St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1920-09-18

turity of each of the said seventy
five bonds shall be as follows, To-
wit:
Serial No. Amount Maturity
l to 20 500 each Dec. 1, 1928
81 to As 500 each Dec l, 1929
46 to Is 500 each Dec. l, 1880
Be It further ordained, etc.. That
the said bonds shall have attached
coupons representing interest there
on at the rate Of five per centum per
annum from the first day of Decem-,
Der, 1920, payable semi-annual1y on
the first day of June and the first
day Of December of each year.
Be 1t further ordained, etc., That
said bonds shall be issued for the
purpose of Smelling the streets Of thu
Town of Covington and making other
necessary and indispensable public
improvements.
Be 1t further ordained, etc., That
the bonds shall be signed by the
Mayor and attested by the Seer
tary. and shall be in the form and
couched>tn the language and fgue:s
as follows, to-wit:
UNITED STATES OF AMERICA
Public improvement Bonds of the
Town Of Covington,
State of Louisiana.
$4,000 $4,000
The municipality Of the Town Of
value received hereby prom SEES 20
pay u bearer on the list day of De-
cember. 49,, the sum of 800 IL
gold coin of the United States, Of
the present standard of coinage, with
interest thereon at the rate of i've
per centum per annum from the lst
| day Of December of each and every
year except the first upon which viii
be payable one year after date, up
ON presentation and surrender of the
| coupons hereto attached as same
shall mature. The principal and III
| terest on this bond is made payable
at the office of the Commerc al Bank
& Trust Company, of CoVington,
Louisiana.
This bond is one of a series Of rs
bonds, numbered from one to seven
| ty-five, both inclusive, of the de-
nomination of One Hundred ($10u)
Dollars each, and aggregating Sew
enty-Five Hundred ($7500) Dollars.
| issued by the municipality of the
town of CoVington, State of Lou 81
ana, for the purpose Of Smelling the
streets Of the town Of Covington and
| making other necessary and indis-
pensahle public improvements, by
virtuo of the authority conferred by
| Article 232 and Paragraph Four CT
Article 281 of the Constitution, aud
Act sc of the General Assembly OF
the State of Louisiana for the year
1916, and the said bond was espe"i-
ally authorized at a meeting Of he
Town Council held at Covington,
Louisiana, on the 7th day Of Sep
TENDER. 1920, in accordance with
said Act.
Tho debt represented by the said
rs bonds was incurred and the bonds
were issued by virtue of the author
ty conferred by the Constitution aud
Act referred to and conforming to
the results of an ordinance voted by
the Municipal Council of the Town
of Covington, ON the 7th day of Sep
TENDER, 1920, authorizing the Mayor
and Board of Aldermen of the said
Town of Covington to levy each year
from out the taxes the said Board
is authorized to impose, under the
Constitution, the sum of l Il mill 5
on the assessment of the property
of the Town Of Covington, or so
much thereof as shall be sufficient to
pay the principal and interest on
said bonds, in accordance with law,
and it is certified that all of the acts,
conditions and things necessary to be
done precedent to the issuance OF
this bond and other bonds of this
series in order to make them legal,
binding and valid obligations Of the
municipality Of the Town of CoVing-
ton, have been performed in due
form as required by law, and that
the legal Indebtedness of said bonds
Of the Town Of Covington, including
this issue Of bonds, does not excel
the constitutional and statutory l1mi-
tatioas of Indebtedness.
In witness whereof the Mayor and
the Board Of Aldermen, as the gov
erning authority of the said Town,
have caused this bond to be issued,
signed and sealed with the corpora.3
seal Of the said Town of Covingtoh,
State Of Louisiana, all of which Ware
affixed hereto by its Mayor and Sec
rotary on behalf Of the said Town on
the ........d day Of. ....... 1911. {.
Be 1t further resolved, etc, That
the Town Of Covington, La, shall
be and remain obligated to the pay
ment of said bonds and Indebtedness
with the interest thereon and this
| ordinance authorizing the issuance
thereof and shall be and remain IT.
repealable so long as any Of said
bonds and interest coupons shall re-
main outstanding and unpaid and
the passage of this ordinance shall
constitute a contract between the
holder or holders Of said bonds and
the Town of Covington, La, and shall
remain inviolate and no law or ordi-
rance shall ever be passed relieving
the govern ng authority Of said town
from the obligation of annually levy
ng such millage hereinafter dedi-
Gated and pledged and paying the
same On the interest and principal
Of said bonds
Be it further ordained. ETC., That
the Mayor and Board of Alderme i
hereby irreVocably pledge and deti,
cate the said surplus OF one and
thee-tourths (1A) mills, or SO
much thereof as may be necessary,