St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1892-02-20


ments, or either of them, so approved
and ratified, shall become part OF the
OF this state.
JOINT RESOLUTION No. 49,
AMENDMENT NO. /.
an amendment to the Con-
stitution providing for the funding
Of the bonded debt Of the city OF
New Orleans, other than Premium
Bonds, into four per cent. bonds;
nroyiding . special tax Of one per
cent. to paw the bonded debt Of tho
CITY. and exempting the said four
Dcr cent. bonds from taxation, 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 1t may
find to be equifably due by said
Board"
SECTION /. Be it resolved by the Sem
ate and House Of Representatives OF the
State of Louisiana, twO-thirds OF all
the members elected to each house con-
curriu.. That the following amend
ments to the Constitution of the State
he submitted to the electors OF the
state Mt the next election for Repre-
sentatiyes for the General assembly In
1892. for the purpose Of retiring the
now existing valid outstanding bonds
of the city of New Orleans, including
the bond certificates or bonds issued
under the act of the Legislature No. %
of 1882. and to retire judgments now or
hereafter rendered against the city ON
floatin. debt claims prior to 1879, enti-
fled to be funded under act No. 81 OF
1894. 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 Liquida-
ton of the City Debt, bonds to be
known rs the Constitutional Bonds OF
the CITY of New Orleans, not exceeding
ten millions of dollars, ut fifty years,
bearing four per cent. per annum inter-
est. to bear date and be in the form pre-
scribed by the Legislature. The said
bonds shall be applied by the said
Board to the retirement Of said out
standing bonds and Judgments, by the
sale of said Constitutional Bonds, and
applicaticn of the proceeds OF sale by
the Board of Liquidation, to pay or
purchase said outstanding bonds and
judgments. or by exchanging the said
constitutional Bonds for bonds, ON the
terms and in the mode prescribed by
the Legislature. For the payment of
.hc interest and principal at maturity,
of said Constitutional Bonds, and other
outstanding bonds not retired under
this amendment, and for the payment
of the annual allOtments and premiums
of the Premium Bonds of said city, the
said CITY is hereby authorized and di-
nj
full payment of said bonds, . special
tax of one per cent. on all the real anu
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 q
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 ap-
piled BY the Board of Liquidation, to
the payment of the interest and princi-
pal at maturity of said Constitutional
Bonds, and outstanding bonds not re-
tired, and to the payment of the allot-
ments Of Premium Bonds and premiums
extant, i'm 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 Con-
stitutional Bonds from all taxation by
the City of New Orleans and State Of
Louisiana is hereby recognized and de-
clarcd, and after payment of all the an
nual interest ON said Constitutional
Bonds and bonds not retired and the
payment of the said annual allOtments
Of Preilium Bonds and premiums ex-
tant in the hands of holders, and after
making provisions for n sinking fund,
at such time and of such amount as the
Legislature prescribes, the surplus Of
said one per cent. shall be disposed of
as prescribed by the Legislature.
The act passed at the present session
No. So entitled IAN act TO carry into ef-
feet the Constitutional amendment pass
ed ut 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 q contract
between the city of New Orleans and the
holders Of said Constitutional Bonds.
Premium Bonds and of the bonds out
standing not retired rs aforesaid.
SECTION 2. BE it further resolved. etc..
That the :iiy Of New Orleans be and il
hereby authorized and empowered to
examine into and assume the payment
Of the claims or obligations Of the Board
Of School Directors for the city and par
ish 81 Orleans due for the years 1850,
1891, 1882, 1883 and 1884, now in the
hands OF original owners, who have in
NO wise parted with their original own
ership or pledged the same. rs may be
found TO be equitably due by said hoard
for services rendered, labor performed
or materials furnished by authority Of
said board.
SECTION 3. Be it further resolved, etc.,
That all electors voting ut said election
for said amendment shall place upon
their ballots the words, For the city Of
New Orleans debt amendment" and all
electors voting Mt said election against
said amendment shall place ON their
ballots tie WORDS. against the city Of
Ne1 Orleans debt amendment"
Joint RESOLUTION M ia