The Donaldsonville chief. [volume] (Donaldsonville, La.) 1871-current, 1916-10-28

funding or the payment In due course OF
All or any part Of the bonds existing Ct
me provided that If the funds derived
from the sources aforesaid shau pc IN
sufficient in any one year to pay tne pri ins
cipal and interest OF the bonds ISSUED
standing and unpaid, or if for any cause
there shall NOT be funds approprlaLI.ead 70
or available fpr such purpose, the City Of Of
liable taxa propeaty in said city sufficient to
provide for ahy suck, deficiency; ana pro-
vided further athat, when the aforesaid one
per cent debt tax and two-nill water ana
sewer tax shall cease to be ievleds the
City of New Orleans shall levy tax upon
all taxable property in said city sutnclen5I
to pay the principal and interest OF sald
bonds as they respectively become DUE
Section s. 1t is hereby intended that al
existing dedications and appropriations OF
said one per cent debt tax authorizes ps
, spect to the said one-half of the surplus
Of the enc per cent debt tax herein dedI-
Gated to public schools, and Of SAID Two
said Act No. 6 of 1899, shall be respected
and performed according to the, priorltles
by said statutes established; that az OF
that portion of the funds resulting from
| the levy of said taxes which shall pc
| released from said appropriations ana
dedications by the payment, satisfaction
obligations now charged thereon ana
there-against shall, together with the one
| half of the surplus of the one per cent deps
| tax heretofore dedicated to pub bcnooi
purposes, be used and applied to~sf1e pay,
| ment of the principal and interest OF al
| bonds issued under this amendment; tnat
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
| released from said obligations, and, ulti-
mateIy, 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
they respa become due; provided.
however, that. - lsaat the funds
hereinabove specially Be la1S 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,
taxable property in the City of New
and interest of said bonds.
Section 8. The principal and interest OF
shall be payable in gold coin of the
/ United States of America, or its equiva-
lent, OF the standard of weight and fine
ness 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
| Savings banks, tutors of minors, cura-
| tors of interdicts, trustees and other
| fiduciaries may invest the funds in their
| hanaS in said bonds.
| Said bonds may be used for deposit with
any officer, board, municipality or other
political subdivision of the State of Lou
1 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
prescribe.
Section TO- All bonds issued under. this
amendment shall bear such rate of in
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.
1 commencing not more than two years
| from their respective dates, and the IN
stallments payable in each year shall be
50 fixed that, when the annual interest is
added thereto, the several annual total
Il amounts of principal and interest to be
IL cable; provided, said instaIlments may be
II fixed at five thousand dollars or the near
est multiple thereof.
4 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
4 signed by the President or Vlce-Presfden
: 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 sait
II Commissioner of Public Finance and sale
| Secretary or Assistant Secretary. In cast
! any such officer whose signature or coun,
signature appears upon such bont
or coupon shalt cease to be such office
] before delivery of said bond or coupon tt
the purchaser. such signature or counter
: signature shall nevertheless be valid fo
, all purposes. The cost and expense O.
, preparing and selling said bonds shall b.
: paid for by the Board of Liquidation
> City Debt.
: Section IL. All bonds issued under thi
5 amendment shall be sold by the Board o
Z Liquidation, City Debt to the highes
bidder or bidders by sealed proposals afte
insertions i'll the official journal of tn,
5 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 sail
Board of Liquidation may in its discretion
> direct; provided, said Board of Liquidation
may reject any and all bids.
n Section -. Except as otherwise pro
l yided in this amendment, the City of New
8 Orleans shall not borrow money, issu
bonds, notes or other evidences Of in
: debtedness or pledge its credit or an
ticipate the collection of any of its taxes
: No money shall be drawn from th
IL
/ appropriation therefor. previously made
l nor shall said city make any contract o
: incur any debt or obligation for any pur
pose whatsoever unless sufficient funds
3 | not otherwise appropriated, to pay an
i discharge same are actually in the treas
$ ury of said city at the time of making tn
4 contract or mourning the debt or obliga
: ton and are specifically set aside an
t dedicated to said pg Is - 9ahless hereil
8 tation Sstr1cffon shall not apply o
III hp ba1 n IN M in
incurred with respect to the furnishing t
said city of light, heat or power, water
telephone service or garbage removal o
: destruction
? The said city may iii any calendar yea
, | in anticipation of the collection of tn
taxes of such calendar year, and for tn
: purposes for which such taxes are levied
, borrow such sums as shall not be l.
f excess of the amount of it's uncollecte
taxes of such year, and may issue it
notes or other evidences of indebtedness
l evidences of Indebtedness shall be pay
z able only out of the taxes of the calenda
year in which said loan or loans are frs
made, and for which Indebtedness sal
5 revenues shall be pledged, and said in
3 debtedness shall not be paaSab1e out G
any other funds or money 1atsoevel
i No money shall be borrowed Dy the sal
city except for current municipal pur
t poses, and in no event shall any none
: be borrowed by said city to make or t
? pay, for works of public Improvement
e purposes certificates on it's faith an
2 | credit pursuant to legislative authority
/ | to an amount not in excess of any specia
e assessments which have been or shall b