The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1906-10-27

Section /. BE IL enacted ~ the
General Assembly of the State o. Low
isianu, tw0-thirds Of al the members
elected to each House cOneurr!ugs
That, subject to the fatteeatSon oS
the people of the State Of Louts1ana,
by the adoption of an amendment 10
the Constitution of the State, herein
after submitted to them, the Csty Oh
New Orleans shall have power to Is
sue, and it shall be its duty to issue
bonds aggregating eight million do'-
lars, dated Jnnunry 1, 1907, bearing
four Der cent per annum interest, pay
able semi-annually, the principal OF
which shall be payable at the option
of the city ut any time between JAN
nary / 1928, and January l., l94z.
Said bonds shall be styled New pub
lie Improvement bonds Of the City OF
New Orleans" They shall be Of the
denomina ton of one thOnsand dol.
Iars each, payable in lawful money Of
the United States, with semi-ennuai
interest coupons annexed, payable
July / and january. They shall be
signed Ivy the Mayor and Compfr,I'er
Of the City Of New Orleans. and conn
tersigned by the President or Vice
President and Secretary of the Board
of Liquidation of the City Debt. They
may be registered and released from
registry under the rules and regulss-
tions prescribed by said Board OF
Liquidation, and no registered
lmi,d shall he negotiable. Like
other city bonds, they shall be
exempt from all taxation, State, par
ish and municipal, and the tutors OF
minors ami curatOrs OF -interdicts
shall he authorized to invest the tunds
IN their hands in such bonds.
Section 2. Be it further enacted.
etc., That as sOOn as constitutional
authority for the issuance u said
bonds shall have been obtained, it
rl,all he the duty Of the Board OF
Liquidation of the City Debt, Mt the
expense of the special tax fund in
their possession, to ca use said bonds
to be engraved and executed, and to
hold same subject to the requisitiOn
of the Sewerage and Water Board Of
New Orleans. From time to time as
directed by said Sewerage and Water
Board, said Board Of Liquidation
shall sell said bonds, insuch amounts
ms it may he requested so to do, by
sealed proposals, to the highest bid
der, for not less than par and accrued
interest, after thirty days adyertise-
ment of such sales in one newspaper
published in each of the cities of New
York, Chicago and New Orleans
Section 8. he it further enacted,
etc., That tine proceeds of all such
siles he held by the Board Of liqui-
dntion and paid over On the warrant
of the Sewerage and Water BOnrsi IN
the manner and under the conditions
provided in said Act No. 6 Ut the ex-
ira session OF 1899, and the amend
ments thereof.
Section. 4. BE it further enacted,
ETC., That the proceeds of said bonds
shall be used exclusively for the CONF
pletion of the existing sewerage,
water and drainage system of the
City of New Orleans, with these ex-
ceptions only:
(a) That if the said systems 10
not require the expenditure for their
completion of the whole Of said pro-
ceeds, the balance thereof shall f,S
held by the Board of Liquidation tn
the credit Of the t'ity Oi New Orleans,
to. be expended by it for paving
purposes, only:
~ Tint when the water and sew-
erage systems are completed and
their operation il begun, the expen-
SEES Of the operation Of snid systems
for not more than the first twenty
four months thereof, may be suppl
ed, in whole or in part. out Of said
funds, inter applying to said not
more than tweDty-k,ur months Op-
eratiun any surplus thnt may exist
of the tn xes Dedicated to pay the in
terest on said bonds, which eurplus
may and must l,e SD used before any
draft IL ,nasle for such purpose On the
principal OF said fund.
Section 3. Be it further enacted,
ETC., That the proceeds Of said bonds
shall he applied in such proportion as
may he required to the completion
III 0u III Sc"CideV, "upSs ouVsstdstbssts0
systems, the preference being given
to the sewerage and water systems, II
necessary.
Section 6. BE it further enacted,
etc, That there shall ne desiiAte to
the payment Of the principal and in
terest III the bonds, herein authorix-
ed. NIL surplus, arising after January
1st, 1907. from the one-hah OF ono
PER cent debt Tux levied by the City
of New Orleans by virtue Of Article
314 of the Constitution Of Louisiana,
and from the special Tux Of two mills
voted by the property Taxpayers of
the City of New Orleans on the sixth
day Of June, 1899, said surplus be-
ing here defined to be all residue in
eaci, year, until January 1st, 1912,
remaining after paying the interest
on the twelve millions of Public Inn
provement Bonds Of the City Of New
Orleans, heretofore issued under tho
provisions OF said Act No. = Ut the
extra SESSION Of 1899, and the half