The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1906-10-06

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isiana, .two-thirds OF oil the members
elected to each House concurripg, -
That, subject to the ratification Of
the people of the State Of Louisiana,
by the adoption of an amendment to
tie Constitution Of the State, herein
utter submitted to them, the City OF
New Orleans shall have power to is
sue, and it shall he it's duty to issue
bonds aggregating eight million dol
lars, dated January 1, 1907, bearing
four per cent per snnun interest, pay
able semi-anuually, the principal Of
which shall be payable ut the option
of the city at any time between JAN
uary l, 1928, and January 1, 1912.
Said bonds shall be styled New pub
lie improvement bonds of the City of
New OrIeane." They shall be of the
denomination Of one thousand dol
lars each, payable in lawful money Of
the United States, with semi-annual
interest coupons annexed, payable
July and january. They shall be
signed by the Mayor and Comptroller
Of the City Of New Orleans, and coun-
tersigned by the President or Vice
President and Secretary Of the Board
of Liquidation Of the City Debt. They
may be registered and released from
registry under the rules and regula-
ti0ns prescribed by said Board Of
Liquidation, and no registered
bond shall be negotiable. Like
other city bonds, they shall he
exempt from all tax~tisn, State, par
ish and municipal, and the tutors OF
minors and curatOrs ri iuterdicts
shnll I've authorised foinyest the funds
in their hands in such bonds
Section 2. BE it further enacted,
ETC., That as soon rs constitutional
authority for the iMsunnee of said
bonds shall have been obtained, it
shall be the duty Of the Board Of
Liquidation Of the City Debt, Mt the
expense Of the special tax fund in
their possession, to cause said bonds
to be engraved and executed, and to
hold sume subject to the ysquisitjOn
uf the Sewerage and wstsv Board Of
New Orleans. From time tn time rs
directed by said Sewerage and Water
Board, said Board Of Liquidation
shall sell snid bonds, in such amounts
rs it may he requested SD to do, by
sealed proposals., 10 the highest bid
der, for not less than par and accrued
interest, utter thirty days advertise
ment Of such ssles in one newspaper
published in each Of the cities Of New
York, Chicago and New Orleans.
Section 3. BE it further enncted,
ETC., That the pr0crels ol all such
SAILS be held by the Board of Liqui-
dsstiOn and paid over ON the warrant
Of the Sewerage nnd Water Board in
the mannes and under the conditions
provided IN said Act No. 6 III the ex-
ira session Of 1899, and the amend
ments thereof.
Section. 4. Be it further enacted,
ETC., Tint the proceeds of said bonds
shall he used exclusively for the COM
pletjon of the existing sewerage,
water and drainage system uf the
City OF New Orleans, with these ex-
ceptfofrs only:
(a) That If the said systems do
not require the expenditure for their
completion Of the whole Of said pro-
ceeds, the balance thereof shall be
held by the Board of Liquidation to
the credit of the City Of New Orleans,
to he expended by it for paving
purposes, only:
(b) Tint when the water ,knd sew
ersge systems are completes md
their operntiou h begun, the expen-
res OF the operation of sxid systems
for not more than the first twenty
four months thereof, may I've suppl
ed, in whole or in part, out Of said
funds, after applying to ssfid rot
more than twenty-four nonths op-
GRAFTON any surplus thut may exist
Of the taxes dedicated to pay the in
terest on said bonds, which surplus
may and must be 10 used before any
draft is mnde for such purpose ON the
principal of said fund
Section S. Be it further ennctad.
ETC., That the proceeds Of said bonds
shall he applied in such proportion a.
may be required to the completion
of said sewerage, water and drainage
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