The Era-leader. [volume] (Franklinton, La.) 1910-current, 1916-09-28

| ou4lCleHl III any one year 10 pay the prln
clpal and interest of the bonds issue,
under this amendment and then out
STANDING and unpaid, or if for any Gauss
/ lhcrc Shall not be funds appropriated [,
Or available for such purpose. the City O
New Orleans shall levy a tax upon al
.aAaDic property IN Sad city sufficient t,
provide tor any such deficiency; and pro
'ldcd further that, when the aforesaid on,
per cent debt tax and two-mill water ant
| sewer Tax Shall cease to be levied thu
! IVY OF New Orleans Shall levy a tax upol
al taxable property in said city sullicien
10 pay the principal and interest OF sale
not'us as they respectively become due
Section 5. 1t is hereby intended that al
existing dedications and appropriations O.
! sad one per cent debt tax authorized b,
sad Act No. 10 Of 1890 (exccpt with re:
, spect to the said one half of the surplus
OF INC one p.: cent debt tax herein dedi
Gated to public SchOols) aud Of said two.
mlll water and sewer tax, authorized b,
S;lld Act No. Of 1899, shall be respected
ana performed according to the priori1ies
hy s;tld statutes established; that Ill OF
NAT portion OF the funds resulting from
'nt levy OF said taxes which shall be
rclcascu from said appropriations anL
"ed'cations by the payment, satisiactior
or refundihg Of any Of the bonded deb,
otblIEations now charged thereon and
mere against shall, together with the one
llalf OF the surplus of the one per cent deb,
>'~-~ SCn0n
purposes, be used and applied to the nay
ihcht OF the principal and interest OF all
bOhdS 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
tuIchdmcnt Shall be turned over to the
NY or New Orleans to be used by it for
general municipal purposes, but when,
ana to the extent that, the obligations
now w. charged on said taxes shah be paid,
s Sa'as' or or refunded said taxes shall be
released from said obligations, and, ulti-
mately,, when entirely released and dis
charged, shall cease to be levied; and.
lnitt. thereafter, any and all bonds issued
under this amendment shall be provided
Ior py tax upon all taxable property in
u tie lily OF New Orleans sufficient to pay
the p'lhclpal and interest Of said bonds as
!llacy respectively become due; provided,
however, that, in the event the funds
nere'nab ove specially dedicated for the
H ky , OF the principal and interest OF
III aIe ponds ISSUED under this amendment
orleans shall, and it is hereby required to-
levy IN every such instance Il tax uDon ali
taNable property in the City O.: New
W lily ~, necessary TO pay the principal
ana interest OF said bonds.
section >. ihe principal and interest of
an ponds authorized by this amendment
Sh!l be payable in gold coin of the
united states of America, or it's cuuiya-
lent, OF the standard OF weight and fine
ness al the time Of the issuance of each
llStal!mcnt OF said bonds.
Said bonds shall be exempt from all
taHa,'0n for state, parish, municipal or
other local purposes. -
Savings banks. tutors of minors, cura-
Tors OF interdicts, trustees and other
' ',. may invest the funds in their
hands IN said bonds.
sad bonds may be used for deposit with
any officer, board, municipality or other
political subdivision OF the State of Lou
iSitfa 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 Board of Liquidation, City Debt, may
prescribe >'
Section 10. All bonds issued under this
men M shall bear. such rate Of in
d interest, and shall, except as herein
otherwise specially provided, be in such
olln, terms and denomina tons, and nav
'ble at such times and places, within
1erlod OF not exceeding fifty years from
ne oale thereof, as the Board Of Lqlida-
1onds shall be issued in serial form and
'haIl be payable in annual installments,
commencing not more than two wears
rom their respective dates, and the in
'ta[lments payable in each year Shall be
30 fixed that, when the annual interest is
ldded thereto, the several annual total
mounts OF principal and interest to be
'ald shall he as nearly equal as Dracti-
able; provided, said installments may be
Xed at five thousand dollars or the near
st multiple thereof.
Said bonds Shall be signed by the Mayor
nd the commissioner Of Public Finance
f the City of New Orleans, or officers
Xerclsing similar functions, and counter
igned BY. the President or Vice President
nd the Secretary or Assistant Secretary
ard Nf ir,,; In%;
nd the coupons attached to said bonds
nall hear the facsimile signatures of said
of Public Finance and said
secretary or Assistant Secretary. In case
ny such officer whose signature or coun-
er-slgnature appears upon such a bond
efore delivery of said bond or coupon to
ne purchaser, such signature or counter |
lgnaturc shall nevertheless be valid for !
II purposes The cost and expense of |
repairing and selling said bonds shall be |
aid for by the Board Of Liquidation, !
'ity Debt.
Section II. All bonds issued under this |
mendment shall be sold by the Board of |
liquidation, City Debt, to the highest |
idder or bidders by sealed proposals after !
ue advertisement Of not less than five
asertions in the official journal Of the |
g at least fifteen days prior to the date
t the salc). and such other ADVERTISE
nent, in said city or elsewhere, as said
'oard OF Liquidation may in it's discretion |
irect; provided said Board of Liquidation |
nay reject any and all bids.
Section H. Except as otherwise pro-
ided In this amendment, the City of New |
orleans shall not borrow money, issue |
onds, notes or other evidences of in |
ebtedness or pledge its credit or an
icIipate the collection of any of its taxes.
of said city without specific |
therefor previously made,
or shall said city make any contract or |
acur any debt or obligation for any pur-
Ose whatsoever unless sufficient funds, |
ischarge same are actually in the treas
ry of said city at the time of making the
ontract or mourning the debt or obliga-
ion and arc specifically set aside and
edcated to said purpose, unless herein |
therwise provided. The foregoing limi-
e held to Apply to contracts or obligation
1curred with respect to the furnishing to
aid city of light, heat or power, water,
telephone service or garbage removal or
eStructiOn
The said city may in any calendar year
axes Of such calendar year, and for the
imposes for which such taxes are levied.
orroW such sums as Shall not be in
xcess Of the amount Of it's uncollected
axes of such year, and may issue it's
otes or other evidences of indebtedness
herefor, and sue, sum- notes or other
vidences Of indebtedness shall be pay
BILE only out of the taxes Of the calendar
ear in which said loan or loans are first
,ade. and for which indebtedness said
evenues shall be pledged, and said in
ebtedness shall not be payable out of
ny other funds or moneys whatsoever
% money shall be borrowed by the said
lty except for current municipal pur-
e borrowed by said city to make or to
ay for works of public Improvement
aid city may issue for street paving
urposes certificates on it's faith and
redt pursuant to legislative AUTHORITY.