The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1906-11-03
ACT NO. z.
By Mr.. Dupre. House Bill No. 30
AN ACT

To authorize aud require the City of
New Orleans, through the Board Of
Liquidation of the City Debt, to is
sue and sell bonds, which shall be
exempt from taxation, for the pay
mpnt of the debt due for salaries of
school teachers and pOrtressps for
the years 1885. 1886 and 1897; to
provide for the payment of the
principle and interest of said bonds;
and to submit to the people an
amendment of the Constitution au-
thorizmg the issuance Of said bonds,
and ratifying the provisions OF this
Act.
Whereas, the City of New Orleans,
has for n,aBy years, been indebted
to her school teachers and por-
tressps, ~ meritorious body of her
citizens, for personal service rem
dered under contract with the
Board of Directors of her public
schools; and
Whereas, the people of this State, by
the provisions of Article 315, 316
and 81 Z of the ConstitutiOn of 1898
required the City of New Orlea rs
to examine into and assume the
payment of these debts, and pro-
vided therein for their payment in
a manner then believed to be suffi-
cient and etficacious; and
Whereas, under said constitutional
directions, the city did examine
and assume this debt, but the pro-
vision made in the Constitution for
the payment thereof was sufficient
only To liquidnte the assumed in
delItedness for the years 1882,
1888 aud 1884. leaving unpaid the
assumed Indebtedness for the years
1885, 1886 and 1887; and
Whereas, the City of New Orleans did,
by Ordinance No 2044, New Coun-
Gil Series, approved October list
1908, assume the indebtedness re-
ported by it's Finance Committee
as due by the School Board of said
city to teachers for salaries Of
school teachers and portresses for
the years 1885, 1886 and 1887,
and did issue certificates Of in,lebt-
edness therefor, amounting in the
aggregate to one hundred and sew
enty-fOur thousand. ak hundred
and sixty-two ($174,662.0O) dol
lars; and
Whereas due notice of this Act has
been published in the City of New
Orleans for more than thirty DAYS
prior to it's introduction into the
General Assembly. aud due evil
dence Thereof has been exhibited in
the General Assembly:
Section /. BE it enacted bv the
General Assembly of the State Of Lou
isiana, two-thirds of all the members
elected to each House concurring,
That, subject to the ratification OF
the people of the State of Louisiana.
by the adoption af an amendment to
the Constitution of the State herein
after submitted tn them the City OF
New Orleans shall have power to il
sue, and it shall be its duty to issue
bonds. not to exceed two hundred
thousand dollars $20O,0e0.0O) in
amount, dated .January list, 1907,
bearing 4 per cent per annunl inter
est payable senii-annually, the prin-
cipal of which shall be payable at the
option of the city, at any time be-
tween january 1st, 1917, and Janu-
ary LIST, 1927. Said bonds shall lie
STYLED. "School teachers salary bonds
Of the City of New Orleans" They
shall be of the denomination of one
thousand dollars each, payable in
lawful money of the United States,
with semi-annual interest coupons
annexed payable July LIST and Janu-
airy LIST. They shall he signed by the
Mayor and Comptroller Of the City
of New Orleans, and cOuntersigned
by the President or Vice President
and Secretary of the Board of Liqui.
dation of the City Debt. They may
be registered and released from reg.
istry under the rules and regulations
prescribed by said board OF Liquida.
ton. and no registered bond shall bt
negotiable. Like other city bonds
they shall lie exempt from all taxation
State, parish and municipal, and thu
tutors OF minors and curat tors of in
terdicts shall be authorized tn invest
the funds in their hands in suct
bonds.
Section 2. BE it further enacted
etc, That as soon as constitution
authority for the issuance of sale
bonds shall have been obtained, i
shall he the duty Of the Board of Liz
uidation of the City Debt, at the ex
pense OF the one-balf of the one PEE
cent debt tax, devoted to school pur
poses, and apportioned by SAFE
Board, to cause said bonds to I've en-
graved and executed, and to sell tn
same at not less than par and nccru
ed interest, by sealed proposals., II
the highest bidder, after thirty day
advertisement in two papers publish
cd in the CITY of New Orleans.