New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1916-10-14

shall, and it is hereby required to, lev,
| in every such instance tax upon all tax
able property in the City OF New Or
leans necessary to pay the principal ant
| interest of said bonds.
Section 9. The principal and interes
of all bonds authorized by this amend
| ment shall be payable in gold coin o.
the United States of America, or it:
equivalent, of the standard of weigh
and fneness at the time of the issuance
of each nstalment OF said bonds.
Said bonds shall be exempt from al
taxation for State, parish, municipal OIL
o,her local purposes.
Savings banks, tutors of minors, cura-
tors OF interdicts, trustees and Other
nduciaries may invest the funds in thell
hands in said bonds.
Said bonds may be used for deposi,
with any officer, board, municipality o.
o,her political subdivision of the State
of Louisiana in any case where by
present or future laws deposit or secuT
ny is required.
Said bonds may be registered and re
ceased from registry under such rules
as the Board OF Liquidation, City Debt
may prescribe.
Section 10. All bonds issued under
this amendment shall bear such rate OF
interest or, IRON time to time, different
rates of interest, and shall, except as
herein otherwise specially provided, be in
such form, terms and denominations, ana
payable at such times and places, within
period of not exceeding fifty years
from the date thereof, as the Board OF
Liquidation, City Debt, shall determine
sand bonds shall be issued In serial form
and shall be payable in annual insta l.
ments, commencing not more than two
years from their respective dates, ano
he installment payable in each yeal
shall De so fixed that, when the annual
interest is added thereto, the several an
.lual total amounts OF principal and in
crest to be paid shall be as nearly equa.
IS practicable; provided, said install
ments may be fixed at five thousand dol
aIs or the nearest multiple thereof.
Said bonds shall be signed by the
Mayor and the Comm lssloner OF Publ,
Finance OF the City of New Orleans, OF
officers exercising similar functions, anu
countersigned by the President or Vice
President and the Secretary or Assistant
Secretary OF the Board OF Liquidation,
City Debt, api the coupons attached to
said bonds shall bear the fac-simile sig
natures or said Commissioner of Public
Finance and said Secretary or Assistan,
Secretary. In case any such Officer
whose signature or counter signature
appears upon such bona or coupon
shall cease to be such officer before de-
livery of said bond or coupon to the
purchaser, such signature or counter
signature shall nevertheless be valid fol
all purposes. The cost and expense OF
preparing and selling said bonds shall be
paid for by the boa1d OF Liquidation,
City Debt.
Section II. All bonds isued unde.
this amendment shall be sold by the
board OF Liquidation, City Debt, to the
highest bidder OK bidders by sealed pro-
posals after due advertisement OF not
less than five insertions in the otticia.
journal Of the City Of New Orleans (tne
.lrst insertion to be at least fifteen days
prior to the date of the sale), and suen
other advertisement, in said city or else
where, as SAID Board OF Liquida ion may
III It's dissection direct; provided, saiu
4oard OF Liquidation may reject any anu
all bids.
Section 70. Except as otherwise pro-
vioed i'll .als amendment, the City OF
New O41eans shall not borrow money,
issue lends, notes or other evidences o.
lndeD.e~..tss or pledge its credit OK an
tIcilale .a. collection OF any OF its taxes.
NO moA.y shall be drawn from the
treasury OF SAID city without specific ap-
tue4e-or previously made, noI
sna.l said city make any contract or Ia
-ur any debt or obligation for any pur-
pose whatsoever unless sufficient funds,
Aot otherwise appropriated, to pay AM
discharge same are actually. in the treas |
ury OF said city at the time of making
The contract or incurring the debt OF
obligation and are specially set aside and
to said purpose, unless herein
otherwise provided. The foregoing linn
.tation and restriction shall not apply
u be held to apply to contracts OF ooli-
CATION incurred with respect to the l
furnishing to said city OF light, heat or
lower, water, telephone service or garb
.ge 1emoval or destruction.
The said city may in any calendar year
n anticipation Of the collection of the
axes of such calendar year and for the
purposes for which such taxes are levied,
borrow such sums as shall not be in ex
:ess of the amount of its uncollected /
axes of such year, and may issue its
notes or other evidences of indebtedness
herefor, and such sum, notes or other
.yidences of indebtedness shall be pay
Ible only out Of the taxes of the calen
lar year in which said loan or loans are
irst made, and for (Which indebtedness
aid revenues shall be pledged, and said
shall not be payable out
f any other funds or moneys whatso-
yer. No money shall be borrowed by
he said city except for current mHnici-
al purposes, and in no event shall any
money be borrowed by said city to make
T to pay for works of public improve
nent Said city may issue for street
aving purposes certificates on its faith
ndcredit pursuant to legislative author
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