The Donaldsonville chief. [volume] (Donaldsonville, La.) 1871-current, 1916-10-14

funding OF the payment Id due course Of
all or ang part of the bonds existing at
the time of the adoption Of this amend.
ments provided that IL the funds derived
from the sources aforesaid shall be in
SUFFICIENT in any one year to pay the prin-
cipal and n, interest OF the bonds issued
standing and unpaid, or if for any cause
there shall not be funds appropriated to
New. Orleans shall levy a tax upon ali
taxable property in said city sufficient to
provide for any such deficiency; and pro-
vided further that. when the aforesaid one
per cent debt tax and two-rnill water and
sewer tax shall cease to be levied, the
City of New Orleans shall levy a tax upon
to pay the principal and interest of said
bonds as they respectively become due.
Section s. 1t is hereby intended that all
EXISTING dedlcations ana appropranIons OF OF
| said Act No. ITO of 1890 Except with re-
! spect to the said one-half of the surplus
Gated to public schools). and Of said two
| mill water and sewer tax, authorized by
said Act No 6 of 1899, shall be respected
by said statutes established; that all of
| that portion OF the funds resulting from
| the levy of said taxes which shall be
dedications by the payment. satisfaction
or refunding of any of the bonde6 debt
obligations now ;, charged thereon and
/ half of the surplus of the one per ceM debt
tax heretofore dedicated to public School
purposes, be used and applied to the pay;
| ment of the principal and interest of all
| bondSissued under this amendment; that
any residue thereof remaining. after the
payment pay Of the principal ana interest re- IN
amendment shall be turned over to the
City of New Orleans to be used by it for
and to the extent t that tos the o5igatons
now charged on said taxes shall be paid
satisfied Or refunded, said. taxes shall be
! mately,, when. entirely released and dis
that, thereafter,eany and all bonds issued
| under this amendment shall be provided
i for by tax upon all taxable property in
| the City of New Orleans sufficient to pay
| the principal and interest of said bonds as
/ however, that, il the event the funds
hereinabove specially. dedicated for the
payment of the principal and interest Of
| should prove insufficient, the City of New
| Orleans shall, and it is hereby required to,
levy IN every such instance q tax upon all
| taxable property in the City OF New
Orleans necessary to pay the principal
| and interest of said bonds.
section 9. the. principal and interest of
4 all bonds authorized by this amendment
shall be payable in gold coin Of the
| United States of America, or it's equiva-
lent Of the standard ar of Of weight and I'd fine
installment of said bonds.
Said bonds shall be exempt from all
r
other local purposes.
Savings banks, tutors of minors, cura-
Tors OF interdicts, trustees and other
| iidaciarieS may invest the funds in their
hands i'll said bonds.
Said bonds may be used for deposit with
any officer, board, municipality or other
! lsiana 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
4 tSG3 IInIjd3tIOn. Debt.
prescribe.
Section 10. All bonds issued under this
amendment shall bear such rate of in
terest or from time to time, different rates
of interest, and shall, except as herein
otherwise specially provided, be in such
form. 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 Liduida-
| ton, 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 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
paid shall be as nearly equal as practi-
u cable; provided, said installments may be
4 fixed at five thousand dollars or the near
/ Said bonds shall be signed by the Mayor
and the Commissioner of Public Finance
of the City of New Orleans. or officers
4
signed by the President or Vice. President
4 and the Secretary or Assistant Secretary
of the Board Of Liquidation, City Debt
| and the coupons attached to, said bonds
i shall bear the facsimile signatures Of said
/ Commissioner of Public Finance and SAID
Secretary or Assistant Secretary. In case
4 any such officer whose signature or coun.
ter signature appears upon such bono
or coupon shall cease to be such officer
before delivery of said bond or coupon tc
the purchaser, such signature or counter,
signature shall nevertheless be valid for
all purposes. The cost and expense OF
preparing and selling said bonds shall be
paid for by the Board OF Llqtsdation
/ City Debt.
Section II. All bonds issued under this
amendment shall be sold by the Board o.
bidder or bidders by sealed proposals after
4 due advertisement of not less than five
Insertions in the official journal Of the
i be at least fifteen days prior to the date
of the sale), and such other advertise.
Iment, in said city or elsewhere, as saio
direct; provided. said Board of Liquidation
may reject any and all bids.
/ Section IL. Except as otherwise pro.
i Orleans shall not borrow money, issue
bonds, notes or other evidences of in
dehtedness OF, pledge its credit or an
treasury of said city without specific
i appropriation therefor previously made
incur any debt or obligation for any pur.
pose whatsoever unless sufficient funds
not otherwise appropriafgd, to pay ane
discharge same are actuaily IN the treas q
contract or mourning the debt or obliga:
ton and are specifically set aside ant
dedicated to said POS unleSs hepe i
i tation asnd restriction shall not apply o.
be held to Apply to CONTRACTS or obilgatlof
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