The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1916-09-16

funding or the payment In due course OF
al or any part OF the bonds existing al
the time Of the adoption of this amend
from the sources aforesaid shall be in
sufficient in any one year to pay the prin-
cipal and interest Of the bonds issued
u under this amendment and then out
there shall not be funds appropriated to
or available for such purpose. the City OF
New Orleans shall levy tax upon all
provide for any such deficiency; and pro-
vided further that, when the aforesaid one
per cent debt tax and two-mill water and
City of New Orleans shall levy tax upon
all taxable property in said city sufficient
TO pay the principal and interest of said
bonds as they respectively become due.
Section 8. 1t is hereby intended that all
existing dedications and appropriations OF
said one per cent debt tax authorized by
said Act No. ITO of 1890 Except with re-
spect to the said one-half Of the surplus
of the one per cent debt tax herein dedi-
Gated to public schools), and of said two
mlli water and sewer tax, authorized by
said Act No. Of 1899. shall be respected
by said statutes established; that all OF
that portion or the funds resulting from
me levy OF said taxes which shall be
-dedications by the payment, Satisfaction
or refunding of any of the bonded debt
QUOTATIONS now charged thereon and
ba5s 81 snail together with the one
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
City of New Orleans to be used by it for
general municipal purposes, but when,
and to the extent that, the obligations
now s.s charged on said taxes shall be paid
satisfied or refunded, said taxes shall be
released from said obligations, and, ulti-
mateiy, when entirely released and dis
charged, shall cease to be levied: and,
under this amendment shall be provided
Tor by tax upon all taxable property in
me CITY OF New Orleans sufficient to pay
me principal and interest Of said bonds as
they respectively become due; provided,
however, that, in the event the funds
herelnabove specially dedicated for the
payment pay OF the principal and interest of
tne ponds 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 ali
taxable property in the City OF New
Orleans necessary to pay the PRINCIPAL
and interest OF said bonds
section .. The principal and interest of
an ponds authorized by this amendment
snail be payable in gold coin OF the
United States of America, or its eouiya-
lent, of the standard of weight and fine
ness al the time OF the issuance of each
installment of said bonds
Said bonds shall be exempt from all
taxation for State. parish. municipal or
other local purposes.
saNings banks. tutors of minors cura-
tors of interdicts. trustees and other
iiduciaries 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
siana IN any case where by present or
future laws deposit or security is required
oald bonds may be registered and re-
eased from registry under such rules as
prescribe.
Section 10. All bonds issued under this
amendment shall bear such rate of in
Lerest or. from time to time different rates
)f interest, and shall, except as herein
,tnerwise specially provided. be in such
,orm, terms and denominations, and pay
iDle at such times and places, within a
period OF not exceeding fifty years from
ne date thereof. as the Board of Liquida-
ION, CITY Debt, shall determine. Said
ponds shall be issued in serial form and
man be payable in annual installments.
not more than two years
'tallments payable in each year shall be
10 liked that, when the annual interest is
ldded thereto. the several annual total
mounts OF principal and interest to be
'aid shall be as nearly equal as practi- |
able; provided. said installments may be |
ixed at five thousand dollars or the near
st multiple thereof
Said bonds shall be signed by the Mayor
md the Commissioner OF Public Finance
4 the City of New Orleans, or officers |
xercisng similar functions, and counter |
igned by the President or Vice-President
md the Secretary or Assistant Secretary
Il the Board of Liquidation. City Debt |
nd the coupons attached to said bonds
hall bear the facsimile signatures of said |
or Assistant Secretary. In case |
my such officer whose signature or coun- |
er -sienature appears upon such a bond |
,efore delivery of said bond or coupon to !
he purchaser. such signature or counter |
ignature shall nevertheless be valid for !
u purposes. The cost and expense of |
repairing and selling said bonds shall be /
'ity Debt
Section IL. All bonds issued under this
mendment shall be sold by the Board of |
.iquidation, City Debt, to the highest |
idder or bidders by sealed proposals after |
ue advertisement Of not less than five |
use. u IN the OFFICIAL journal Of the
e az least nfteen days prior to the date
4 the sale). and such other advertise /,
aent, IN said city or elsewhere. as said /
irect; provided. said Board of Liquidation
nay reject any and all bids.
section IL. Except as otherwise pro-
ided i'm this amendment. the City of New
'rleans shall not borrow money, issue
onds, notes or other evidences of in
ebtedness or pledge its credit or an
cipate the collection of any Of its taxes.
No money shall be drawn from the
reasury of said city without specific
preparation therefor previously made,
or shall said city make any contract or
lcur any debt or obligation for any pur-
ose whatsoever unless sufficient funds
OF otherwise appropriated to pay and
ischarge same are actually in the treas
~ or said city at the time of making the
ontract or mourning the debt or obliga-
on and are specifically set aside and
edicated to said purpose. unless herein
therwise provided. The foregoing limi-
itlon and restriction shall not apply or
e held to Apply to contracts or obligation
lcurred with respect to the furnishing to
hid city of light. heat or power, water
estruction
The said city may in any calendar year
anticipation OF the collection of the
ixes OF such calendar year, and for the
urposes for which such taxes are levied.
orrow such sums as shall not be in
Of