Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1916-10-20

Section Z. Tho full fafth ana creoit
for the payment of the principal and in
amendment
The principal and interest of all bonds
this amendment shall be paid primarily
out OF Cd that one-half Of the surplus
or the one per cent debt tax which here
tof9r. has been dedicated for the sup
schools of said city, as levied under ana
authorized by Act No. ITO Of the Gen.
eral Assembly of the State of Louisiana
made part of the Constitution of this
State. and (2). after January 4, 1928.
that portion OF the one per cent debt
tax. authorized and levied under Act No.
ITO aforesaid. and the two-mill tax au-
thorized by and levied under Act No 9
of the General Assembly. OF the state
of Louisiana for the year 1893 when
shall have been released and freed from
dedication either by the calling ana re-
funding or the payment In due course
or all or any part of the bonds existing
at the TING of the adoption OF this
amendment; provided that, IL the funds
derived from the sources aforesaid shall
be insufficient in any one year to pay
the principal and interest of the bonGs
issued under this amendment and then
outstanding and unpaid, or II for any
cause there shall not be funds appro-
priated to or available for such purpose.
the City of New Orleans shall levy
city sufficient to provide for any such
deficiency; and provided further tnat,
when the aforesaid one per cent debt
tax and two mill water ana sewer tax
shall cease to be levied, the City OF
New Orleans shall levy a tax upon all
taxable property in said city sufficIen.
to pay the principal and interest or
said bonds as they respectively become
due.
Section s. 1t is hereby intended that
all existing dedication and appropria-
tions of said one per cent debt tax au-
thoriZed by said Act No 10 of 1890 lex
cept with respect to the said one-hafr
of the surplus of the one per cent debt
tax therein dedicated to public schools).
and OF said two-mill water ana sewer
tax. authorized by said Act No. or
1899, shall be respected and performed
according to the priorities by said stat
utes established; that all of that portion
of the funds resulting from the levy of
said taxes which shall be released fSom
said appropriations and dedications ny
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
purposes. be used and applied to the
payment of the principal and interest OF
all bonds issued under this amendment;
that any residue thereof remaining after
the payment of the principal and inter-
est in any one year of bonds authorized
to the city of New Orleans, TO be used by
it for general municipal purposes; but
when, and to the extent that, the obliga-
tions now charged on said taxes shall be
paid, satisfied or refunded. said taxes
shall be released from said obligations,
and, ultimately, when entirely released
and discharged. shall cease to be levied
and, that, thereafter, any and all bonds
issued under this amendment shall be
provided for by a tax upon all taxable
property in the City of New Orleans
sufficient to pay the principal and in
terest of said bonds as they respectively
the event the funds hereinab ove special
ly dedicated for the payment of the
principal and interest of the bonds is
sued under this amendment should prove
insufficient. the City of New Orleans
shall, and it is hereby required to- levy
in every such instance tax upon all
taxable property in the City of New Or
leans necessary to pay the principal
and interest of said bonds.
Section 9 The principal and interest
of all bonds authorized by this amenu-
ment shall be payable in gold coin of
the United States of America, or it's
equivalent. of the standard of weight
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, municipal or
other local purposes.
Savings banks. tutors of minors cura-
tors of interdicts, trustees and other
fiduciaries may invest the funds in their
hand in said bonds.
Said bonds may be used for deposit
with any officer, board. municipality or
other political subdivision of the State
of Louisiana in any case where by pres
ent or future laws deposit or security 10
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 or
interest 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 payable at such times and places.
within a period Of not exceeding ntty
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 respec-
tive dates. and the installment payable
in each year shall be so fixed that. when
the annuaH1nterest is added thereto. the
several annual total amounts Of prin-
cipal and interest to be paid shall DC
as nearly equal az practicable; provided,
said installments may be fixed at nve
thousand dollars or the nearest multi
pie thereof.
laid bonds shall be signed by the
Mayor and the Commissioner of Public
Finance of the City of New Orleans, or
countersigned by the President or Vice |
President and the Secretary or Assist
ant Secretary of the Board of Liquida-
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 bond or coupon shall
cease to be ouch officer before
delivery of said bond or coupon
to the purchaser, such signature or
counter-signature shall nevertheless De
valid for all purposes. The cost and ex-
pense of preparing and selling said
bonds shall be paid for by the Board or
Liquidation. City Debt.
Section IL. Ar bonds issued under
this amendment shall be sold by the
Board of Liquidation, City Debt. to 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 tine
first insertion to be at least fifteen days
prior to the date of the sale). and sucn
other advertisement in said city or
elsewhere. as said Board of Liquidation
may in its discretion direct; provided,
said Board of Liquidation may reject
any and all bids
Section IL. Except as otherwise pro-
vided in this amendment. the City or
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 contract
or incur any debt or obligation for any
purpose whatsoever unless sufficient
funds. not otherwise appropriated. to
pay and discharge same are actually in
the treasury of said city at the time of