The Era-leader. [volume] (Franklinton, La.) 1910-current, 1916-10-26

funding or the payment In due course OF
all or any part of the bonds existing at
the time OF the adoption Of this amend
ment; provided that, if the funds derived
sufficient in any one year to pay the prin-
clpal and interest of the bonds issued
under this amendment and then out
standing and unpaid, or if for any cause
mere shal! not be funds appropriated to
Or available for such purpose, the City of
New, Orleans shall levy tax upon ali
! taxable property in said city sufficient to
PROVIDE for any such deficiency; and pro-
vIdcd further that, when the aforesaid one
per cent debt tax and womill 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
70 pay the principal and interest Of said
bonds as they respectively become due.
SECTION S. 1t is hereby intended that all
eSist'ng declarations and appropriations of
SAD one per cent debt tax authorized by
| said Act No. ITO Of 1890 Except with re-
spect to the said half of the surplus
Of the one pe! cent debt tax herein dedi-
Gated to public schools. and OF said two
mn water and sewer tax. authorized by
said Act No. 9 of 1899, shall be respected
and performed according to the priorties
by said statutes established that all of
that portion OF the funds resulting from
the levy Of said taxes which s}iall be
released from said appropriations and
l
or rcfunding of any Of the bonded debt
obiiEatIons now charged thereon and
1hcrc-aEainst shall, together with the one
half OF the surplus OF the one per cent debt
lax heretofore dedicated TO public school
purposes, be used and applied to the pay
mcnt 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
an! 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,
released from said obligations. and. ulti-
nateIy,, when entirely released and dis
charged, shall cease to be levied; and.
mat 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 interest Of said bonds as
! they respectively become due provided,
however, that, in the event the funds
hcrenalovc specially dedicated for the
| the bonds issued under this amendment
should prove insufficient, the City of New
! Orleans Shall, and it is hereby required to.
ieVS IN every such instance tax upon ali
l&a%able property in the City O; New
Orleans necessary to pay the principal
AND interest OF said bonds.
Secllon :? The principal and interest of
an ponds authorized by this amendment
shan be payable in gold coin of the
un,ted q, states OF America, or its equva-
| lent. OF The standard of weight and fine
! ness al the time OF the issuance of each
lnstalment 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-
| LOIS OF nterdlcts, trustees and other
fiduciarjes may invest the funds in their
| 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
islana IN any case where by present or
future laws deposit or security is required
SAID bonds may be registered and re-
leased from registry under such rules as
the HOard OF Liquidation, City Debt, may
prescribe.
Section 10. All bonds issued under this
amendment shall bear such rate of in
terest or, from time to time, different rates
otherwise specially provided, be in such
ioEm. terms, and denominations, and pay
able at such times and places, within a
period OF not exceeding fifty years from
the date thereof, as the Board of Liquids
ton, City Debt, shall determine. Said
bonds shall be issued in serial form and
shall he 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
paid shall be as nearly equal as practi-
cable; provided. said installments may be
fixed at 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
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-
ter-signature appears upon such 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
preparing and selling said bonds shall be
paid for by the Board Of Liquidation,
City Debt.
Section II. 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
due advertisement of not less than five
insertions in the official journal Of the
City of New Orleans (the first insertion to
be at least fifteen days prior to the date
mcnt, in said city or elsewhere, as said
Board of Liquidation may in it's 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 it's 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,
incur any debt or obligation for any pur-
pose whatsoever unless sufficient funds.
not otherwise appropriated, to pay and
discharge same are actually IN the treas
ury of said city at the time OF making the
contract or mourning the debt or obliga,
otherwise provided. The foregoing lim-
tation and 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 city may in any calendar year
in anticipation Of the collection Of the
taxes Of such calendar year, and for the
borrow such sums as shall not be in
excess of the amount Of it's uncollected
taxes OF such year. and may issue its
notes or other evidences of Indebtedness
therefor, and suc.i sum, notes or other
| evidences Of indebtedness shall be pay
year in which said loan or loans are first
made. and for which Indebtedness said
revenues shall be pledged. and said in
debtedness shall not be payable out Of