The Caldwell watchman. (Columbia, La.) 1885-1946, 1916-11-03

! ln1enIa1neSS Oh llO 1 -
srIst,ng ar the time OF the adoption OK
this amendment, bonds may from tthhe
10 time be issued and negotiated. "hen
snv of the issues Of the bonds OF saiu
city outstanding at the time OF the auU
ton of this amendment sinai! peconno
callable according TO their Terms VI
~tatutes under which they are lssp' ~
lively issued. or when the Coi.svns ~
all the holders Of any such ISSUE =
bond. can be secured. the Board OF ~.
ouidation. CITY Debt. shall have .ns
/ right In it's discretion 70 call anu ~,
eny one or more Of said issues or Dohos'
and shall be authorized by resoi.,au.
duly adopted to Issue ana hsSo.aa..
bonds TO provide the funde neSsssa..
for that purpose; proviaeu. raIu. Of
Tho bonds so sold and negotiated eA-
oeed the par value Of the oonneo III
dehte6ness thereby 10 be ~retunoen' a..
Section Z. The full faith and creuis
Of the CITY OF New Orleans are pLeueeu
FOR the payment OF the pTlHcIiat anu IN.
terest Of all bonds issued uhde' 'ni'
amendment. h,,ds
~sufhorized by and to be issued unoer
this a~mendment shall be paid primarily
out of % that one-half OF the surplus
! OF the one per cent debt tax when hete-
torore has been dedicated for inc SUI.
port and maintenance or the PupI'.
schools OF said city. as levied unue' amu
eral Assembly Of the state Of LOUISIANA
for the wear 1890, and subsequently
made mart Of the Constitution or inns
State, and CIV, after January l. I'-o,
that portion Of the one per cent dSo'
tax, authorized and levied under ACT No
10 aforesaid, and the tWo-Hlill taN au
thorlzsd by and levied under ACT 10 Q
a rss,l Aapan,h1V Of tina Mate
Of Louisiana for the year 1879 wiz.
shall have been released and freeH from
dedication either by the calling ana re-
funding or the payment IN que 'ouiHe
of all or any part Of the bonds exIslinS
at the Zine Of the adoption OF thIs
amendment; provided that. II the 1unUs
derived from the sources aforesaid sha!l
be insufficient in any one year 10 pay
the principal and interest OF the bonus
issued under this amendment ana men
outstanding and unpaid, or II FOR any
cause there shall not be funds appro-
priated TO or available for such purpose
the City of New Orleans shall levy a
tax upon all taxable property IN saio
city sufficient to provide for any such
deficiency: and provided further tnat,
when the aforesaid one per cent oent
tax and two mill water n sewer TAX
shall cease to be levied, the city or
New Orleans shall levy a tax upon Gil
taxable property IN said city suHaciehs
TO pay the principal and interest OF
said bonds as they respectively become
due. "
Section g. 1t is hereby intended that
all existing dedication and approprfA-
tions Of said one per cent debt tax au-
thorized by said Act No ITO Of 1880 lex
cept with respect to the said ons-hall
Of the surplus of the one per cent debt
tax therein dedicated to public schools).
and Of said two-mill water and
tax. authorized by said Act No. s OF
1899. shall be respected and performed
according to tbs priorttiss by said stat
utes established; that all OF that portion
of the funds resulting from the levy or
said taxes which shall be released from
said appropriations and dedlCatiunS ny
the payment, satisfaction 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
payment of the principal and interest or
all bonds issued under this amendment.
that any residue thereof remaining after
the payment Of the principal and inter-
est in any one year OF bonds authorized
by this amendment shall be turned over
to the city of New Orleans, to be used by
IL tot Sciittd d iftttiItipdt ttSoo, bdt
when, and to the extent that, the obl!ga-
lions now charged on said taxes shall be
paid. satisfied or refunded, aid taxes
shall be released from said obligations,
and, ultimately, when entirely released
and discharged, shall cease to be levied;
and, that. thereafter, any and all bonds
issued under this amendment shall be
pEoperty In the City of New ORLEANS
hficient To pay sne principal and fl
tsrest Of said bonds as they respectively
become due; provided, however, that, in
the event the funds hereinabove special
ly dedicated for the payment of the
principal and interest of the bonds is
sued under this amendment should prove
shall. and It liz hereby required 30. levy
in every such instance a tax upon all
taxable property in the City Of New Or
leans necessary to pay the principal
and interest Of. said bonds.
Section 9. The principal and Interest
Of all bonds authorized by this amenu-
ment shall be payable in gold coin Of
the United States Of America, or it's
equivalent, of the standard Of weight
n fneness at the time Of the issuance
Of each installment 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-
tors of interdicts, trustees and other
fduciaries may invest the funds In their
hand In said bonds.
aid bonds may be used for deposit
with any officer, board. municipality or
other political subdivision Of the State
OF Louisiana IN any case where by pres
ent 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 amendment shall bear such rate or
Interest or, from time to time, different
rates OF interest, and shall, excep, as
herein otherwise specially provided. be
IN such form, terms and denominations.
and payable at such times and places,
within a period of not exceeding Itty
years from the date thereof. az the
Board of Liquidation. City Debt, shan
In serial form and shall be PAYABLE in
annual installments, commencing nor
more than two years from their respec-
tive 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-
clpal and interest to be paid shall De
as nediif euudl as p~ractlcabie; provided,
said 1nstallments may be fixed at tIve
thousand dollars or the nearest multi
pie thereof.
said bonds shall be signed by me
Mayor and the Commissioner Of Public
FINANCE of the City Of New Orleans, or
officers exercising similar functions, and
countersigned by the President or Vice
PRESIDENT and the Secretary or Assist
ant Secretary Of the Board Of Li1uida-
tlon' City Debt, and the coupons at
tached to said bonds shall bear the
fac-simile signatures of said Commits
sloHer OF Public Finance and said Sec
rotary or Assistant Secretary. In casa
any such officer whose signature
or counter-signature appears upon
such a bond or coupon shall
cease to be such nfhcnr 49,