St. Landry clarion. (Opelousas, La.) 1890-1921, 1916-09-23

for the payment Oh TIC plthSAP@
terest Of all bonds issued under tnls
amendment
The principal and interest of all bonds
authorized by and to be ISSUED uhuS.
this amendment shall be paid primary
out of ~ that one-half of the surplus
of the one per cent debt tax winch mere
tofore has been dedicated for the sup
port and maintenance OF !ne p W. =
schools of said city. as Levied unuer ~
authorized by Act No. ITO OF the GeiF
eral Assembly Of the state of LoulslaIa
for the year 1890, and subsequent
made part of the Constitution or ms
State. and {2), after January 1, 1873.
that portion of the one. per cent ue ~
tax, authorized and LEVIED under ACT NJ
10 aforesaid. and the two-mlli tax auc
thorized by and levied under ACT ~
of the General Assembly OF the StaLe
Of Louisiana for the year 1899 Wnlch
shall nave been released and freed from
dedication either by the caillng anu
funding or the payment in due course
of all or any part of the bonds eXlsttns
at the time of the adoption OF tns
amendment; provided that; II !the Iulun57
derived from the sources aforesaid sndil
be insufficient in any one year TO pay
the principal and interest OF the pohus
issued under this amendment ana tlen
outstanding and unpaid, or II TOT ans
cause there shall not be FUNDS appFo-
priated to or available for such urpose
the City of New Orleans shaI levy
tax upon all taxable property IN sala
city sufficient te provide Tor any suen
uHIIt+itItYt dBI pio NAeSS =
when the aforesaid one per cent oept
tax and two mill water ana sewer tax
shall cease to be. levied, the CITY OF
New Orleans shall levy a tax upon an
taxable property in said city sufficIenL
to pay the principal and interest," VI
said bonds as they respectively become
due.
all existing dedication n a~pproprla-
lions of said one per cent debt tax au-
thorized by said Act No Ito OF 1880 tex
cept with respect TO the SAID one-nalt ~
of the surplus of the one per cent debt
tax therein dedicated to public hools
and of said two-mill water n sewer
tax. authorized by said Act NO: Q OF
1899. shall be respected ana pertorHeu
according to the priorities by said stat
utes established; that all OF that porlion
of the funds resulting from the leVy "
said taxes which shall be released from
aid appropriations and Dy
the payment, satisfaction or
of any of the bonded debt Obligations
now charged thereon and t~here-againS
shall, together with the one-naif OF tne
surplus of the one per cent DEBT tax
heretofore dedicated to pubic scnooi
purposes, be used and applied to the
payment of the principal and interest OF
all bonds issued under TINS menafnsnI
that any residue thereof remaining a1ter
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
j III
when, and to the extent that, the opLga-
tons now charged on said taxes snail De
paid, satisfied or refunded, said taxes
shall be released from said obligations,
and. ultimately, when entirely released
and ischarged shall cease to be LEVIED,
and, that, thereafter, any and all ponas
issued under this snaIl De
provided for by a tax upon all taxaple
property in the City of New Orleans
Sufficient to pay the principal and in
terest of said bonds as they respectively
become due; provided, however, nat; IN
the event the funds ~hereinabove special
ly dedicated for the aymen or the
principal and interest of the bonds is
sued under this amendment should prove
shall. and it is hereby required to, levy
in every such instance a tax upon All
taxable property in the City OF New Or
leans necessary to pay the principai
and interest of said bonds.
Section 8. The principal and interest
of all bonds authorized by this amend
ment shall be payable in gold coin or
the United States of America, or It's
equivalent, of the standard or Welgnt
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, munlclpai or
other local purposes.
savings banks, tutors of minors, cura-
tors of interdicts, trustees and other
iduciarles.m may invest the funds in their
hand in said bonds.
~ SdlQ uOuuS Ildy 06Cu 4ol NCPNo'N
with any officer, board. municipality. or
other political subdivision of the State
of Louisiana in any case where by pres
emit 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.
this amendment shall bear such rate or
interest or, from time to time, different
rates of interest, anQ shall, except 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 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
more than two years from their respsc-
tive dates, and the installment payable
in each year shall be SO fixed that, when
the annual interest is addc1 thereto, the
several annual total Mount OF prtn-
cipal and interest to be paid shall De
as nearly equal as practicable; provided,
said installments may be fixed at rve
thousand dollars or the nearest multi
pie 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
| countersigned by the President or Vice
/ PreSlQGOI ana the o0CIttdTy u F1SSlSI-
| ant Secretary of the Board of L~fquida-
| ton, City Debt, and the coupons at
tached to said bonds shall bear the
| fac-simile signatures of said Commits
| sioner of Public Finance and said Sec
| rotary or Assistant Secretary. In case
any such officer whose signature
or counter-signature appears upon
such a bond or coupon shall
delivery of said bond or coupon
to the purchaser, such signature or
counter-signature shall nevertheless De
valid for all purposes. Tit cost and ex-
bonds shall be paid for by the Board or
Liquidation. City Debt
Section IL. ALI 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 official
| Journal of the City of New Orleans (tne
| first insertion to be at least fifteen days
prior to the date of the sale1, and sucn
| other advertisement, in said city or
| elsewhere, as said Board of Liquidation
| may in its discretion direct; provlued,
| said Board of Liquidation may reject
any and all bids.
Section IL. Except as otherwise pro-
ytded 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.
treasury OF said city without specific
| appropriation therefor previously made,
nor shall said city make any contracs
or incur any debt or obligation for any
purpose whatsoever unless sufnclent
funds, not otherwise appropriated. to
nav and discharge same are actually III
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. The
| foregoing limitation and restriction
shall not apply or be held to apply &c
/ contracts or obligation incurred with
respect to the furnishing to said city OF
| light, heat or power, water, telephone
service or garbage removal or destruc-