St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1916-09-16

amendment.
The principal and interest OF az , noaa,
this amendment shall be paid primarily
out Of a. that one-half Of the surplus
Of the one per cent debt tax whlcn mere
tofore has been dedicated f9 r. tne n, snn
schools OF said city, as levied under ana
authorized by Act No. ITO OF the Cen
eral Assembly Of the State Of Louisiana
for tn: yea, 1870 and of fhs
State, ana ca. after January l, 1928:
tax. authorised and levied under Act NO
10 aforesaid, ana the twe ed J.. tax r. eus
Of the General Assembly Of the state
Of Louisiana for the year 1888 which
shall have been released and freed from
dedication either by the calling ana re-
Of ali Or any part Of the bonds existing
at the time Of the adoption OF this
amendment; provided that, II the fundS
derived from the SOURCES aforesaid shail
the principal and interest Of the bonds
Issued under this amendnsnt and then
outstanding and unpaid, or II for any
cause there shall mot - funds appro-
the city Of Nv Orleans shall levy q
tax upon all taxable property IN sa1d
city suhhcisnt to preyids for any sucn
deficiency: and provided further snet
tax and two mill water and sewer TAX
shall cease to be levied. the City OF
New Orleans shall levy TAI upon al
taxable property in said d, city ntsra.i NJ
said bonds ~ they respectively become
section 8. It il hereby intended that
all existing dedication and appropria-
tnorissd by said Act No ITO Of 1890 Eek
cspt with respect to the said one-haif
Of the surplus OF the one per cent DEBT
tax therein dedicated to public scnooIs).
and OF said two-miN water ana sewer
1899. shall be respected and performed
utss establishsd: HAT all Of that portion
Of the funds resulting from the levy OF
said appropriations ana dsdicatione py
the payment. satisfaction or refundins
of any Of the bonded debt obligations
NOW charged thereon and there-aga1nst
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
III 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
by this amendment shall be turned over
to the city Of New Orleans. to be used by
when. and to the extent that. the obliga-
lions now charged on said taxes shall be
paid. satisfied or refunded, said taxes
shau be released from said obligations
and discharged, shall cease to be levied;
and, that. thereafter, any and all bonds
issued under this amendment shall be
provided for BY tai upon all taxable
sudIcisst to pay the principal and in
terest Of said bonds ~ they respectively
become due; provided. however. that; In
the event the fYnds hsrsinabove special
" :aa ss d I'm senas
susd under this anendment should prove
insmncisnt. the CITY Of New Orleans
shall, and Il 10 hereby required to. levy
tsasbis property u tho city Of New Or.
snd ni interest ossst. q sa,d bonds. ' 'e'
., 4. 81 f th.
tie United States Of Aperica, or its
equivalent, OF the standard Of weight
ada flnsnsss q the time OF the issuance
Of each installnent Of said bonds:
taxation for state. parish, municipal or
other local purposes.
Savings banks. tutors Of minors, cura-
tors OF interdiots. trustees and other
@dueiaries may invest the funds IN their
hand In said bonds.
Said bonds may be used for deposit
with any ofncer, 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
eald bonds may be registered and re-
leased from registry under such rules
- che Board OF LIQUIDATION City Debt,
hay prescribe.
section 10. All bonds issued under
thin amandment shall bear such rate OF
int4rset or, from time to time, different
herein otherwise specially provided. be
In such form. terms and denominations
and payable at such times and places
within a period Of not exceeding nifty
board Of Liquidation. City Debt, shall
determine. Said bonds shall be issued
in serial form and shall be payable in
annual installments. commencing not
tive dates, ana the installment payable
In each year shall be SO hxed that, when
the annual interest 10 added thereto. the
several annual total amounts OF prin-
cipal and interest to be paid shall IL, ps
said installments may be fixed at f1ve
thousand dollars or the nearest multi
said bonds shall be signed by the
Finance Of the City Of New Orleans or
oncers exercising similar functions. and
countsrsigned by the President or Vice
President and the Secretary or Assist
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
any such onacer whose signature
or counter appears upon
cease to be such onicer before
delivery Of said bond or coupon
valid for al purposss. The cost and ex
penss Of preparing and selling said
bonds shall be paid for by the Board or
L'au aa;aa city =, D soto. ,.,n., n,.r
this amendment shall be sold by the
Board Of liquidation, City Debt, to the
highest bidder or bidders by sealed pro-
Posals after due adyertisement Of not
journal OF the City Of New Orleans ttne
Arst insertion to be at least fifteen days
prior to the date OF the salel. and sucn
other advertisement. In said city or
may II ite discretion direct; provided,
any and all bids.
SECTION u; Except ~ otherwise pro-
New Orleans shall not borrow money,
issue bonds, notes or other evidences Of
indebtedness or pledge it's credit or an
ticipate the collection Of any of its
taxes.
No money shall be drawn from the
treasury of said city without specific
appropriation therefor previously made,
noe shall! s1jf ~ make anv contrac,
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
making the contract or mourning the
debt or obligation and are specifically
set aside and dedicated to said purpoSo,