St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1917-10-20

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ORDINANCES.
spread upon the minutes Of It's pro-
ceedings the budget for its current
year and having submitted said bud
get for inspection and consideration,
and having determined the exact
surpuls available from the ten mill
tax, reducing that surplus to mills
and fractions thereof, and having de-
termined how many mills and frac-
lions thereof will be required to pro-
vide for the current expense Of the
town as based on the last assess
ment roll filed. and after cons dera-
ton of all other available sources of
revenue provided for in the bduget;
and,
Whereas, it appears that an avail
able surplus Of two and two-eighths
e. 2-8) mills has been found; and.
Whereas, it is desirable to make
certain constitutional Improvements
for the town of Covington, La, and
to issue bonds for the purpose OF
paying for said improvements, to-
wit: The shelling of streets in the
town Of Covington, and particularly
= direct route to the Tchefuncta
river to connect with the Madison
Vile Road. the Improvement Of the
Bogue Falaya Park. and other places
and crossings: and,
Whereas, 1t 10 necessary for such
improvements, and q series of 125
bonds of the denomination OF One
Hundred Dollars and no-1OO cents
($10O.00) each, can be issued and
paid by conservative funding OF
said two and two-eighths e 2-S)
mills, or 80 much thereof ~ may be
necessary, to retire said bonds in
prime pal and interest; and,
Whereas, the said Mayor and
Board Of Aldermen desire to ire
vocably pledge and dedicate the said
surplus or as much thereof - may
.bs necessary for the payment OF said
bonds in accordance with Act ss OF
1916,
Now therefore, be 1t ordained by
the Mayor and Board of Aldermen OF
the Town of Covington, Louisiana,
in legal session convened:
Section One. That they hereby
authorize the issue Of, and there
shall be issued, under Act SO Of the
General Assembly OF 1916. and ar
Mcle 232 and paragraph 1 of article
1881 of the Constitution Of 1913. OF
the State of Louisiana, One Hun
dred and Twenty-Five serial, nego-
table interest bearing coupon bonds
of the denomination of One Hundred
Dollars each ($100.00), numbered
from 4 to 1875, inclusive, maturing
from one to ten years in an increas-
ing ratio until paid; said bonds be-
ing dated December /, 1917, bearing
five per cent per annum nteresc
payable semiannually on the LIST day
of June and the LIST day Of Decem-
Der. in each year; that said bonds
shall be payable each year in the
snecific amounts and maturit eS, a.
follows:
10 bonds of 500 each, maturing
on December LIST, 1918.
10 bonds of 500 each, maturing
on December LIST, 1919.
10 bonds of 500 each, maturing
on December LIST, 1920.
! 10 bonds of 500 each, maturing
on December list, 1921.
IL bonds of 500 each, maturing
on December LIST, 1922.
IL bonds Of 500 each. maturing
ON December list, 1928.
II bonds of 500 each, maturing
on December LIST, 1924.
Is bonds of 500 each, maturing
on December 1st, 1925.
II bonds of 500 each, maturing
on December 1st, 1926.
20 bonds of 500 each, maturing
on December LIST, 1927.
That said bonds shall have attach
ed coupons representing interest or
said bonds at the rate Of five pei
cent per annum, from LIST day o.
December, 1917, payable ssmi-an.
nually on the 1st day Of June and
LIST day of December of each year.
! That said bonds shall be issuet
| for the purpose Of the aforesaid I'M
provements, to-wit: The Smelling
of the streets. of the town of Coving
ton, La, and particularly = direc
route to the Tchefuncta River Il
connect with the jacksonville Pub
lie Road, the improvement OF tn
Bogue Falaya Park and other publi
places and crossings.
Section Two. Be 1t further or
dained, ETC., That said bonds shall
be in the form of and set forth In tn
following words and figures, and ~
signed by the Mayor and attested %.
the Secretary, to-wit:
UNITED STATES OF AMERICA.
Public improvement Bond Of tn
Town Of Covington, State
| Of Louisiana.
$4,000 $4,000.
( The municipality Of the town o
Covington, State of Louisiana. to
value received hereby promises {
nav to bearer on the LIST day OF Dc
cember, 49,, the sum of $4,000 i
gold coin of the United States, 9
the present standard of coinage
with interest thereon at the rate c
S per cent per annpm from the Il
day of December, 1917, and payabl
semi-annually on the LIST day {
June. and on the first day Of Dt
!. l