The southern sentinel. (Winnfield, La.) 1883-1910, 1906-09-21

amount of eigh million dollars for the pur-
pose of completing its sewerage, water
and drainage system; to provide for the
payment OF the principal and interest OF
said bonds; to provide for the disposition
of the surplus of the taxes dedicated to
such payment, after thedemands thereon of
said bonds are satisfied; to provide for the
issuance and sale of said bonds, and their
exemption from taxation; and to PROVIDE
for the submission to the people of the
State OF Louisiana of constitutional a
mendment, authorizing the issue OF said
bonds and confirming the provisions OF this
Act.
Whereas. due notice of this Act has been pub
lished in the City of New Orleans for more
than thirty days prior to It's Introduction
sinto the General Assembly, and due evil
dence thereof has been exhibited IN the
General Assembly; and
Whereas the bonds authorized TO be issued by
the City of New Orleans under the proyis-
ions of Act No. of the extra session OF
1889, ratified by constitutional amend
ment, adopted at the general election OF
1900, have not proved adequate TO the COM
system of the CITY of New Orleans and the
General Assembly Is advised that IL Will
probably require eight million dollars adj
ditional to complete said system; and
Whereas, by the increase of assessments in the
City of New Orleans, present and prospec-
tive the one half of the surplus OF the one
per cent debt tax, levied by virtue OF Arti.
Gle s14 of the Constitution of the State OF
Louisiana OF 1883, and the special tax OF
two mills voted by the tax payers OF the
City of New Orleans on the 9Th day OF June
1893 are and Will be more than sufhcient to
nav the interest on the twelve million dol
lars of bonds issued under said Act No.
OF the extra session of 1899, and actually
produce large surplus dedicated by said
Act to the purposes thereof, which is ana
will be sufficient TO permit the capitallza-
tion thereof by the issuance of eight million
dollars of bonds, and the retirement thereon
prior to January l, 1872; and
Whereas, it is of the greatest Importance to
the City of New Orleans, and tine people of
the whole State, that these great public
works shall be speedily completed, and
that their completion should not be deferred
through a long series of years by the grad
ual application to that end of the said sur
plus, us il accrues year by year:
Section l. Be il enacted bv the General As
sembly of the State of louisiana two thirds OF
all the members elected to each House concur
ring, That subject to the ratification OF the
people of the State of Louisiana, by the adop-
ton of an amendment to the Constitution OF
City of New Orleans shall have power TO issue
and il shall be its duty to ISSUE bonds aggrega-
ting eight million dollars, dated January l,
1907, bearing four per cent. per annum interest,"
payable semi-annually, the principal OF which
shall be payable at the option OF the city, at
any time between January !, 1873, and January
lyia Said bonds shall be styled New public
improvement bonds of the City of New Or
leans" 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 and
January 1. They shall be signed by the Mayor
and Comptroller of the City of New Orleans
President and secretary of the Board of Liqui-
dation of the City Debt. They may be regis
, tered and released from registry under the
rules and regulations prescribed BY SAID Board
OF Liquidation. and no registered bond shall be
negotiable. Like other city bonds, they shall
DE exempt from all taxation, state, parish and
municipal and the tutors of minors and cura-
tors of lnterdicts shall be authorized to invest
the funds in their hands in such bonds.
Section. 2. Be il further enacted, etc., That
as soon as the constitutional authority for the
issuance of said bonds shall have been obtain
ed, it shall be the duty OF the Board of Liqui-
dation of the City Debt. AT the expense OF the
special tax fund IN their possession, TO cause
said bonds to be engraved and executed, and
to hold same subject to the requlsition OF the
Sewerage and Water Board OF New Orleans.
From time to time, as directed Ly said Sewer
age and Water Board. said Boaro OF Llqufda-
ton shall sell said bonds, in such amounts as
| il may be requested so to do, by sealed prepo-
sails, 10 the highest bidder, for not less than
par and accrued interest, after thirty DAY 5
advertisement of such sales in one newspaper
| published in each of the cities of New York,
Chicago and New Orleans.
Section 8. Be IL further enacted, etc., That
| the proceeds of all such sales be held by the
Board of Liquidation and paid over on the
warrant of the Sewerage and Water Board In
he manner and under the conditions provided
! in said Act No. of the extra session of 1899,
and the amendments thereof.
Section 4. BE it further enacted, ETC., That
| the proceeds of said bonds shall be used exelu-
siYeIy for the completion of the existing sewer
age. water and drainage system OF the City oil
| New Orleans, with these exceptions only:
tal That il the said systems do not require
I The said expenditure for their completion OF
the whole of said proceeds, the balance thereof
shall be held by the Board of Liquidation to
the credit OF the City OF New Orleans, to be
expended by il for paving purposes, only:
(b) That when the water and sewerage sys-
toms are completed and their operation is be-
gun, the expenses of the operation OF said sys-
/ TENS for not more than the first twenty-four
months thereof, may be supplied, in whole OF
in part, out OF said funds after applying to SAID
not more than twenty-four months operation
Gated to pay the interest on said bonds. which
surplus may and must be used before any
draft is made for such purposes on the prinei-
/ pal OF said fund.
Section S. Be it further enacted ETC., That
| the proceeds of said bonds shall be applied In
| such proportion as may be required to the
completion OF said sewerage, water and dram
\ age systems the preference being given TO tnt
| sewerage and water systems, If necessary
| Section 6. Be it further enacted, etc., Ina
| there shall be dedicated to the payment OF tho
i principal and interest of the bonds, herein au
thorized all surplus, arising after January LIST
1907 from the one-haH of one per cent deb
tax levied by the city Of New Orleans by virtue
of Article 3ll of the Constitution of Louisiana
and from the special tax of two mills voted b.
j the property taxpayers of the City OF New Or
leans on the sixth day OF June, 1899, said sur
plus being here defined to be all residue II
| each year. until January LIST, 1912, remaining
/ after paying the interest on the twelve millions
4 OF Public Improvement Bonds OF the City o
New Orleans, heretofore issued under the pro
vision of said Act No. of the extra session
1899 and the half-year's interest reserve funt
4 therein provided for. which said two mill ia,
shall be levied and collected only until Janua
ury 1st 1912, rs provided for in Act NO. o
| the extra session of 1859.
II, after paying the annual interest on tn
bonds provided Tor in this Act. and. after Jan
nary 1st I9a8, paying their sinking fund here
inarter provided for, there shall be in any yea
any further surplus of said tax, said surplus
shall be used for extending the said publi
respond to the growth and extension Of tn
CITY Of New Orleans. and il such further sur
rlns shall be more than sufficient for such pnr
pose, the same shall be held BY The Board Q