The Era-leader. [volume] (Franklinton, La.) 1910-current, 1916-09-14


cipal and interest Of the bonds issued |.
under this amendment and then out !
and unpaid, or If for any cause |
there Shall not be funds appropriated TO !
or available Tor suCh purpose, the city OF
New Orleans shall levy tax upon all
taxable property IN said city sufficient TO
provide for any such deficiency; and pro-
Nlded further that, when the aforesaid one
per cent debt tax and o-mIll water and
sewer tax shall cease to be levied, the
all taxable property IN said city sufficient
70 pay the principal and interest Of said
bonds as they respectively become due.
Section s 1t is hereby intended that all
existing dedicatiCns and appropriations Of
said one per cent debt tax authorized by
said Act No. 10 Of 1890 except with re-
SpeCt 10 the said Onc-naif Of the surplus
OF the one per cent debt tax herein dedi-
Gated to public SchoOlSJ, and OF said two
mill water and sewer tax, authorized by
said Act No Of 1899, shall be respected
ana performed according to the prIOrities
by SAID statutes established, that all Of
that portion II the funds resulting from
the levy Of said taxes which shall be
released from said appropriations and
declarations by the payment, satisfaction
or retundIng 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 10 the pay
nent 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 on" year OF bonds authorized by this
amendment shall be turned over 10 the
city OF New orleans to be used by il for
general municipal purposes, but when,
and 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, ulU-
mately, when entirely released and dis
charged, shall cease to be levied; and,
that, thereafter. any and all bonds issued
under this amendment shall be provided
for by Il 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, III the event the funds
hereinabOIe 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, ana II is hereby required to.
levy in every such instance a tax upon all
| taxable property in the City OF New
Orleans necessary to pay the principal
and interest of said bonds.
Section .. The prlnclpal and interest of
all bonds authorized by this amendment
shall be payable in gold coin Of the
United states Of America, or its cQuiVa-
lent, OF the standard OF weight and fine
ness at the time OF the issuance of each
inStallnIcnt OF said bonds.
said bonds shall be exempt from all
taxation tor State, parish, municipal or
other local purposes.
Savings banks, tutors Of minors, cura-
| tors Of interdictS, trustees and other
| liduCIdrIcS may invest the funds III their
hands in said bonds.
| said bonds may be used for deposit with
any officer, board, municipality or other
] n he - of ON
| 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 lAquldauon City Debt may
prescribe.
Section 10. All bonds issued under this
amendment shall bear such rate of in
tercSt 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-
| 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 pract-
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 officers
exercising similar functions, and counter
signed by the President or NiceP President
and the Secretary or Assistant Secretary
of the Board of Liquidation, City Debt
and the coupons attached to said bonds
shall bear the facsimile signatures of said
Commissioner of Public Finance and sale
Secretary or Assistant Secretary. In case
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 t
| the purchaser, such signature or counter
signature shall nevertheless be valid fol
| all purposes. The cost and expense o
preparing and selling said bonds shall b'
paid for by the Board of Liquidation
| City Debt.
amendment shall be sold by the Board o
Liquidation, City Debt, to the highes
bidder or bidders by sealed proposals afte
due advertisement of not less than fiv
insertions in the official journal of tn
| City of New Orleans (the first insertion t
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 discretio
direct provided. said Board OF Liquidatio
may reject any and all bids.
Section II. Except as otherwise pro
vided in this amendment, the City of NeN
; Orleans shall not borrow money, issu
bonds. notes or other evidences or III
debtedness or pledge its credit or an
ticipate the collection of any of its take:
= No money shall be drawn from tn
treasury of said city without speciti
, Appropriation therefor previously made
nor shall said city make any contract c
: incur any debt or obligation for any pun
, pose whatsoever unless sufficient fund
z not otherwise appropriated TO pay an
| | discharge same are actually in the treas
8 ury of said city at the time of making IN
= contract or mourning the debt or obliga
: ton and are specifically set aslde an
t dedicated to said purpose, unless herei
otherwise provided. The foregoing nm
c tatiOn and restriction shall not apply
v he held to Apply to contracts or obligatiC
. incurred with respect to the furnishing
= said city of light, heat or power, waite
telephone service or garbage removal
= destruction
r, in anticipation of the collection or Il
8 taxes of such calendar year, and for II
=. purposes for which such taxes are leVle
J. borrow such sums as shall not be
# excess Of the amount of its uncOilectt
= taxes Of such year, and may issue
d notes or other evidences OF lndebtedne
I. therefor. and SuCn sum, notes or 9th
Il evidences of Indebtedness shall be pa!
" able only out of the taxes of the calend
year in which said loan or loans are fir
p made. and for which Indebtedness sa
IS revenues shall be pledged and said II
Ie debtedness shall not be payable out
I any other funds or moneys WhatsoeVe
d No money shall be borrowed by. the sa
IS city except for current municipal pu
It poses and in no event shall any MON
l. he borrowed by said city to make or
to pay for works of public improvement