The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1916-10-28

from the sources aforesaid shall be IN
e enai and ~ interest o Of the bonds issued
under this amendment and then out
standing and unpaid, or II for any cause
or re Available i for such purpose. the City Of
New Orleans shall levy a tax upon all
taxable property in said city sufficient to
vided further that, when the aforesaid one
per cent debt tax and two-miIl water and
sewer tax shall cease to be levied, the
all taxable property in said city sufficient
to pay the principal and interest OF said
bonds as they respectively become due.
Section s. II is hereby intended that all
said one per cent debt tax authorized BY
said Act No. ITO of 1890 Except with re-
spect to the said one-hah 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
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
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 ii 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, ulti-
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 a 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 IL 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 3. The principal and interest of
| all bonds authorized by this amendment
United States of America, or its equiva-
lent, OF the standard of weight and fine
ness at the time Of the issuance Of each
Said bonds shall be exempt from all
taxation for State. parish. municipal or
other local purposes
Savings banks. tutors of minors. cura-
tors of intesrdcts. trustees and other
fiduciaries 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
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
aele At IS such en, tines and PLACES within
the date thereof, as the Board of Liquida-
ton. City Debt, shall determine. Said
bonds shall be issued I'm serial form and
shall be payable in annual installments,
commencing not more than two years
from their respective dates. and the in
nsd tsp payable able IN th each year shall be
added thereto, the several annual total
amounts of principal and interest to be
cable; provided. said instaliments 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
and the Secretary or Assistant Secretary
of the Board of Liquidation. City Debt,
and the coupons attached to said bonds
shall bear the facsim smile signatures Of said
Secretary or Assistant Secretary. In case
any such officer whose signature or coun-
ter signature appears upon such bond
or coupon shall cease to be such officer
before delivery of said bond or coupon to
the purchaser. such signature or counter
signature shall nevertheless be valid for
all purposes. The cost and expense of
preparing and selling said bonds shall be
paid for by the Board of Liquidation.
City Debt.
Section IL. All bonds issued under this
amendment shall be sold by the Board of
Liquidation, City Debt to the highest
| bidder or bidders by sealed proposals after
que advertisement of not less than five
insertions in the official journal of the
City of New Orleans (the first insertion to
be at least fifteen days prior to the date
OF the salel. and such other advertise
ment. in said city or elsewhere, as said
Board of Liquidation may in it's 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 of New
Orleans shall not borrow. money, issue
debtedness or pledge its credit or an
ticipate the collection of any of its taxes.
No money shall be drawn from the
appropriation therefor previously made,
nor shall said city make any contract or
incur any debt or obligation for any pur-
pose whatsoever unless sufficient funds,
not otherwise appropriated, to pay and
discharge same are actually in the treas
| ury of said city at the time of making the
contract or mourning the debt or obliga-
ton and are specifically set aside and
dedicated to said purpose, unless herein
otherwise provided. The foregoing limi-
tation 9nd restriction shall not apply or
be held to Apply to contracts or obligation
incurred with respect to the furnishing to
said city of light, heat or power water,
telephone service or garbage removal or
destruction
The said city may in any calendar year
in anticipation of the collection of the
purposes for which such taxes are levied,
borrow such sums as shall not be In
excess OF the amount of it's uncollected
taxes of such year. and may issue its
| notes or other evidences of Indebtedness
therefor. and such sum, notes or other
evidences of Indebtedness shall be pay
Il ,xrlai On,