The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1906-09-29
Continued from page 2.


York, Chicago and New Orleans, the
number Of said bonds and the date
they will be paid (which date shall be
not more than thirty days from the
date OF such ADVERTISEMENT and at
the expiration of said date, said |
bonds shall cease to bear interest.
Section 8. Be it further enacted, |
etc, That the Board OF Liquidation |
of the City Debt il hereby directed |
not TO sell any of said eight millions
of New Public Improvement Bonds in |
excess of the revenues hereby dedicat- |
ed to the payment OF the annual in
tercst thereon. and tn defer such sales
If necessary. until the assessed value |
of the city Of New Orleans will as
suredly provide the funds to meet
the interest charges thereon.
Section 3. BE it further enacted,
etc, That II. 10y any mischancs.
the growth and progress of the City
of New Orleans should lie arrested,
SD that her assessed values should
not he sufficient tn provide n sinking
fund to retire said bonds by Janua-
ry LIST, 1912, all said bonds so remain
ing unpaid shall I've ipsO factO. ex-
tended at the same rate of interest
and with the right III call. az herein
provided. until JanuaIy LIST. 1862. and
the said one per cent debt tax shall
lie levied and collected until that
date or until the principal and inter
est Of said bonds are fully and finally
paid. and che proceeds thereof. after
July lat. 1850. shall he applied by
preference ~ the payment Of the
principal and interest of said bonds,
except I'm sO far an any portion of the
proceeds { I said tax may have to be
applied, after that date to- the pay
ment of the principal and interest of
the said twelve millions of Public
Improvement Bonds" due July LIST.
1850, issued under said Act of 1899.
hit should lecome necessary. after
january lat. 1912. to provide for the
payment of the Interest on any part
of the said eight million dollars OF
New Public Improvement Bonds,
until the said twelve millions of
Public Improvement Bonds" are
retired. and the proceeds Of said one
per cent debt tax cannot I've used
without infringement upon the es-
tablishetl plan Of retiring the whole
of said twelve millions of bonds I'm
the interval between January LIST.
1912. and July list, 1850, /: shall he
the duty OF the City Of New Orleans,
To he enforced Ivy mandanuS. II nee
cssary, either by the Board of Liqui-
dation or by any bondhOlder. tUlevy
in each year n special tax sufficient
to pay the Interest on raid bonds.
Raid special tax to Ike levied and col
lectptl and paid to the BOarrl Of Liq-
nidatiOn. until the proceeds of the
one per cent debt tux shall be avail
able towards the payment Of the in
terest AMI principal Of said bonds.
Section 10. Be Ii further enacted,
etc. That the holders of bonds issu-
ell under this Act shall have all the
rights and guarantees provided In
said Act No. 6 of the extra session of
1899. i'm behalf of the holders OF bonds
issned under that Act, AMI all the
substantial provisions Of this Act
shall constitute a contract between
the holders of bonds Issued hereun-
der. the State of Louisiana, and the
City of New Orleans.
Section IL. BE it further enacted,
AMI resolved, etc. That at the con-
gressiOnnl election to lie held In this
State on Tuesday. the 9th day of No
ven,ber. 1906. the following amend
ment to the ConstitntionO of the State
of Louisiana shall lie submitted tn
the electors of the State, tO-wit:
1.-The city of New Orleans shall
have power to issue eight million
dollars Of bonds. known as New
Public Improvement Bonds" TOR the
purposes and under the provisions
aud conditions set forth In the Spe
cial Act Of the Legislature adopted
to that end and for that purpose. al
the regular session of l906. which
snil Act IL hereby ratified and ap
proved; and all provisions of tn,
present Constitution Uf the State IN
conflict with the provisions of ssi'
Act. and with this amendment. arr
tn that extent. aud fOrthat purpos'
Only, repealed"
Section II Be 1t further enacted
and resolved, etc. That on the Off
cial ballots IL, be used at said cleo
tion. xhalESl,c placed the words:
For the city of New Orleans New
PUZZLE Improvement Bond Amend
mont"
- And the words:
Against the City OF New Orlean
New Public Improvement Bon'
Amendment"
Aud each cketnr shall Indicate hi
vote ON the proposed amendment. n
provided IN the general electionlaw
Of this State.
j. Y. SANDERS,
Lent. Gov. aud Prest. Of the Senate
j. w. HYAMS,
Speaker of House III Representatives
Approved June 18th, 1906.
NEWTON g. BLANCHARDy
Gov. of the State Of Louisiana
"A true copy:
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