New Iberia enterprise and independent observer., 1916-10-07

shall, and it is hereby required to, lie
in every such instance = tax upon all ia
able property in the City OF New @
leans necessary to pay the principal a,
interest of said bonds.
Section 9. The principal and intere
of all bonds authorized by this amen,
,nent shall be payable in gold coin
the United States of America, or i
equivalent, of the standard of weigl
and fineness at the time of the issuans
of each installment OF said bonds.
Said bonds shall be exempt from a
taxation for State, parish, municipal {
other local purposes.
! Savings banks, tutors Of minors, curs
tors of interdicts, trustees and 9th.
hduciaries may invest the funds in thei
hands in said bonds.
Said bonds may be used for deposi
with any officer, board, municipality q
other political subdivision Of the Stat
of Louisiana in any case where b
present or future laws deposit or secur
| ity is required
Said bonds may be registered and re
leased from registry under such rule
as the Board OF Liquidation. City Deb,
may prescribe,
| Section IL. All bonds issued undc
this amendment shall bear such rate O
interest or, from time to time, differen
rates of interest, and shall, except a
herein otherwise specially provided, be i,
such form, terms and denominations, an,
| payable at such times and places, with,
| period OF not exceeding fifty year.
| from the date thereof, as the Board O.
Liquidation, City Debt, shall determine
SAID bonds shall be issued IN serial form
and shall be payable in annual install
ments, commencing not more than tw,
years from their respective dates, ant
the installment payable in each yea.
shall be SO fixed that, when the annua.
interest is added thereto, the several an
Iual total amounts Of principal and in
.e1est to be paid shall be as nearly equa-
as practicable; provided, said install
ments may be fixed at tive thousand dol
.ars OF the nearest multiple thereof.
Said bonds shall be signed by tn.
Mayor and the Commissioner of Publ.
Finance of the City Of New Orleans, o.
officers exercising similar functions, AM
countersigned by the President or Vice
President and the Secretary OF Assistan,
Secretary Of the Bear4 Of Liquidation,
City Debt, apd the coupons attached to
said bonds shall bear the fac-simile sig
natures OF said Commissioner of Public
Finance and said Secretary u Assistan.
Secretary. In case any such office.
whose signature or counteT-signatuI.
appears upon such bond or coupon
snail cease to be such officer before de-
livery of said bond or coupon to the
purchaser, such signature OF counter
Signature shall nevertheless be valid fol
all purposes. The cost and expense OF
and selling said bonds shall be
pad for by the BOARD Of Liquidation,
City Debt.
Section IL. All bonds isued under
this amendment shall be sold by the |
ooa1d OF Liquloation, City Debt, to the |
highest bidder o. BIDDERS by sealed pro-
posals after due advertisement Of no,
ess than five Insertions in the officia.
ournal Of the City Of New Orleans (th.
lIst insertion to be at least fifteen days
prior to the date Of the saie), and sue
,ther advertisement, in said city or siss-
where, as sad Board OF Liquidation may
n its discretion direct; provided, sal.
'oard OF Liquidation may reject any an.
II bids.
SeSuoa u. Except IS otherwise pro-
iaed in LAS amendment, the City OF
lew O4Asans shall not borrow money,
ssue 1onds, notes OF other evidences o.
aaeo.~>. as or pledge its credit or an
lclpa.e "a. soile:uon OF any OF its taxes.
NO mo..~y snail be drawn from the
easuyy OF s-.I city without specific ap-
1opx,a .lon tAe4e-or previously made, nua
aa.l sad city make any contract or IL.
uI any debt or obligation for any pur-
use VIVA .soever unless sufficient funds,
o. Otherwise appropriated, to pay AM
Ischarge same are actually. in the treas
ry OF said city at the time Of making
le contract or incuzring the debt OF
3ligation and are specially set aside anal
,dicated to said purpose, unless herein
herwise providea. The foregoing linn
alton and restriction shall not apply
be held to apply to contracts or ooli
ltion incurred with respect to the q
to said city OF light, heat ol 2
'wez, water, telephone service or garb
e 1emovai or destruction. /.
The said city may in any calendar year
anticipation of the collection of the t
xes of such calendar year and for the 8
lrposes for which such taxes are levied, i
rrow such sums as shall not be in ex- Q
s. Of the amount Of its uncollectedI b
xes of such year, and may issue its n
ties OF other evidences of indebtedness f
erefor, and such sum, notes or other I,
licences Of indebtedness shall be pay a
le only out Of the taxes Of the calen- a
r year in which said loan or loans areI o
st made, and for which indebtedness q
d revenues shall be pledged, and said G.
iebtedness shall not be payable out b
any other funds or moneys whatso-
er. No money shall be borrowed by p
: said city except for current munich N
purposes, and in no event shall any q.
'ney be borrowed by said city to make /:
to pay for works of public improve S
mt. Said city may issue for street c.
ring purposes certificates on its faith b,
lc1edit pursuant to legislative author o,
, to an amount not in excess Of any ta