The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1906-09-22

advertise for ten days in a newspaper
IN hliabod IN on oh f,f tho o;t;ao ~ Non,

1OrK, CnlcagO ana New Orleans, the
number of said bonds and the date
they will be paid (which date shall he
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 is hereby directed
not 10 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 To defer such sales
II necessary. until the assessed value
OF the city of New Orleans will as
suredly provide the funds to meet
the interest charges thereon.
Section .. 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 lie sufficient to provide a sinking
fund TO retire said bonds by Janu,l-
ry lst, 1912. oil said bonds so remain
Ing unpaid shall he ipso factO. ex-
tended Mt the same rate Of interest
aud with the rightof call. as herein
provided, until January 1st. 1862, and
the said one per cent debt tax shall
I've levied and collected until that
date or until the principal and inter
ear Of sail bonds are fully and finally
paid. and the proceeds thereof. after
July LIST, 1850. shall he applied by
preference to the payment OF the
principal and interest Of said bonds,
except In so far as any portion of the
proceeds CT said tax may have to be
applied, after that date to the pay
Inent OF the principal and interest of
the said twelve millions of Public
Improvement Bonds due July list i.
1850, Issued under said Act of 1899
II 1t should become necessary. after
january LIST. 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 he used
without infringement upon the es-
tablished plan of retiring the whole
of said twelve millions of bonds i'm
the interval between January LIST,
1912. and July LIST, 1850, f. shall he
the duty Of the City of New Orleans.
to l,e enforced Ivy mandamus. II nee
essary, either by the Board of Liuui-
dalton or 10y any bondhOlder, to levy
In each year a special tax sufficient
to pay the Interest on said bonds.
eitid special Tux to I've levied and col
lected and paid to the Board of Liq-
uidatiOu. until the proceeds of the
one per cent debt tax shall he avail
able towards the payment of the in
terest and principal OF said bonds.
Section 10. BE it 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
1889. In behalf of the holders of bonds
issned Gntier that Act, and NIL the
substantial provisions Of this Act
shall constitute n contract between
the holders Of bonds issued hereun-
der. the State of Louisiana, and the
City Of New Orleans.
Section IL. he it further enacted.
ana resolved, ETC., That at the con-
gressional cleo ton to be held I'm this
State on Tuesday. the 9th day 81 No
vembcr. 1906. the following amend
ment to the constitution of the State
of Louisiana shall lie submitted to
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" for the
purposes AMI under the provisions
and conditions set forth in the Spe-
cial 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 APP
proved; and all provisions of the
present Constitution of the State in
conflict with the provisions of said
Act. and with this amendment, are
td that extent. and for that purpose
only, repealed"
Section II Be 1t further enacted.
and resolved, etc. That on the Off
ciai ballots to be used at said cleo
ton. shall he placed the words:
''For the city of New Orleans New
Public Improvement Bond Amend
luent."
And the words:
Against the City Of New Orleans
New Public Improvement Bond
Amendment"
And each electOr shall indicate his
vote on the proposed amendment. as
provided I'm the general election laws
Of this State.
j. Y. SANDERS,
Lieut.. Gov. and Prest. of the Senate.
j. W. HYAMS.
Speaker of House of Representatives.
Approved June 18th, 1906.
NEWTON G. BLANCHARD,
Gov. Of the State of Louisiana.
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