The weekly Iberian. (New Iberia, La.) 1894-1946, 1918-08-17

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the tram carrying the three en-
bryo devi. dogs.
tions In any other manner that may
be agreeable to all parties in Interest,"
the intent being to allow the Mayor
and the said Parties or Corporations
such latitude as will enable them to
determine and fix the method of pay
ment Of the obligations to be issued as
herein provided That in order to
meet said obligations, the Mayor OF
the City of New Iberia be directed
and au, horized to issue series OF
notes or certificates Of Indebtedness,
payable in sums not less than Five
hundred, $500. .O0t Dollars per month
and bearing interest at the rate of q
percentum per annum from date; and
in order to secure the said parties,
banks or corporations SO advancing
the necessary funds with which TO
IiQuidate the obligations incurred 20
A. M. Lockett & Company, Limited,
and the General Electric Company,
tho City Of New iberia, acting through
irs May or, and by virtue of these reso.
and Board Of Trustees shall enter into
a contract with such person or per-
sons, banks or corporations subrogat-
ing the same to all the rights, privil-
eges and claims which BY law or BY
contract hereinabove referred to, are
reserved to A. M. Lockett 4 Compa
ny, Limited and the General Electric
Company; the intent being by said
subrogati0n to recognize the party or
parties, banks or corporations holding
the note or notes or certificates Of in.
debtedness hereinabove provided for
as substitute to and subrogated to all
the rights, claims, privileges and pre-
tensions Of the said A. M. Lockett &
Company, Limited, and the General
Electric Company to exercise their
rights, claims and privileges in the
premises in the same manner and to
the same extent as the said A. nj.
Lockett & Company, Limited, and the
General Electric Company, may do.
Be it further ordained, etc., that in
order to copsumate these prese ut
transactions on the basis outlined
above, the Mayor of the City Of New
Iberia is authorized and directed 10
issue on behalf OF the City of New
Iberia snch note or notes or certiR-
Gates Of Indebtedness, and to sub
scribe to such acts and deeds as may
be necessary to fully. completely and
unreservedly carry into force and ef
feet the objects and purposes herein.
above recited.
Be it further ordained, etc. that in
order further to protect the said per-
son or persons, banks or corporations
and the funds advanced for the pur-
poses hereinabove set forth all Of the
revenues Of the New Iberia Electric
Light Plant are pledged to the extent
necessary to retire the monthly in
debtedness or installments, a. herein
above set forth, it being distinctly un-
derstood and provided that the scono-
mics arising from the substitution Of
the Snow Crude Oil Engine, Electrical
Machinery and its appurtenances. for
that now in operation in said electric
light plant, shall be imputed to the
retirement Of the obligations herein
above provided for; but that above
and beyond the revenues resulting
from said changes and improvements.
is also hereinabove pledged, the
City Of New Iberia pledge the City Of
New Iberia to impose such electric
light rates and tariffs IL the same be
necessary to produce such funds and
revenues In excess OF the present
funds az will be sufficient to meet the
monthly payment of Five Hundred
($500.00) Dollars. together with the
interest accruing monthly In The
event the present revenues and the
contemplated economies a. herein
above recited should not be sufticieat
for the purpose Of retiring the said
obligations. Nothing shall be con-
srued herein as limiting the pay ment
Of the obligations hereinabove recited
from any other resources Of the City
of New Iberia, or to pay q greater
amount than Five hundred, $500 OO)
Dollars per month. provided the prD-
ceeds from the installation of said ma
chinery shall justify the same; the in.
tent being, however, to specifically
provide for their pay ment within the
said resources hereinabove set forth,
and which resources are specially
pledged to discharge the obligations
incurred under and by virtue OF this
resolution and ordinance. 624
The following resolution was of
fered by Mr.. Girard seconded by
Mr.. ViIIermin and adopted
RESOLUTION No. 1873
Whereas the City Of New Iberia
IL 10 need OF funds sith which to
pay current expenses,
That the Trustee Of Public
Safety Mayor be and he is here
by authorized and empowered TO
negotiate for q loan Of e25OO 90
for the term of four months from
above date a mo. and in order to
effect such q loan he 10 further
authorized and empowered to ex
ecute the obligation Of the City Of
New Iberia for said sum Of Twen
ty Five Hundred Dollars, payable
in four mouths from date and
bearing interest ct the rate OF 8
per cent. per annum, said note to
be made In favor Of the State Ne
tional Bank Of New Iberia.