The weekly Iberian. (New Iberia, La.) 1894-1946, 1918-10-26

- va AN
certificates of Indebtedness herein.
above provided for as substitute tc
and subroEated TO all the rights
claims. privileges and p~retensions o.
the said A. NJ. Lockett & Company
Limited, to exercise their rights.
claims and privileges in the premises
in the same name and to the same
extent as the said A. NJ. Lockctt &
Company, Limited, and the Genera.
Electric Company, may do.
Be ii further ordained, etc that in
order to consummate these present
transactions on the basis outlined
above, the Mayor of the City of New
Iberia is authorized and directed To
issue on behalf of the City of New
Iberia such certificates of indebted
ness, and to subscribe to such acts
and deeds as may be necessary to full.
ly, completely and unreservedly carry
into force and effect The objects and
purposes h~ereinabove recited.
Be 1t further ordained, etc, that in
order further to protect the said per
son OF persons, banks or corporations
and the funds advanced for the pur-
poses h~ereInabove set forth all of the
of the New Iberia Electric
Light Plant are pledged TO the extent
necessary to retire the monthly in
d~ebtedness or installments, as herein
above set forth. it being distinctly TN
derstood and provided that the econo-
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 resulting
from said changes and improvements,
is also h~ere1naboye pledged, the May
or &c Board Of Trustees of the City of
New Iberia to impose such electric
light rates and tariffs if the same be
necessary to produce such funds and
IN excess of the present
funds as Will be sufficient to meet the
monthly payment of Five Hundred
(T500.00) Dollars, together with the
accruIng monthly in the
event the present and the
economies as herein
above reclted should not be sufficient
for the purpose of retiring the said
obligations. Nothing shall be con.
herein as limiting the payment
of the obligations hcreinabove recited
from any other resources of the City
Of New iberia, or to pay a greater
amount than Five Hundred $500. 00)
Dollars per month with the interest
accrued.
And whereas, the foregoing ordi-
nance having been adopted, is in
and effect. and 1t is desirable to
the securities set forth az
therein without abridging or
annulling the ordinance as adopted,
but as supplementary thereto.
Be it further ordained, etc, thatl
without in any n a%bridging the
provisions of the ordinance as herein
above recited calculated to and in
tended to secure the indebtedness as
provided for, it is further
provided for, it Is further provided
hat in order to meet said certificates
1t their maturity, there shall be bud
seted annually the amoun necessary
o retire the obligations incurred and
maturing In each particular year, and
here shall be set aside annually the
proceeds of the collection of not more
han w o mills per year on the taxable
property within the corporate limits
the City of New Iberia out of the
general levy which the municipality
s now or may hereafter be authorized
levy for ordinary fixed or statutory
charges; the intent being to collect
set aside annually sufficient
amounts from the proceeds of the two
mill fuy 70 tnnpt tina rnnnthIu ,,pt |
nents during the succeeding twelve
months. 1t being further provided
in the event the e from
he electric light plant as first herein
lbove set forth should be sufficient for
he purpose of meeting these install
nents without having to resort to the
'unds collected from the two mill tax
imposed, then the funds derived from
he said two mill tax shall revert to
he general fund.
Be it further ordained, etc, that as
further additional security, the
of the City of New Iberia is
hereby authriZed to execute a special
mortgage on all of the property ac-
as we'll as the land on which
he property so acquired is situated,
ogether with all the improvements
fixtures, line connections, aud
properties of whatever nature that
nay be situated thereon; the said
mortgage to bear upon all of the prop
,rty just outlined and being situated
IN the lot described as having-feet
'ront ON Main Street, by a depth of
bounded in front by Main
OF the South by Fulton Street,
IN the East by property of Pharr, and
IN the West by property of Tra1nor.
The certificates of Indebtedness are to
De paraphed Ne Varietur for identifi-
,ation with the act of mortgage.
1t is further provided that the said
of indebtedness should
a clause providing for ten per
cent attorneys fees, which fees shall
De due, however. only upon the ma
non-paid certificates of indebt-
upon which legal action may
necessary.
Be 1T further ordained, ETC., that the
of the City of New Iberia is au-
to execute the mortgage here
nabove provided as additional and
supplemental security in the event
he same be required, and that he be
authorized to sign all deeds. to exc
cute and issue all certificates, and to
10 all things needed and required in
he premises.
Il. S. SEALY, Mayor.
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