The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1916-10-14

the time Of the adoption ST tlstH amend
meut provided that, II the funds derived
from the sources aforesaid shall De iH
Sufficient IN ans one year to pas the pf'h-
cilal and interest Gi the bonds issued
under this amendment aud Then o4l.
standing and unpaid az n for ans cause
there shall mol be funds Bpproprhird 70
or available for such purpose. the cts #
New bflraHs shall levy a tax UPON ssl
taxable property ln said city sufficient To
provide tUT any such deficiency and pro
}vd further that, when thc aforesaid one
per cent debt tax and two-faiH water utd
sewer tax shall cease 20 be levied, the
city II AeW Orleans shall levy tIx upon
tli taxable prpprftg Ia said rltt llisAeli
10 pay the principal and interest 1T said
bonds as th,y respectively become Que.
Section s Il Is hereby ipteuled t6at all
existing dedlCattuus and appropriations Il
said en, per cent debt tax authorized hy
said Act No. Ito 81 lsav except with re-
spptt o. the a4ld one half Of the surplus
% the uHr per cent debt tax herein defii
Gated 90 puddle srhoulAlt anh 81 Atld Two
NTH water aHd sewer tar, authorized by
SAID Act Ne & 81 1899 shall be rsspet teal
aud performed according 90 the prIUfitles
rs said statutes established. that All Of
that portion ~ the funds resulting from
che lryl gi said taxes which shal De
released from sstld appropriations aud
aedttgtiufiH b. the payment satisfaction
uf rounding ~ any ~ the bonded debt
obligations how charged thereon and
there against shall, together with the one
half q the surplus af the one PEE cent debt
tax heretofore dedicated 20 public school
purposes be used and applied 10 the pay
fneut # the principal and interest Of all
huuHB issued under tins amendment. that
auE residue thereof remaining after the
pas tnsitt 81 the principal aud interest ia
Hny utta year III bonds authorized bg this
amendment shall be turned over o. the
tits uf New Orleans 20 re used ~ IL for
general municipal purposes tut when
and lu ihV extent that, the Obligations
nov charged GA said taxes stall te paid.
satisfied or refunded said taxes shall DE
released from said obligations. and. uiti-
mately. when entirely released and dis
charged. shall geRsc to bu levied, and,
that thereafter any ani ali bonds issued
under this amendment shall be provided
for hy "A taA upon all taxable property Ia
The City ~ Nsw ORLEANS sufficient to pay
| the principal and interest uf eaId bonds as
they respectively become due. provided.
however, that H. the event the funds
hsreluahoYe specially dedicated tof the
pas meut OF the principal and Interest 81
he bonds ISSUED under this amendment
SHOULD prove Insufficient the Citt Of NeR
orleans shall aud II Is hereby required to,
levy IN every such instance tax upon all
| taxable property IN the City II New
Orleans He, essafy 60 pas the principal
and interest Of said bonds
section Ihe principal and interest 81
| lH bonds authorized by this amendment
shall De payable "a gold coin Of the
United states 81 America, OF it's equiva
| letlt, If the standard Of weight and fine
ness ~ the time u the issuance of each
tustallment uf said bonds.
Sait bonds shall be exempt from all
taxation fof state, parish. municipal ct
other local purposes
| sHytHgs banks, tutors Of minors, tHraa
tors u luterdirts, trustees and other
iduslaftes may invest the funds Ia their
hands Ia said bonds
said bonds may b, used fer deposit with
any officer hoard, municspalttS or ether
political subdivision al the state Of Leu
.blHna la any ease where by present ar
fUtur, laws deposit or security Is required
said bonds mas be registered and re-
leased from registry under such RULES az
lie Board pI liquidation. olty Debt, mas
prescribe
Section TO- Al bonds Issued under this
amendment shall hear such rate Of in
tsrrst or from time % time different rates
81. interest, and shan except az herein
otherwise specially provided hs tn such
Inrfu terms aud denominations, and pay
aide "a such times and places. within "a
period 1T not exceeding Hfty years from
the date thereof as the Beard If idguida
tom ttty lssbt, shall determine said
BOMBS shall be issued IN serial form and
shall be payable Ia annual Miscellaneous
| from their respective dates, aud the In
stAilHrnts payable tu each eBT shall be
50 fixed that, when the annual interest ~
added thereto. the several annual total
| amounts ~ principal and interest 90 BE
patd shall he as nearly equal as practi
cable provided, said instailments may be
Fixed est fiEs thousand dollars or the near
| est multiple thereof
raid bonds shall be signed by the Mayor
and the commissioner Of Public Finance
II the city 1T New Orleans, or ofiiCefB
exercising similar functions, and counter
signed - the President or Vice President
and the secretary or Assistant Secretary
Il the Board IT Liquidation. city Debt
and the coupons attached 90 said bonds
shall hear the facsimile signatures uf said
| Comm ssionsr - Public Finance aud sAld
secretary OF Assistant Secretary. In ease
ans such officer whose signature Ut eoun-
| ter signature appears upon such bond
tT CoupoH shall cease 60 be such officer
before delivery of said bond or coupon 20
| the purchaser, such signature or counter
| signature shall hey ertheless be valid for
all purposes The cost and expense o.
preparing and selling sait bonds shah be
| paid for ~ the Board OF Liquidation,
| Jtty t'ybt
Section n An bonds issued under this
| amendment shall be sold by the board Of
| Liquidation, city neht, 20 the highest
bidder OF bidders by sealed proposals after
| dWe advertisement Of not less than Eve
| Insertions In the official journal OF the
| cttS af New orleans the first insertion 70
| be IN least fifteen DAYS prior 10 the date
II the aalel. and such other advertise
| neut IA said city or elsewhere, as said
/ BOARD uf Liquidation may In it's discretion
| direct provided said Hoard IL t.iauida ton
/ mas reject any and all bids
| Section IL Except AS otherwise pro
| 'ded Va this amendment, the fity ~ New
| orleans shall not borrow money, issue
| bonds, notes or other evidences Of in
| dshteenesa or pledge It's credit og an
| tlripate the collection of any 81 It's taxes
| No money shall be drawn from the
| treasury 81 said city without specific
| appropriation therefor previously made
| nor shall said city make any contract OF
| Incur any debt OF obligation for any pur
/ pose Whatsoever unless sufficient funds.
| not Otherwise appropriated, 70 pay and
/ ury ~ satj City az the time If making the
| liun and are specifically set aside and
| dedicated "a said pUrpase, unless herein
otherwise pros ised The foregoing llml-
| tatlui and obstruction shall not apply or
| be held % arpy to contracts er obligation
| incurred Nlth Respect e. the furnishing e.
| said city ri light. hsat or POWER. water,
] telephone service ~ garbage renewal 0f
| destruction
| The said ctty mas ia any calendar year
| in anticipation II the collection at the
/ taxes # such calendar year, and for the
| purposes tUr which such taxes are levied
| borrow such sums ~ shall not he In
| excess If fhr amp4Wt II tiN nuCnNpCief
| taxes pt such year, aud may issue rs
| notes or other evidences 81 Indebtedness
| therefor, and Huris RIm notes OF other
| evidences II Indebtedness shalt be pas
| able oub cat II the taxes az the calendar