The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1906-10-27

4 - supilleu, ~ " t'
: f,,pds, after applying to said n
s'u than twenty-four months operatio,
surplus that may exist Of the tax
sv ,.dicated to pay the interest on saio
-. which surplus may and must b
49, ',.sd before any draft is made 70,
- nurpose on the principal Of sale
'p SETON s. Be it further enacted, etc
- the proceeds Of said bonds shall bt
' .sl;ed in such proportion as may bt
'r1r.;,ed to the completion Of said sew
.. ~. water and drainage system, the
florence being given to the sewerage
I'd water system, if necessary.
co.t;on 8. Be it further enacted, etc
me-, there shall be dedicated to the pay
as,t of tho principal and interest of
y. bonds, herein authorized, all sur
In. arising after January LIST, 1907,
t,om the one-half Of one per cent debt
=, levied by the City of New Orleans
). rir.ue Of Article 314 Of the Consti-
..,;on Of Louisiana, and from the special
-. two mills voted by the property tax
..,.u Of the City Of New Orleans on
4. dxth day Of June, 1899, said surplus
LING here defined to be all residue in
..h wear, until January LIST, 1912, re-
nsining after paying the interest on the
.v.lvs millions Of Public Improvement
Rouds of the City Of New Orleans, here
hfore issued under the provisions Of
aid Act No. Of the extra session Of
1900. and the half-year's interest re-
.re fund therein provided for, which
aid two mill tax shall be levied and col
lated only until January LIST, 1912, as
,,oyided in Act No. Of the extra SEES
non Of 1899.
Il. after paying the annual interest
y the bonds provided for in this Act,
md, after January LIST, 1923, paying
heir sinking fund hereinafter provided
l0r, there shall be any year, any further
urplus Of SAID tax, said further surplus
hall be used for extending the said
oublic systems Of sewerage, water ana
drainage, to respond to the growth AMI
extension of the City Of New Orleans,
md if such further surplus shall 30
more than sufficient for such purpose,
he same shall be held by the Board of
liouidation to the credit of the City of
New Orleans to be expended only in per
nanent public improvements. such as
paving, public buildings. bridges, etc.
Section Z. Be it further enacted. etc.
That after January 1st, 1923. the Boari
Of Liquidation of the City Debt. shall. |
out of the surplus of said taxes herein
dedicated to the payment of the princi-
pal and interest Of said bonds, set aside
! sinking fund sufficient in amount to
retire the whole Of said eight millions
Il bonds on or before January /, 1912.
md shall from time to time, and at least |
once every three months, as said fund |
select by lot, the numbers |
Il the bonds to be retired at par an
accrued interest, and shall advertise for
Ten days in newspaper published in
nth Of the cities Of New York, Chicago
md New Orleans, the numbers Of said
bonds and the date they will be paid
(which date shall be not more than thirty
lsys from the date Of said advertise
nent) and at the expiration of said date.
nd bonds shall cease to bear interest.
Section s. Be it further enacted. etc.
That the Board Of Liquidation Of the
lty Debt, is hereby directed not to sell
ny Of said eight millions of New Public
Improvement Bonds in excess Of the
avenues hereby dedicated to the paw
nent Of the annual interest thereon, and
defer such sales, if necessary, until
" assessed values Of the City Of New
)fleans will assuredly provide the funds
meet the interest charges thereon.
Section 9. Be it further enacted. etc.
nat II, by any mischance, the growth
10 progress of the City of New Orleans
lculd be arrested, SO that her assessed |
alues should not be sufficient to pro
'de q sinking fund to retire said bonds
January LIST, 1912. all of said bonds
ssmalnlng unpaid shall be ipso facto.
1eended, at the same rate Of interes.
= with the right Of call, as herein pro
laed, until January 1st, 1862. and tbs
"a one per cent debt tax shall be lie
"a and collected until that date u
~ the principal and interest of sail
pads are fully and finally paid, and the
@ceeds thereof, after July 1st, 1850,
- % applied by preference to the
yneas Of the principal and interest
.ad bonds, except in so far as any
Huoa OF the proceeds Of said tax NAV
Y 70 be applied, after that date, to
payment Of the principal and interest
ue said twelve millions of Public
pavement Bonds" due July 1st, 1850.
- under said Act of 1899. If i'll
1ald become necessary, after January {
5 isaz, to provide for the payment
n re interest on any part Of said eight z
l ! dollars Of ''New Public Improve
nj bonds, ~ until tho said fwo1vo Will