The weekly messenger. [volume] (St. Martinsville [i.e. St. Martinville] La.) 1886-1948, 1906-10-27

said funds, after applying W o"iN
more than twenty-four months operation
any surplus that may exist OF the TAX,
% dedicated to pay the interest on said
bonds, which surplus may and must be
% used before any draft is made for
such purpose on the principal OF said
fund.
Section s. Be it further enacted, ETC.,
That the proceeds Of said bonds shall DE
applied in such proportion as may be
required to the completion OF said sew
srage, water and drainage system, the
preference being given to the sewerage
and water system, if necessary.
Section 8. Be it further enacted, etc.,
That there shall be dedicated to the pay
ment Of the principal and interest OF
the bonds, herein authorized, all sur
plus, 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 S14 Of the Consti-
tuition Of Louisiana, and from the special
tax Two mills voted by the property tax
payers Of the City Of New Orleans on
The dxth day Of June, 1899, said surplus
bsing here defined to be all residue In
each year, until January LIST, 1912, re-
manning after paying the interest on the
twelve millions Of Public Improvement
Bonds Of the City Of New Orleans, here
tofore issued under the provisions OF
said Act No. 8 Of the extra session OF
1899, and the half-year's interest re-
serve fund therein provided for, which
said two mill tax shall be levied and col
lected only until January LIST, 1912, as
provided in Act No. 6 Of the extra SEES
NON Of 1899.
II, after paying the annual interest
On the bonds provided for in this Act,
and, after January LIST, 1928, paying
heir sinking fund hereinafter provided
Tor, there shall be any year, any further
surplus Of said tax, said further surplus
shall be used for extending the said
public systems Of sewerage, water and
drainage, to respond to the growth and
extension of the City of New Orleans,
and If such further surplus shall be
more than sufficient for such purpose
the same shall be held by the Board of
Liquidation to the credit Of the City of
New Orleans to be expended only in per.
manent public improvements, such as
paving, public buildings, bridges, etc.
Section Z. Be it further enacted, etc.
That after January LIST, 1928, the Board
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 ID
retire the whole Of said eight millions
Of bonds on or before January l, 1912
And shall from time to time, and at least
ence every three months, as said fund
sccumulates, select by lot, the numbers
Of the bonds to be retired at par AMI
accrued interest, and shall advertise for
ten days in a newspaper published in
each Of the cities Of New York, Chicago
and New Orleans, the numbers of said
bonds and the date they will be paid
(which date shall be not more than thirty
days from the date of said advertise
nent) 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, is hereby directed not to sell
any Of said eight millions of New Public
Improvement Bonds in excess of the
revenues hereby dedicated to the pay
ment Of the annual interest thereon, and
10 defer such sales, if necessary, until
the assessed values Of the City Of New
Orleans will assuredly provide the funds
10 meet the interest charges thereon.
Section 9. Be it further enacted, ETC.
That II, by any mischance, the growth
and progress of the City of New Orleans
should be arrested, so that her assessed
values should not be sufficient to pro
vide sinking fund to retire said bonds
BY January LIST, 1912, all of said bonds
20 remaining unpaid shall be ipso facto
extended, at the same rate of interest
and with the right of call, as herein pro
vided, until January LIST, 1862, and the
said one per cent debt tax shall be lie
We'd and collected until that date OIL
until the principal and interest of sait
bonds are fully and finally paid, and the
proceeds thereof, after July lst, 1850
shall be applied by preference to tn
payment Of the principal and interes
Of said bonds, except in so far as an,
portion of the proceeds of said tax MAJ
have to be applied, after that date, t,
the payment of the principal and interes
Of the said twelve millions Of Public
Improvement Bonds" due July LIST, 1850
issued under said Act Of 1899. If
should become necessary, after Januar,