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

fcates from said October 1st, 1903, pro
vided, that for the purposes Of this Act
no interest on said certificates shall be
allowed after January LIST 1907. Such
payment must be made only to the per
sons named in such certificates, Or to
their heirs or legatees, or to their duly
authorized counsel; upon surrender Of
tie original certifcat.s of Indebtedness
Section 4. Be it further enacted, ETC.
That the principal and interest Of said
bonds shall be paid by preference out
of that one-half o. the surplus of the
one per cent debt tax levied by the City
Of New Orleans by virtue Of Article 3l4
Of the Constitution Of Louisiana, which
is dedicated for public school purposes ;
and in making in each year apportion-
ment Of the surplus of said tax, the
Board Of Liquidation shall from the one
half apportioned to the public schools Of
New Orleans, withhold, by preference, a
sum sufficient to pay the semi-annual
interest on said bonds, and the sinking
fund hereinafter provided for.
Section 5. Be it further enacted, etc,
That after January LIST, 1917, the said
Board Of Liquidation shall, out Of the
said onehalf surplus of said tax appor-
toned to school purposes set aside sink
ing fund sufficient in amount to retire
the whole Of said ISSUE of bonds, on or
before January LIST, 1927, and shall, from
time to time, and at least once every
fbrao coil f,rl ,1ot
select by lot the numbers Of the bonds
to be retired at par and accrued interest,
and shall advertise for ten days in 4
newspaper published in each Of the cities
Of New York and New Orleans. the num-
bers Of said bonds and the date they will
be paid (Which date shall be not more
than thirty days from the date Of said
ADVERTISEMENT and at the expiration
Of said date said bonds shall cease to
bear interest.
Section 6. Be it further enacted, etc,
That all the substantial provisions Of
this Act shall constitute contract be-
tween the holders of bonds issued here
under, the State Of Louisiana and the
City of New Orleans.
Section 7. Be it further enacted, etc,
That at the congressional election to be
held in this State on the first Tuesday
following the first Monday of November
1906, lii" following amendment to the
Constitution of the State of Louisiana,
shall be submitted to the electors of the
State, to-wit:
"Tho r.}r of New Orleans shall 1sfve
power and it shall be its duty to issue
two hundred thousand dollars Of bonds
known as "ochool teachers salary
honds,' for the purposes and under the
provisions and conditions set forth in
the special act of the Legislature adopted
to that end and for that purpose, at the
regular session Of 1906, which said act IS
hereby ratified and approved; and all
provisions of the present Constitution of
the State in conflict with the provisions
Of said act, and with his amendment are,
to that extent, and for that purpose only,
repealed.
Section s. Be it further enacted, and
resolved, ETC., That on the official ballots
to be used at said election shall be placed
the words: "For the City of New Or
leans school teachers salary bond amend
ment;" and the words: "Against the
City Of New Orleans school teachers
salary bond amendments" and each cleo
tor shall indicate his vote on the pro-
posed amendment as provided III the
general election laws Of this State.
j. w. HYAMS,
Speaker of the House of Representa-
tives.
J. Y. SANDERS,
Lieutenant Governor and President of
the Senate.
Approved June II, 1906.
NEWTON C. BLANCHARD,
Governor Of the State Of Louisiana.
A true copy:
JOHN T. MICHEL,
Secretary of State.
ACT NO