The Bossier banner. [volume] (Bellevue, Bossier Parish, La.) 1859-1952, 1916-09-28

the time of the adoption of this amend
ment; provided that, if the funds derived
from the sources aforesaid shall be in
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
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-mill water and
sewer tax shah cease to be LEVIED, the
City of New Orleans shall levy a tax upon
all taxable property in said city sufficient
to pay the principal and interest of said
bonds as they respectively become due,
Section s.. 1t is hereby intended that all
existing dedlcatOnS and appropriations of
said one per cent debt tax authorized by
said Act No. 10 of 1890 Except with re-
$pect to the said one-half of the surplus
of the one per cent debt tax herein dedi-
Gated to public schools). and of said two
mill water and sewer tax, authorized by
said Act No. of 1899, shall be respected
and performed according to the, priorities
by said statutes established; that all of
that portion OF the funds resulting from
the levy of said taxes which shall be
released from said appropriations and
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
purposes, be used and applied to the pay
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,
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 phlip1tinnS and milf
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 tax upon all taxable property in
the City of New Orleans sufficient to pay
the principal and interest of said bonds as
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 al
taxable property in the City OF New
| Orleans necessary to pay the principa
and interest of said bonds.
Section 3. The principal and interest OF
all bonds authorized by this amendment
shan be payable in gold coin of the
lent, of the standard of weight and fine.
ness at the time of the issuance of eacf
installment of said bonds.
| Said bonds shall be exempt from al
taxation for State, parish, municipal OF
other local purposes.
Savings banks, tutors of minors, cura
| tors of interdicts, trustees and othel
| hduciarieS may invest the funds in thei
| hands in said bonds.
| Said bonds may be used for deposit will
| any officer board. municipality or othe
| political subdivision of the State of Lou
| siana in any case where by present O
| future laws deposit or security is required
| Said bonds may be registered and re
| leased from registry under such rules a.
the Board of Liquidation, City Debt, ma,
prescribe.
Section 10. All bonds issued under th
| amendment shall bear such rate of in
| terest or, from time to time, different rate
of interest, and shall, except as herein
| otherwise specially provided. be in sucl
| form, terms and denominations, and pay
able at such times and places, within
the date thereof as the Board of Lquida
| ton, City Debt, shall determine. Sal,
I bonds shall he issued in serial form ant
| shall be payable in annual installments
| commencing not more than two year
| from their respective dates, and the in
| stallments payable in each year shall b
| so fixed that, when the annual interest i
| added thereto, the several annual tota
amounts of principal and interest to b
paid shall be as nearly equal as practi
| cable; provided, said installments may b
| fixed al five thousand dollars or the near
| est multiple thereof.
Said bonds shall be signed by the Mayo
and the Commissioner of Public Financ
| of the City of New Orleans, Or officer
| exercising similar functions. and counter
| signed by the President or Vice Presiden
and the Secretary Assistant Secretar
of the Board of Liquidation, City Deb
and the coupons attached to said bond
shall bear the facsimile signatures of sal
Commissioner of Public Finance and sal
Secretary or Assistant Secretary. In cas-
any such officer whose signature or coun
| ter gnature appears upon such bon
common shall office
before delivery OF said bond or coupon t
the purchaser, such signature or counter
signature shall nevertheless be valid fo
all purposes. The cost and expense G
preparing and selling said bonds shall b
paid for by the Board of Liquidation
City Debt.
Section II. All bonds issued under thi
amendment shall be sold by the Board {
| Liquidation, City Debt, to the highes
bidder or bidders by sealed proposals afte
due advertisement OF not less than nv
City of New Orleans (the first insertion t
be at least fifteen days prior to the dat
of the salel, and such other advertise
ment, in said city or elsewhere. as sal
direct; provided, said Board of Liquidatio
may reject any and all bids.
Section II. Except as otherwise pre-
vided in this amendment, the City of Me-
Orleans shall not borrow money, issu
bonds. notes or other evidences of in
i 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 specifi
appropriation therefor previously mad
nor shall said city make any contract {
incur any debt or obligation for any pun
pose whatsoever unless sufficient fund
not otherwise appropriated, to pay an
| discharge same are actually in the treas
ury of said city at the time of making tn
contract or mourning the debt or obliga
ton and are specifically set aside an
dedicated to said purpose, unless herei
otherwise provided. The foregoing linn
| tation and restriction shall not apply {
be held to Apply to contracts or obllgato
incurred with respect to the furnishing
said city of light. heat or power. waite
| telephone service or garbage removal {
destruction.
The said city may in any calendar yea
in anticipation of the collection of tn
taxes of such calendar year, and for tn
purposes for which such taxes are levlet
Il borrow such sums as shall not be
taxes of such year, and may issue i,
notes or other evidences of indebtedness
therefor, and such sum, notes or othe
evidences of Indebtedness shall be pay
able only out of the taxes of the calenda
year in which said loan or loans are frs
made, and for which indebtedness sal
revenues shall he pledged, and said in
debtedness shall not be payable out {
any other funds or moneys Whatsoeve
No money shall be borrowed by the sal
city except for current municipal pun
poses, and in no event shall any none
be borrowed by said city to make or
pay for works of public improvement
Said city may issue for street pawn
purposes certificates on it's faith an
credit pursuant to legislative authorit,
assessments which have been or shall b
! made for such purposes. Such pawn