification and approval or
he ELECTORS of ttis State. the Consti-
tuition OF tie StAte big amended by In
corpcrnttn- therein the following pro-
vision, to-wit:
Section /. The City Of Shreveport,
by a four-dfths vote of all the mem
bers OF the City Council thereof shall
have power and Is hereby authorlHeo
thereof as may be necessary, to be
styled City Of Shreveport Serial Gold
Bonds, and to bear such rate of inter
eat as the City Council may fix from
time to time, as each fnstallment 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 ssmi-annually.
Section 2. The proceeds of said
bonds shall be applied to the pay
nient and retirement of all certificates
OF Indebtedness issued by the City: of
TO the payment of all judgments rem
dered against said city prior to May
4, 1915.
Section g. All bonds issued under
this amendment shall be In such form,
terms and denominations. and payable
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 fern
and shalt 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-
cipsl 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 sinife signatures
| OF the Mayor and Secretary Treasurer.
| In case any such officer whose sigma
| ture or counter-signature who ap-
pears on such bond or coupon, shall
! cease to be such ofSicer before deliv-
! cry Of said bond or coupon to the pur-
| chaeer, such signature or counteresig-
| nature shall nevertheless be valid for
| all purposes.
4
! est of all bonds authorized by this
amendment shall be payable in gold
| coin of the United States Of America
| or Its equivalent, OF the standard
weight and hneness at the time of the
! issuance thereof, and shall be exempt
| from all forms OF taxation.
Section 5. The full faith and credit
1 Of the City Of Shreveport are pledged
| for the payment Of principal and In
terest OF all bonds issued under this
! amendment. The principal and inter
/ est OF all bonds authorized and to be
| paid out OF tax which shall be levied
annually by the City Council OF
4 Shreveport, 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
( II become due. The tax 50 levied fs to
be In excess of the general and special
taxes provided for elsewhere in this
Constitution. ana - not 70 be anected
by nor to affect the limitations else
where contained in the Constitution
As to the issuance OF bonds, and the
iavying Of taxes by municipalities.
Section 6. The provisions hereof
are Eelf-operative, and the City Coun-
eli 10 shreveport may by ordinance
/ carry item into effect.
!, Be II further eRaated. etc. That the
amendment proposed Nv this Act
shall be submitted to the eleetQrs OF
the State for their approval or rejee-
ton at the Congressional election to
be held on the nrst Tuesday after the
nrst Monday In the month OF Nov en-
Der, 1916: and there shall be printed
on the cff1cial ballot to be used In said
election the words. For the proposed
amendment to the Constitution OF the
State Of Louisiana providing for the