The Louisiana Democrat. [volume] (Alexandria, La.) 1845-1918, 1891-12-09

leans, other than Premium Bonds, into
four per cent. bonds; providing spe- |
cial tax of one per cent. to pay the
bonded debt of the city, and exempting
the said four per cent. bonds from taxa
ton, and further authorizing the said
CITY to assume and pay such unpaid
claims of the Board Of School Directors
of said city and parish which it may
find to be equitably due by said
board"
Section /. Be it resolved by the Senate
and House of Representatives Of the State
of Louisiana, two-thirds of all the men,
hers elected to each House concurring,
That the following amendments to the
of the State be submitted to
the electors of the State ut the next elec-
ton for Representatives for the General
Assembly in the year 1892, for the pur-
pose of retiring the now existing valid
bonds of the city of New Or
leans, including the bond certificates or
bonds issued under the Act of the Legisla-
ture No. SO of 1882, and to retire judg-
ments now or hereafter rendered against
the city on floating debt claims prior to
1879, entitled to be funded under Act No.
81 of 1884, the said city of New Orleans is
hereby authorized and directed, on and
after the adoption of this amendment, to
Issue through the Board of Liquidation of
the City Debt, bonds to be known as the
Constitutional Bonds of the City of New
Orleans, not exceeding ten millions of
dollars, at fifty years, bearing four per
cent. per annum interest, to bear date
and be in the form prescribed by the Leg
islature. The said bonds shall be applied
by the said board to the retirement Of
said outstanding bonds and judgments,
by the sale of said Constitutional Bonds,
and application of the proceeds of sale by
the Board of Liquidation, to pay or pur-
chase said outstanding bonds and judy
ments, or by exchanging the said Consti-
tutianal Bonds for bonds on the terms
and in the mode prescribed by the Legis-
lature. For the payment of the interest
and principal at maturity, of said Consti-
tntional Bonds, and other outstanding
bonds not retired under this amendment,
and for the payment Of the annual allot-
ments and premiums of the Premium
Bonds of said city, the said city is hereby
authorized and directed to levy annually,
and until the full payment Of said bonds,
a special tax of one per cent. on all the
real and personal property of the city,
said tax to be part of, and not in addition
to the tax of twenty mills and two-tenths
of mill on the dollar Of valuation now
Levied for all purposes by the city of New
Orleans. and the said tax shall be paid
over as collected TO, and be applied by
the Board Of Liquidation, to the payment
of the interest and principal at maturity
of said Constitutional Bonds, and out
standing bonds not retired, and to the
payment of the allOtments of Premium
Bonds and premiums extant, in the hands
of holders.
Said tax is hereby declared to be the
contract right of the holders of all said
bonds; and the exemption of said Consti-
tutional Bonds from all taxation by the
City of New Orleans and State of Louisi-
ana is hereby recognized and declared,
and after payment of all the annual inter-
est on said Constitutional Bonds and
bonds not retired and the payment of the
said annual allotments of Premium Bonds
and premiums extant in the hands of
holders, and after making provisions for
sinking fund, at such time and of snch
an amount as the Legislature prescribes,
the surplus of said one per cent. shall be
disposed Of as prescribed by the Legis-
lature.
The act passed at the present session
No. 36 entitled "An act to carry into eff
feet the Constitutional amendment passed
at the present session relative to the bond
debt of the City of New Orleans" etc, be
and is hereby approved and confirmed in
all its parts as contract between the
City of New Orleans and the holders of
said Constitutional Bonds, Premium
Bonds and Of the bonds outstanding not
retired as aforesaid.
Section 2. BE it further resolved, ETC.,
That the city Of New Orleans be and is
hereby authorized and empowered to ex-
anime into and assume the payment of
the claims or obligations of the Board of
School Directors for the city and parish
of Orleans due for the years 1880, 1881,
1882, 1893 and 1884, now in the hands of
original owners. who have in nOwise
parted with their right Of ownership or
pledged the same, as may be found to be
equitably due by said board for services
rendered, labor performed or materials
furnished by authority of said board.
Section 3. BE it further resolved, etc.,
That all electors voting at said election
for said amendment shall place upon their
ballots the words, "For the city of New
Orleans debt amendment" and all cleo.
tors voting at said election against said
amendment shall place on their ballots
the words, against the city of New Or.
| leans debt amendment"
JOINT RESOLUTION No. 154-AMEND.
| MENT No. g.
proposing to submit to the electors oil
this State an amendment to article two
hundred twenty-nine (229) of the Con.
stitutien of 1879, relative to Public
Education"
| Section l. Be it resolved BY the General
Assembly Of the State of Louisiana, two.
thirds of the members elected to each
House concurring therein, That article
two hundred and twenty-nine of the Con
stitution of eighteen hundred and seven
ty-nine, be amended and re-enacted 50 a,
to read as follows, viz:
Article 229-The school funds of thi,
State shall consist Of: l. The proceeds O
taxation for school purposes as provided
i'll this Constitution; 2. The interest OF
the proceeds of all public lands hereto
| fs,yr. nfIIl I, q h.