Tensas gazette., 1916-11-10

terest OF all bonds issued under this
amendment
The principal and interest Of all bonds
authorized by and to be issued under
this amendment shallsbe paid primarily
out OF Il) that one-half OF the surplus
or the one per cent debt tax which mere
port and maintenance Of the public
schools Of said city. as levied under ana
authorized by Act No. i1o OF the Gen.
eral Assembly of the State of Louisiana
made part OF the Constitution of this
State. and (2). after January l. 1928.
that portion OF the one per cent debt
tax. authorized and LEVIED under Act NO.
ITO aforesaid. and the two-mill tax au-
thorlZed by and levied under Act NO. D
of the General Assembly Of the State
of Louisiana for the year 1899 when
shall have been'rf1eased and freed from
dedication either/by the calling ana re-
funding or the payment In due course
OF all or any part OF the bonds eesting
at the TING OF the adoption OF THIS
amendment: provided that. If the FUNDS
derived from the sources aforesaid shall
be insufficient in any one year to pay
the principal and interest OF the bones
issued under this amendment and then
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
city sufficient to provide for any such
deficiency; and provided further tnat,
when the aforesaid one per cent debt
tax and two mill water ana sewer tax
shall cease to be levied, the City OF
New Orleans shall levy a tax upon all
taxable property in said city sufiicien.
to- pay the principal and interest OF
said bonds as they respectively become
due.
Section 8. 1t is hereby intended that
all existing dedication and appropria-
.tions of said one per cent debt tax au-
sthorized by said Act No 10 Of 1890 lex
|
OF the surplus of the one per cent debt
tax therein dedicated to public schools).
and OF said two-mli water and sewer
tax. authorized by said Act NO. OF
1899. shall be respected and performed
according to the priorities by said stat
utes established that all OF that portion
of the funds resulting from the levy OF
said taxes which shall be released from
said appropriations and dedications ny
the payment. satisfaction or refunding
of any of the bonded debt obligations
now charged thereon and there-aSainst
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 for general municipal purposes; but
when. and to the extent that. the obliga-
tions now charged on said taxes shall be
paid, satisfied or refunded, said 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
provided for by q tax upon all taxable
property in the City of New Orleans
sufficient to pay the principal and in
terest of said bonds as they respectively
nY0Vided
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
insufficient, the City of New Orleans
shall, and II is hereby required to. levy
in every such instance q tax upon all
taxable property in the City of New Or
leans necessary to pay the principal
and interest Of said bonds.
Section 8. 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 its
equivalent. of the standard OF weight
and fineness 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
fiduciaries may invest the funds in their
Said 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 10
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
herein otherwise specially provided. be
in such form. terms and denominations.
and payable at such times and places,
within a period Of not exceeding nifty
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 installments, commencing not
tive dates. and the installment payable
In each year shall be SO hxed tcat. when
the annual interest 10 added thereto. the
several annual total amounts Of prin-
as nearly equal AZ practicable: provided.
said installments may be fixed at nvs
thousand dollars or the nearest multi
pie thereof.
laid 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
countersigned by the President or Vice
President and the Secretary or Assist
ant Secretary of the Board OF Liquida-
ton. City Debt and the coupons at
tached to said bonds shall bear the
sioner OF Public Finance and said Sec
retary or Assistant Secretary. In case
any such officer whose signature
or counter-signature appears upon
sess to bond 8. ,ues oss2 sSsD0n s:f"4e :sa
delivery of said bond or coupon
to the purchaser. such signature or
counter-signature shall nevertheless De
valid for all purposes. The cost and ex-
bonds shall be paid for by the Board or
Liquidation. City Debt.
Section IL. Air bonds issued under
this amendment shall be sold by the
highest bidder or bidders by sealed pro-
posals after due advertisement Of not
less than five insertions in the ofncial
journal of the City Of New Orleans tine
first insertion to be at least fifteen days
prior to the date of the sale), and sucn
other advertisements In said city or
elsewhere. as said Board of Liquidation
said Board OF Liquidation may reject
any and all bids.
Section IL. Except as otherwise pro-
vided In this amendment. the City OF
New Orleans shall not borrow money.
issue bonds, notes or other evidences of
Indebtedness or pledge its credit or an
ticipate the collection Of any Of its
taxes.
No money shall he 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
purpose whatsoever unless sufficient
funds. not otherwise appropriated. to
pay and discharge same are actually in
the treasury of said city at the time of
making the contract or mourning the
debt or obligation and are specifically
set aside and dedicated to said purpose,
unless herein otherwise provided. Tho
foregoing Limitation and restriction
shall not apply or be held to apply to
contracts or obligation incurred with