The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1916-10-14

cipai and interest Of the bonds issued
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
vided further that, when the aforesaid one
per cent debt tax and two-nill water and
sewer tax shall cease to be levied, the
City OF New Orleans shall levy a 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
that portion OF the funds resulting from
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 it 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-
mately, when entirely released and dis
that. Thereafter. any and ali 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
herelnabove 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 it is hereby required to,
levy in every such instance a tax upon all
taxable property in the City o. New
Orleans necessary to pay the principal
and interest of said bonds.
section .. The principal and interest of
all bonds authorized by this amendment
shall be payable in gold coin of the
United states of America, or its equiva-
ness at the time of the issuance of each
lnstallment of said bonds.
said bonds shall be exempt from all
taAation Tor state. parish. municipal or
savings banks, tutors of minors, cura-
tors OF interdicts. trustees and other
|
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 ease where by nresent or
future laws deposit or security is required.
said bonds may be registered and re-
the Board of Liquidation, City Debt. may
prescribe.
Section 10. All bonds issued under this
amendment shall bear such rate of in
| n n ina .fau
OF interest. and shall. except as herein
otherwise specially provided, be in such
form, terms and denominations. and pay
able at such times and places, within
period of not exceeding fifty years from
the date thereof, as the Board of Liquida-
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
cable; provided. said installments may be
fixed al 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-
signature appears upon such a bond
or coupon shall cease to be such officer
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
insertions in the official journal of the
City of New Orleans (the 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 ~. Except as otherwise pro-
yided In this amendment, the City of New
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
appropriation therefor. previously made.
nor shall said city make any contract or
| incur any debt or obligation for any pur-
pose whatsoever unless sufficient funds
ilol otltTNlse appropriated, 10 pay ana
discharge same are actually in the treas
ury of said city at the time of making the
contract or mourning the debt or obliga-
ton and are specifically set aside and
dedicated to said purpose. unless herein
otherwise provided. The foregoing limi-
tation End 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 cffv NAV in anv caIardar x,aa ~
I'm 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
excess of the amount OF its unsolicited
taxes Of such year. and may issue its
notes or other evidences of indebtedness
therefor. and sucii sum, notes or other
evidences of indebtedness shall be pay
able only out of the taxes of the Calendar