City of Covington Proposition No. 2 of 2
(Bond)
Shall the City of Covington, State of Louisiana (the "City"), incur debt and issue bonds to the amount of not exceeding $4,750,000, to run not exceeding 20 years from the date thereof, with interest at a rate not exceeding 6% per annum, for the purpose of making capital improvements in the City, including, but not limited to, constructing, renovating, acquiring, and/or improving (i) roads, street and bridges; (ii) public buildings, parks and recreational facilities; (iii) drains and drainage facilities; (iv) public safety facilities; and (v) sewerage collection and treatment, including acquiring all necessary land, equipment and furnishings, title to which shall be in the public, which bonds will be general obligations of the City and will be payable from ad valorem taxes to be levied and collected in the manner provided by Article VI, Section 33 of the Constitution of the State of Louisiana of 1974, and statutory authority supplemental thereto, with no estimated increase in the millage rate to be levied in the first year of issue above the 3.50 mills being levied to pay General Obligation Bonds of the City?
|