The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1906-09-29

{, SAID bonds are sa1,sned; 10 provide
for the issuance and sale of slid bonds,
AID their exemption from taxation;
and to provide for liz Submission to
the people of the Sac Of Louisiana
Of Il constitutional amendment, au-
tAorlzlu- the isS'Ic Of said bonds and
confirming The provisions of this Act.
Whereas. due notice of this Act has been
published in the City of New Orleans
for more than thirty days prior to its
introduction into the General Assem-
bly,. and due evidence thereof has been
exhibited in the General Assembly;
and
Whereas. the bonds authorized to be H.
sued by the City of New Orleans I'M
der the provisions of Act No. 6 of the
extra session of 1899, ratified by
constitutional amendment, adopted at
the general election of 1900, have not
proved adequate to he completion Of
the sewerage, water and drainage sys-
tens Of the City of New Orleans and
the General Assembly is advised that
1t wall probably require eight mil
hon dollars additional to complete said
systems; and
Whereas, by the increase of assessments
IN the City Of New Orleans, present
and prospective. the one half of the
surplus of the one per cent debt tax.
levied by virtue of Article 3l4 of the
Constitution of the State of Louisiana
of 1898, and the special tax of two
mills, voted by the taxpayers of tho
City of New Orleans on the 9th dav
of June 1899 are and will be mora
than sufficient to pay the interest on
the twelve million dollars of bonds
issued under said Act No.
of the extra session of 1899,
and actually produce a large surplus
dedicated by said act to the purposes
thereof, which is AMI will be sufficient
to. permit the capitalization thereof
by the issuance of eight million dol
lars OF bonds, and the retirement there
of prior to January /, 1912; and
Nhereas, it IS Of the greatest impor-
lance to the City Of New Orleans, and
the people of the whole State, that
thee great public works shall be
speedily completed. aal that their com.
p!e;ion should not he deferred through
long series Of years by the gradual
application to that enl Of the said
surplus, rs it accrues year by year:
Section ]. Be it enacted by the Gen.
eral Assembly Of the State of LouiS
lana, two thirds of all the members elect
Ell to each House concurring, That sub
Ject to the ratification of the people OF
the State of Louisiana, by the adoption
Of an amendment to the Constitution Of
the State, hereinafter submitted to them
the City of New Orleans shall have powe.
to issue, and it shall be its duty to ISSUE
bonds aggregating eight million dollars
lated D. nuary l, 1907, bearing four pei
cent per annum interest, payable semi
the principal of which shall
De payable, at the option of the city, at
any time between January l, 1928, and
January l, 1912. Said bonds shall b
styled "New public Improvement bonds
If the City of New Orleans.' They shall
'e of the denomination of one thousand
'ollars each, payable in lawful money
# the United States with semi-annua
interest coupons annexed, payable July
and January ]. They shall be signed
y the Mayor and Comptroller Of the
lily of New Orleans and co,-ntersiGned
y the President or Vice President and
secretary Of tie Board Of Liquidation of
ne City Debt. They may be registered
nj released from registry under the
tiles and regulations prescribed by said
5oard of Liquidation. and no register.
d bond shall be negotiable Like other
ity bonds, they shall be exempt from all
aSation, State, parish and municipal
nd the tutors Of minors and curators
{ interdicts shall be authorized to in.
est the funds in their hands in such
0nds.
Section >. Re it further enacted, etc.
lat as soon as constitutional authori.
Y for the issuance of said bonds shall
ave been obtained, It shall be the duty
the Board of Liquidation of the City
'ebt at the expense Of the special tau
ind in their possession. to cause said
onds to be engraved and executed and
} hold same subj to the requisition
{ the Sewerage and Water Board OF
lew Orleans. From time to time, al
irected by said Sewerage and Water
'oard. said Board of Liquidation shall
I'll said bonds in such amounts as il
lay be requested so to do, by sealed pro.
osals to the highest bidder, for not less
nan par and accrued interest, after
lirty days advertisement of such sales
l one newspaper published in each Of
le cities Of New York, Chicago and New
rleans
Section g. Be it further enacted, ETC.,
hat the proceeds of all such sales b.
ED by the Board of Liquidation and
aid over on the warrant of the Sew.