The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1906-09-08
Continued from page 2.

duNtTtibc tOT Tell udyS III u IlSWspd per
published in each of the cities of New
York, Chicago and New Orlean ms, the
number of said bonds and the date
they vii! be paid (which date shall be
not more than thirty days FROM the
date of such ADVERTISEMENT and at
the expiration of said date, said
bonds shall cease to bear interest.
Section y. Be it further enacted,
etc, That the Board Of Liquidation
OF the City Debt is hereby directed
not 10 sell any OF said eight millions
OfNew Public Improvement Bonds in
excess of the revenues hereby dedicat-
ed to the payment of the annual in
terest thereon, and to defer such sales
II necessary, until the assessed value
of the city of New Orleans will as
suredly provide the funds to meet
the interest charges thereon.
Section 3. BE 1t further enacted,
ETC., That II, 10y any mischance.
the growth and progress of the City
OF New Orleans should he arrested,
so that her assessed values should
not lie sufficient to provide a sinking
fund to retire said bonds by Janua-
ry 1st, 1912, all said bonds so remain
INK eudlf tc ltDStD ldClO. cN-
tended at the same rate of interest
and with the right of cnll. as herein
provided, until January LIST. 1862. and
the said one per cent debt tax shall
he levied and collected until that
date or until the principal and inter
eat of said bonds are fully and finally
paid, and the proceeds thereof. after
July list, 1850. shall he applied by
rsS... fn,. l,<a
principal and interest of said bonds.
except In so far as any portion of the
proceeds CT said tax may have to be
applied, after that date to the pay
ment of the principal and interest of
the said twelve millions of Public
Improvement Bonds" due July LIST i.
1850, issued under said Act of 1899
IL it should become necessary. after
january LIST. 1872. to provide for the
payment of the interest on any part
of the said eight million dollars Of
New Public improvement Bonds"
until the said twelve millions of
Public Improvement Bonds are
retired, and the proceeds of said one
per cent debt tax cannot he used
without infringement upon the es-
tablishetl plan of retiring tire whole
of said twelve millions of bonds In
the interval between January LIST.
1912, and July list, 1850, 4. shall he
the duty of the City of New Orleans.
to he enforced ny mandamus. II nee
essary, either by the Board of Liqui-
dation or by any bondhOlder, to levy
In each year "a special tax sufficient
To pny the interest ON said bonds.
said special tax To he levied and col
lected and paid to the Board of LID
uidatiOn. until the proceeds of the
one per cent debt tax shall lie avail
able towards the payment of the in
terest and principal Of said bonds.
Section 10. BE 1T further enacted,
etc, That the holders Of bonds issu-
eel under this Act shall have all the
rights and guarantees provided In
said Act No. g Of the extra session nf
1899. I'm behalf III the holders uf bonds
issned under that Act, and all the
substantial provisions of this Act
shall constitute n contract bet wesn
the holders Of bonds issued herpnn-
der, the State of Louisiana, and the
City Of New Orleans.
Section IL. BE it further enacted.
and resolved, etc. That at the con-
gressional election to be held in this
State on Tuesday, the 9th day of No
rember, 1906. the following amend
ment to the COnstitution of the State
al Louisiana shall be submitted to
the electors of the State, to-wit:
1.-THE City of New Orleans shall
have power to issue eight million
dollars of bonds, known as New
Public Improvement Bonds, for the
purposes AMI under the provisions
md conditions set forth in the Spe-
cial Act Of the Legislature adopted
to that end and for that purpose. at
the regular session of 1906, which
said Act is hereby ratified and ap-
proved; and all provisions OF the,
present Constitution of the State i'm
Conflict with the provisions of said
Act. and with this amendment. are
to that extent, and for that purpose
Olly, repealed"
Section II. BE It further enacted.
and resolved, etc. That on the OFF,
cial ballots to he used at said cleo
ton. shall I've PLACED the words:
For the City OF New Orleans New
Public Improvement Bond Amend
ment."
And the words:
Against the City of New Orleans
New Public improvement Bond
Amendment"
And each electOr shall Indicate his
vote on the proposed amendment. an
provided In the general election laws
of this State.
j. Y. SANDERS,
Lieut.. Gov. and Prest. of the Senate.
j. W. HYAMS,
Speakerof House of Representatives,.
AnurovpI .Iune Nth 1Nk
NEWTON G. BLANCHARD,