The Bossier banner. [volume] (Bellevue, Bossier Parish, La.) 1859-1952, 1916-10-12

the time of the adoption of this amend
ment; provided that. if the, funds derived
sufficient in any one year to pay the prin-
cipal and interest of the bonds issued |
under this amendment and then out
standing and unpaid, or if for any cause
there shall not be funds appropriated to
or available for such purpose, the City of
New, Orleans shall levy a tax upon all
provide for any such deficiency; and pro- |
Vlded further that when the aforesaid one
per cent debt tax and two-mll water and
sewer tax shall cease to be levied, the
city of New Orleans shall levy a tax upon
all taxable property in said city sufficient
10 pay the principal and interest of said
bonds as they respectively become due.
Section 8. 1t is hereby intended that all
existing dedications and appropriations of
said one per cent debt tax authorized by
said Act No. 10 of 1890 Except with re-
of the one per cent debt tax herein dedi-
Gated to public schools, and of said two
mil water and sewer tax, authorized by
and performed according to the priorities
by said statutes established; that all of
that portion o. the funds resulting from
released from said appropriations and
dedications by 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
ment of the, principal and interest of all
bonds 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
amendment shall be turned over to the
City OF New Orleans to be used by it for
general municipal purposes, but when,
ana to the extent that, the obligations
now charged on said taxes shall be paid,
satisfied or refunded said taxes shall be
| released from said obligations, and, ulti-
rA1 a. a ~ &c
charged. shall cease to be levied; and,
| that thereafter, any and all bonds issued
under this amendment shall be provided
| for by tax upon all taxable property in
| the City of New Orleans sufficient to pay
| the principal and interest of said bonds as
| they respectively become due; provided,
however, that, in the event the funds
| hereinabOVe specially dedicated for the
| payment of the principal and interest of
| the bonds issued under this amendment
should prove insufficient. the City of New
| Orleans shall, and it is hereby required to,
| levy in every such instance a tax upon all
taxable property in the City OF New
| and interest of said bonds.
Section 8. The principal and interest of
all bonds authorized by this amendment
shall be payable in gold coin of the
lent of the standard of weight and fine
ness 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
fiduciares may invest the funds in their
hands in said bonds.
Said bonds may be used for deposit with
any officer. board. municipality or other
political subdivision of the State of Lou
isiana 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
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 Liquida-
bonds shall be issued in serial form and
; shall be payable in annual installments
commencing not more than two. years
from N their respective dates and the E, n
so fixed that, when the annual interest is
, added thereto, the several annual tota
amounts of principal and interest to be
paid shall be as nearly equal as practi-
, | cable; provided, said installments may be
fixed at five thousand dollars or the near
est multiple thereof.
; Said bonds shall be signed by the Mayor
and the Commissioner of Public Finance
| of the City of New Orleans, or officer:
exercising similar functions and counter.
signed by the President or Fice-Presiden
! and the Secretary or Assistant Secretary
; of the Board of Liquidation, City Debt
: and the coupons attached to said bond:
shall bear the facsimile signatures of sale
: Commissioner of Public Finance and sait
Secretary. or Assistant Secretary. In cas-
, any such officer whose signature or coun
er-signature appears upon such a bono
or coupon shall cease to be such ONCE
before delivery of said bond or coupon t.
5 the purchaser, such signature or counter
: signature shall nevertheless be valid TO
all purposes. The cost and expense o
5 preparing and selling said bonds shall b.
5 paid for by the Board Of Liquidation
Y City Debt.
, Section II. All bonds issued under thi
l amendment shall be sold by the Board o
e Liquidation, City Debt, to the highes
: bidder or bidders by sealed proposals afte
due advertisement of not less than fiv
l insertions in the official journal of tn
$ City of New Orleans (the first insertion t
l be at least fifteen days prior to the dat
: of the sale). and such other advertise
ment in said city or elsewhere, as SAT-
Board of Liquidation may in its discretion
!. direct; provided, said Board of Liquidation
4 may reject any and all bids.
Section II. Except as otherwise pro
: vided in this amendment, the City of New
y Orleans shall not borrow money, issu
: bonds, notes or other evidences of in
q debtedness or pledge its credit or an
: ticipate the collection of any of its taxes
= No money shall be drawn from tn
t treasury of said city without speciti
appropriation therefor previously made
6 nor shall said city make any contract o
Y incur any debt or bligation for any pur
pose whatsoever unless sufficient funds
: not otherwise appropriated, to pay an
| discharge same are actually in the treas
ury of said citysat the time of making tn
| contract or mourning the debt or obllga
e ton and are specifically set aside an
=. | dedicated to said purpose, unless herel
| otherwise provided. The foregoing limi
| tation and restriction shall not apply o
: be held to Apply to contracts or ,obngato
l incurred with respect to the furnishing t
u | telephone service or garbage removal @
i destruction.
Y The said city may in any calendar yea
in anticipation of the collection OF tn
~ taxes of such calendar year, and for tn
. borrow such sums as shall not be /
{ | excess of the amount of its uncOllecte
! taxes of such year, and may issue II
u notes or other evidences of indebtedness
, therefor. and such sum- notes or othe
l | evidences of Indebtedness shall be pay
= | able only out of the taxes of the calenda
. year in which said loan or loans are frs
II | made, and for which Indebtedness sal
E revenues shall be pledged, and said in
= debt edneSS shall not be payable out {
Il any other funds moneys whatsoeyel
No money shall be borrowed by the sal
: CITY eXcept for current municipal pur
U | poses and in no event shall any none
y be borrowed by said city to make or
Q pay for works of public improvement
= Said city may issue for street pawn
y purposes certificates on its falth an
y credit pursuant to legislative authority
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