City of Shreveport Proposition No. 2 of 3
(Bond)
Shall the City of Shreveport, State of Louisiana (the "City"), incur debt and issue bonds in one or more series, in the amount of not exceeding $82,000,000, to run not exceeding 30 years from the date thereof, with interest at a rate or rates not exceeding 7% per annum, with the proceeds to be used for purposes of paying costs of capital improvements in the City related to projects authorized by the City Council, including constructing, acquiring, and/or improving the water system and the sewer system and appurtenances thereto, and acquiring the necessary lands or rights therein, equipment, fixtures, and accessories for the aforesaid purposes, title to which shall be in the public, which bonds will be general obligation bonds 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 an estimated increase in the millage rate to be levied in the first year of issuance of 1.6 mills?