The Lafayette advertiser. [volume] (Vermilionville [i.e. Lafayette], La.) 1865-19??, 1906-10-31

to issue new public improvement
bonds to the amount of eight million
dollars Tor the purpose OF completing
Its sewerage, water and drainage sys
TENS: to provide for the payment o
the principal and interest of sale
bonds: to provide for the disposition
OF the surplus of the taxes dedicated
to such payment: after the demand,
thereon of said bonds are satisfied
to provide for the issuance and sal,
of said bonds, and their exemption
from taxation: and to provide foI
the submission to the people of the
State of Louisiana of q cOnstitu,
tlonal amendment, authorizing the
issue 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 t" It's introduction into the
General Assembly. and due evidence
thereof has been exhibited in the
General Assembly: and
Whereas, the bonds authorized to be
issued by the City of New Orleans
under the provisions of Act No. 4 OF
NV SCSSlOl VI 1893. Edlilltu DN
constitutional amendment, adopted
at the general election of 1900, have
not proved adequate to the compile
ton of the sewerage. Waterand drain
age system of the City of New Or
leans and the General Assembly is
advised that it will probably require
eight million dollars additional to
complete said systems: and
Whereas, by the increase of assess
ments 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 tax
payers of the city of New Orleans on
the 9th day of June, 1899, are and will
be more than sufficient to pay the in
terest on the twelve million dollars
of bonds issued under said Act No.
8 of the extra session of 1899. and ac-
tually produce q large surplus dedi-
Gated by said act to the purposes
thereof, which is and will be sufii-
clent to permit the capitalization
thereof by the issuance of eight mil
lion dollars of bonds. and the retire
ment thereof prior to January l.
1912: and
Whereas, it is of the greatest impor-
lance to theSsjty OF New Orleans,
and the peoples the whole State,
that these great &c works shall
be speedily completN, and that their
completion should not be deferred
through a long series of years by
the gradual application to that end
OF the said surplus, as it accrues
year by year:
Section l.: Be it enacted by the
Assembly of the State of
twO-thirdS of all the mem
oers elected to each House concurring.
subject to the ratification of the
people of the State Of Louisiana, bv
he adoption of an amendment to the
of the State. hereinafter
submitted to them, the City of New Or
cans shall have power to issue, and
t shall be its duty to issue, bonds ag-
,regating eight million dollars. dated
anuary l, 1907, bearing 4 per cent per
lnnum interest, payable semi-annu-
lily, the principal of which shall be
payable, at the option of the city. at
my time between January l, 1923, and
January l, 1912. Said bonds shall be
tyled New public Improvement bonds
# the City of New Orleans" They
hall be of the denomination of one
thousand dollars each, payable in
awful money of the United States,
nth semi-annual interest coupons an
lexed, payable July l and January l.
hey shall be signed by the Mayor
nd comptroller of the City of New Or
cans and cOuntersigned by the Presi-
.ent or Vice-President and Secretary
# the Board of Liquidation of the
lily Debt. They may be registered
nd released from registry under the
ules and regulations prescribed by
aid Board of Liquidation, and no
egistered bond shall be negotiable.
ike other city bonds, they shall be
xempt from all taxation, State, parish
nd municipal, and the tutors of mi
and curators of interdicts shall
e authorized to invest the funds in
leir hands in such bonds.
Section 2. Be it further enacted.
to-, That as soon as constitutional
uthOrity for the issuance of said
shall have been obtained, it
hall be the duty of the Board of Lii
uidation of the City Debt, at the ex-
ense of the special tax fund in their
OssesSiOn. to cause said bonds to be
1graved and executed. and to hold
anne subject to the requisitiOn of the
average and Water Board of New
From time to time, as di-
,cted by said Sewerage and Water
Oard, said Board of Liquidation
lall sell said bonds, in such amounts
5 it may be requested SO to do, by
'aled proposals, to the highest bidder,
II not less than par and the accrued in
rest, after thirty days advertisement
such sales in one newspaper pub
shed in each of the cities of New
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