St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1918-05-25
AN ORDINANCE.

Secretary.
AN ORDINANCE.
An ordinance providing for the issu-
ance of Improvements Bonds in
the amount of $27.000.00. such
bonds being serial. negotiable in
terest bearing coupon bonds ma
turing from / to 10 years In an
increasing ratio until paid, in the
following denominations. to-wit:
Sixteen (16) bonds for $1,000;
ten (10) bonds for $500. and four
90 bonds for 5000, $500. $500,
and 5000. respectively, and num-
bered from l to 80, inclusive; &C.
curing the payment Of said bonds
in interest and principal by deii-
cation Of one-half mill out of the
ten mills tax, and providing a
method for the sale Of said bonds.
Whereas, pursuant to a notice
published in The st. Tammany Farm
er, the official journal OF the Parish
of St. Tammany, Louisiana, on the
18th and goth days of April, 1918,
the Police Jury OF the Parish of St.
Tammany. Louisiana, met this day
in open session, and having first
spread upon the minutes of its pro-
ceedings the budget for its current
year and having submitted said bud
get for inspection and consideration,
and having determined the exact sur
plus available from the two mill tax
heretofore set aside for road pur-
poses out of the ten mills authorized
by the Constitution, reducing that
surplus to mills and fractions there
Of, and having determined how many
mills and fractions thereof will be
required to provide for the current
expense Of the parish roads as based
ON the last assessment roll filed. and
alter consideration of all other avail
able sources of revenue provided for
in the budget; and.
Whereas. 1t appears that an av.l-
able surplus of one-half mill has been
found: and,
Whereas, 1t is desirable t. make
certain constitutional improvements
for the Parish of St. Tammany, Lou
isiana, and to issue bonds for the
purpose Of paying for said improve
ments, to-wit:
The construction and maintenance
OF roads In st. Tammany Parish, and
more particularly the road from Mad
iscnville corporation line to Covins-
ton corporation line, and the Parish
ct Tangipahoa line to the Covington
corporation line.
Whereas, 1t is necessary for such
improvements, that a series OF 80
bonds of the denominations herein
after set forth can be issued and paid
BY a conservative funding Of said
cne-half (1-2) mill, or 80 much
thereof as may be necessary to re-
tire said bonds in principal and in
terest; and.
Whereas. tho said Police Jury de-
sires to irrevocably pledge and dedi-
cate the said surplua from the said
road fund, az 50 much thereof as
may be necessary for the payment OF
said bonds, in accordance with Act
96 OF 1915.
Now, therefore, be it ordained by
the Police Jury of St. Tammanv par
ish, State of Louisiana. in legal ses
sion convened:
Section /. That they hereby au.
thcrize the issue of. and there shall
ne issued, under Act SO OF the Gen.
eral Assembly OF 1916. aud Article
$50 and paragraph 4 Of Article PSI
Ct the Constitution of 1913 Of the
State of Louisiana, thirty serial
bonds. negotiable interest bearing
coupon bonds Of the determinations
hereinafter get forth and numbered
as follows, maturing from l to 10
years in an increasing ratio until
paid; said bonds being dated Coving-
TOP. La, July /, 1918, bearing five
60 per cent per annum interest pay
able semi-annually on the 31st day
of December and the list day Of July
in each year; that said bonds shall
be payable each year in the specific
amounts and maturities, as iollOwa:
bond mo. ~ for 100000, ma
turing July l, 1919.
bond (No. - for 100000, ma
turing July /, 1919.
i bond (No. 81 for $4,000, ma
turing July l, 1919.
(Without INTEREST,"
bond mo. ~ for 100000, ma
turing July l, 1920.
l bond Ono. 81 for 100000, ma
turing July /, 1920.
l bond mo. 81 for $4,000, ma
turing July /. 1920.
(Without interest.l
i bond (No. ~ for 100000, ma
turing July 1881.
bond mo. 81 for $4,000, ma
turing July l. 1891.
bond mo. 81 for $4,000, ma
turing July l. 1921.
(Without interest.)
bond (No. 1O) for 100000 ma
turing July /, 1922.
bond (No. 11) for $4,000. ma
turing July /. 1929.
bond No. 10 for $4,000, ma
turing July 1, 1929.
without INTEREST,"
bond (No. 13) for $1,000. 90, ma
turing July /, 1898.
/ bond Go. ~ for 100000. ma
turing July l, 1893.