The southern sentinel. (Winnfield, La.) 1883-1910, 1906-09-14

of the surplus OF the taxes dedicated TO
such payment. after thedemands thereon of
said bonds are satisfied; to provide for the
issuance and sale of said bonds, and their
exemption from taxation; and TO provide
for the submission to the people of the
State of Louisiana of "A constitutional n
mcndment, authorizing the issue of said
bonds and confirming the provisions of this
Act.
lished in the City OF New Orleans for more
than thirty days prior to its introduction
into the General Assembly, and due evil
dence thereof has been exhibited in the
General Assembly; and
Whereas, the bonds authorized to be issued by
the City OF New Orleans under the provis-
ions of Act No. of the extra session OF
1888, ratified by constitutional amend
ment, adopted at the general election of
1900, have not proved adequate TO the COM
pletlon OF the sewerage, water and drainage
General Assembly is advised that twill
probably require eight million dollars ad-
ditionai to complete said system; and
Whereas, by the increase of assessments in the
City OF New Orleans, present and prospcc-
tive, the one half of the surplus OF the one
per cent debt tax, levied by virtue of Arti-
Gle S1i of the Constitution of the State of
Louisiana of 1855, and the special tax of
two mills, voted by the tax payers OF the
City of New Orleans on the 9th day of June
1899, are and will be more than sufficient TO
pay the interest ON the twelve million dol
lars of bonds issued under said Act No.
of the extra session OF 1899, and actually
produce large surplus dedicated by said
Act to the purposes thereof, which is and
will be sufficient to permit the capitaliza-
ton thereof by the issuance of eight million
dollars of bonds, and the retirement thereof
prior to January l, 1872; and
Whereas, it as of the greatest importance TO
the City OF New Orleans, and the people Of
the whole State, that these great public
works shall be speedily completed, and
that their completion should not be deferred
through long series of years by the grad
ual application to that end of the said sur
plus, as il accrues year by year:
Section l. Be il enacted by the General As
sembly of the State of Louisiana, two-thirds of
all the members elected 10 each House concur
ring, That subject to the ratification OF the
people of the State of Louisiana, by the adop-
ton of an amendment 10 the Constitution Of
the State, hereinafter submitted TO them, the
| City of New Orleans shall have power to issue
and il shall be its duty to issue, bonds aggrega-
, ting eight million dollars, dated January /,
1907, bearing four per cent. per Rnnum interest,
payable mi-annually, the Principal of which
any time between January l, 1928, and January
! 1912. Said bonds shall be styled New public
Improvement bonds OF the City of New Or
| leans" They shall be OF the denomination OF
one thousand dollars each, payable in lawful
| money of the United States, with semi-annual
interest coupons annexed, payable July and
January 1. They shall be signed by the Mayor
and Comptroller of the City of New Orleans
and countersigned by the President and Vice
President and secretary of the Board of Liqui-
dntion of the City Debt They may be regis
rules and regulations prescribed by said Board
of Liquidation, and no registered bond shall be
be exempt from all taxation, state, parish and
municipal, and the tutors of minors and cura-
tors OF interdicts shall be authorized TO invest
the funds in their hands in such bonds.
Section. 2. Be il further enacted, etc, That
rs soon the constitutional authority for the
issuance of said bonds shall have been obtain
| dation of the City Debt, at the expense of the
special tax fund N their possession, to cause
said bonds TO be engraved and executed. and
TO hold same subject to the reqnisition OF the
Sewerage and Water Board OF New Orleans.
From time to time, as directed by said Sewer
age and Water Board, said Boafu OF Liquida-
ton shall sell said bonds, in such amounts as
sails, 10 the highest bidder, for not less than
par and accrued interest, after thirty days
advertisement OF such sales IN one newspaper
published IN each of the cities of New York,
Chicago and New Orleans.
Section 8. Be ii further enacted, etc, That
| the proceeds of all such sales be held by the
Board of Liquidation and paid over ON the
| warrant of the Sewerage and Water Board in
The manner and under the conditions provided
! In said Act No. of the extra session of 1889,
ana the amendments thereof.
Section 4. BE II further enacted, ETC., That
the proceeds of said bonds shall be used exclu-
siveiy for the completion OF the existing sewer
&c, water and drainage system of the City Of
New Orleans, with these exceptions only:
(a) That IL the said systems do not require
the said expenditure for their completion of
shall be held by the Board of Liquidation to
the credit of the City of New Orleans, to be
expended BY il for paving purposes, only:
ID That when the water and sewerage sys-
TENS are completed ana their operation is be-
gun, the expenses of the operation of said sys-
TENS for not more than the hrst twenty-fuur
N part out OF said funds after applying to said
not more than twenty-focr months operation
any surplus that may exist of the taxes indi-
Gated TO pay the interest on said bonds, which
before
draft is made for such purposes on the princi-
pal OF said fund.
Section s. Be ii further enacted etc.. That
the proceeds OF said bonds shall be applied in
such proportion as may be required 10 the
completion of said sewerage, water and DRAIN
age systems, the preference being given to the
sewerage and water systems, If necessary.
Section 6. Be il further enacted, etc, That
there shall be1dedicated to the payment of the
principal and interest of the bonds, herein au-
fhorized all surplus, arising after January LIST,
1907, from the one-half of one per cent debt
tax levied BY the city OF New Orleans by virtue
of Article 3l4 of the Constitution OF Louisiana,
and from the special tax of two mills voted by
the property taxpayers of the City OF New Or
leans on the sixth day of June, 1889, said sur
plus being here defined to be all residue in
each year. until January LIST, 1872, remaining
after paying The interest on the twelve millions
of Public Improvement Bonds of the City of
New Orleans, heretofore issued under the pro-
vision of said Act No. of the extra session of
1899, and the half-years interest reserve fund
therein provided for, which said two mill tax
shall be levied and collected only until Janua-
ury LIST, 1912, as provided for in Act No. of
the extra session of 1Ss9.
L. after paying the annual interest on the
bonds provided for in this Act. and. after jan
uary LIST, I92S, paying their sinking fund here
matter provided for, there shall be in any year
any further surplus of said tax. said surplus
shall be used for extending the said public
systems OF sewerage, water and drainage, to
respond TO the growth aud extension OF the
city OF New Orleans, and if such further sur
slus shall be more than sufficient for such pur-
- Il 1.ml.I - n.
Liquidation to the credit OF the City OF New
Orleans to be expended only IN permanent
public improvements, such as paving, public
buildings bridges, etc.
Eection7. BE II further enacted, etc. That
after January lst, laas. the Board OF Liquida-