The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1906-09-08

l'tl ta,t' - az iltt IN S!li' % - t'i'!Sy
and their exemption from taxation;
AMI % provide for the submission .
tie people II tie Safe of Louisiana
! II 4 constitutional amendment, au-
| tAHrizin& the issue vi sa;d bonds AND
confirming the provisions or this Act.
| Where's, due notice Of Ills Act has been
| published in the city IF New Orleans
fer more than thirty DAYS prior to its
Introduction into the General Assem-
lily, and due evidence thereof has been
exhibited in the General Assembly;
and
Whereas. the bonds authorized to be Is
sued by the City of New Orleans I'M
der the provisions of Net No. 6 of the
extra session Of 1899. ratified by a
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 AMI
the General Assembly is advised that
1t will probably require eight mil
hon dollars additional to complete said
systems; and
N'AS' ~ lIAt ltftSt UI 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 tac taxpayers Of the
City of New Orleans on Tie 9th lay
of June 1899. are and viii he moro
than sufficient 10 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 ana 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 l, 1912; and
Whereas, it is Of the greatest impor
lance TO the City of New Orleans. and
the people Of the whole State. that
these great public works shah be
speedily completed, and thqt their com.
pl"tlon should not be deferred t;lronyh
long series of years by the gradual
appAeatlon to that end of the said
surplus, as i accrues year by year:
Section l. Be it enacted by the Gen.
eral Assembly of the State Of Louis
lana, t"o-thirds Of all the members elect
eel TO each House concurring, That sub
lect to the ratification of the people OF
ne State of Louisiana, by the adoption
II lp1npt 70 he
ne State, hereinafter submitted to them.
re tlty OF New Orleans shall have rowe,
o issue, and it shall be its duty to issue
'onds agsregating eight million dollars
'ated j, uuary !, 1907, hearing four pei
"ht per annum interest, payable semi
the principal of which shall
e payable, at the option of the city. at
ny time between January /, 1928. and
anuary !, 1912. Said bonds shall b,
tyled 'New public Improvement bond.
I the City of New Orleans They shall
G of the denomination OF one thousand
'llars each, payable in lawful money
the United States with semi-annual
ltefest coupons annexed, payable July
and January !. They shall be signed
y the Mayor and Comptroller of tie
lty of New Orleans and countersiGned
the President or Vice President and
acretary eff the Board of Liquidation Of
Re City Debt. They may be registered
nd released from registry under the
lies and regulations prescribed by said
GARD OF Liquidation, and no register.
bond shall be negotiable. Like Other
ty bonds, they shall be exempt from all
Ration, State, parish and municipal
ID the tutors of minors and curators
interdicts shall be authorized to in
st the funds in their hands in sucb
nds
Section :. Be it further enacted, etc.
nat as soon as constitutional authori.
for the issuance of said bonds shall
We been obtained it shall be the duty
the Board of Liquidation Of the Civ
sbt, at the expense of the special Ia,
nd in their possession, to cause said
nds to be engraved and executed and
hold same subject to the requisiton
the Sewerage and Water Board Of
w Orleans. From time to time, a,
-ected by said Sewerage and Waite,
ard said Board of Liquidation shall
| said bonds in such amounts as il
y be requested 50 to do, by sealed pro,
sails to the highest bidder fer not les.
IN par and accrued interest, aftel
rty days advertisement # such sales
one newspaper published in each o.
cities Of New York, Chicago and New
leans.
Section 3. BE ii further cnaote.i, etc.
at the proceeds of III such sales he
d by the Board of Liquidation and
d over on the warrant Of the Sew.
ge and Water Board in the manner
nndnr lie cnnli.inns nrnti.lci =,