New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1916-10-21

shall. and it is hereby required to. lev
III every such instance a tax upon all tas
able property in the City of New Oh
leans necessary 80 pay the principal an
al e1es, of said bonds.
Section 9. The principal and interes
@ all bonds Authorized by this amend
aent shall be payable in gold coin 4
the United States of America, OF ii
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, cuia
tors of interdicts. trustees and othe
| fduciaries may invest the funds in thei
hands in said bonds
| Said bonds may be used for deposi
with any officer board. municipality o
other political subdivision of the Stat.
| of Louisiana in any case where b,
present or future laws deposit OF secur
| ity is required
Said bonds may be registered and re
leased from registry under such rule.
| as the Board of Liquidation. City Debt
may prescribe.
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 as
herein otherwise specially provided, be in
such form. terms and denomina tons. and
payable at such times and places, within,
a 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, anu
the installment payable in each year
shall be so fixed that, when the annual
interest is added thereto. the several an
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 Publ
Finance of the City of New Orleans, ~
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 -simile sig
natures or said Commissioner of Public
Finance and said Secretary or Assistant
Secretary. In case any such officer
whose signature or counter sigma ture
appears upon such bond or coupon
shall cease to be such officer before de
livery 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
and selling said bonds shall be
paid for by the Board of Liquidatio
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 1.-THE |
first insertion to be at least fifteen days |
prior TO the date Of the sale), and such |
other advertisement, in said city or else
where, as said Board of Liquidation may |
n its discretion direct; provided, said |
Board of Liquidation may reject any and
III 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 its taxes
No money shall be drawn from the
reasury of said city without specific APP
'ropriation therefor previously made, nor
hall said city make any contract OF III
UT any debt or obligation for any pur-
lose whatsoever unless sufficient funds,
lot otherwise appropriated, to pay and
ischarge same are actually. in the treas
ny of said city at the time of making
he contract or incurring the debt or
and are specially set aside and
edicated to said purpose, unless herein
therwise provided. The foregoing lin
tation and restriction shall not applyI
r be held to apply to contracts or obi
alton incurred with respect to the
to said city of light, heat or
over, water, telephone service or garb-
ge removal or destruction. II
The said city may in sny calendar year
1 anticipation of the collection of the
,xes Of such calendar year and for the
imposes for which such taxes are levied,
orrow such sums as shall not be in ex- ,
sss of the amount of its uncollected
'xes of such year. and may issue its /
otes or other evidences of indebtedness
lerefor, and such sum, notes or other
,idences of indebtedness shall be pay 4
bic only out Of the taxes of the calen- :
n year in which said loan or loans are {
rst made, and for which indebtedness .
id revenues shall be pledged, and said Z
ldebtedness shall mot be payable out
any other funds or moneys whatso-
ter. No money shall be borrowed by I
le said city except for current munich
II purposes, and in no event shall any q
oney be borrowed by said city to make
to pay for works of public improve
ent. Said city may issue for street c
wing purposes certificates on its faith
lderedit pursuant to legislative author q
=, to an amount not in excess Of any