The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1916-09-23
ACT MO. liz.

Senate Bin No. 90 = BY Leon r. Smith.
JOINT RESOLUTION
Proposing an amendment to the Constitu-
ton of the State of Louisiana, provid-
ing for the funding of certain debts of
the City of Shreveport, and judgments
against the said city. the issuance of
serial bonds by said city, providing
the purpose for and the manner in
which same may be issued, and the
duties of the City Council of the City
of Shreveport, with reference thereto;
and the levying by the City Council of
Shreveport of certain taxes to retire
the bonds as issued herein. by said
city. And providing for the submits
sion of said amendment to the electors
of the State for their approval or
rejection.
BE IL enacted by the General Assembly
of the State of Louisiana, two thirds of all
the members elected to each branch
thereof concurring. that subject to the
ratification and approval of the electors
of this State. the Constitution of the State
he amended by Incorporating therein. the
following provisions, to-wit:
Section l. The City of Shreveport by a
four-fifth vote of all the members of the
City Council thereof, shall have power
and is hereby authorized to issue $500, 900
of bonds. or so much thereof as may be
necessary. to be styled City of Shreveport
Serial Gold Bonds, and to bear such rate
of interest as the City Coencil may fix
from time to time. as each installment Of
the said bonds is offered for sale. as here
after provided: said rate OF interest at no
time to exceed per cent per annum
payable semi annually.
Section q The proceeds of said bonds
shall be applied to the payment and retire.
nent OF all certificates of Indebtedness
issued by the City of Shreveport prior to
May l. 1916. and to the payment of all
judgments rendered against said city prior
to May /, 1916
Section g. All bonds issued under this
amendment shall be in such form. terms
and denominations. and payable at such
times and places, within a period Of not
exceeding forty years from the date there
of, as the City Council Of Shreveport shall
determine. Said bonds shall be issued in
serial form and shall be payable in annual
one year from their respective dates. and
the installment payable in each year shall
be so fixed. that when the annual interest
amounts of principal and interest to be
paid shall be as nearly equal as practi-
cable.
Said bonds shall be signed by the Mayor
and the Secretary Treasurer of the City
OF Shreveport. and countersigned by the
Commissioner of Accounts and Finances,
and the coupons shall have the facsimile
signatures of the Mayor and Secretary
In oh, IN
signature or counter-signature. who ap-
pears on 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.
Section T. The principal and interest of
all bonds authorized by this amendment
shall be payable in gold coin of the United
States of America or its equivalent, of the
standard weight and fineness at the time
of the issuance thereof. and shall be ex-
empt from all forms of taxation.
Section 5. The fun faith and credit of
the City of Shreveport are pledged for the
payment of principal and interest of all
bonds issued under this amendment. The
principal and interest of all bonds au-
thorized and to be issued under this
shall be levied annually by the City Coun-
Gil Of Shreveport, upon all taxable prop
erty in said city. sufficient to provide for
the payment of the principal and interest
Of said bonds as they respectively become
due. The tax so levied is to be in excess
OF the general and special taxes provided
for elsewhere in this constitution and is
not to be affected by nor to affect the
limitations elsewhere contained in the
Constitution as to the issuance OF bonds.
and the levying of taxes by municipalities.
Section c. The provisions hereof are
self-cperative and the City Council of
Shreveport may by ordinance carry them
into effect
Be IL further enacted, etc, That the
amendment proposed by this act shall he
submitted to the electors of the State for
their approval or rejection at the Com
gressional election to be held on the first
TUESDAY after the first Monday in the
be printed on the offician ballot to be used
In said election. the words,
For the proposed amendment to the
Constitution Of the State OF Louisiana
providing for the funding OF certain debts
of the City of Shreveport"
and the words,
the Constitution of the State of Louisiana
OF the City OF. Shreveport
ballot cast by him whether he votes for
or against the proposed amendment.
FERNAND MOUTON.
Lieut. Gov and Hs PreSid sH,f q the Senate.
Speaker OF. the House of Representatives.
Approved: July 5; }sle,
covsrr r, G. g; Pr s.S,a .,.,
= i AN ESs1 8. BAILEY.