The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1906-10-13
Continued from page 2.

NOHtlHuCu 1OfA PdSC Ss
advertise for ten days in a newspaper
published in each of the cities of New
York, Chicago and New Orleans, the
number of said bonds and the date
they will 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 8. BE 1t further enacted,
ETC., That the Board of Liquidation
OF the City Debt is hereby directed
not 10 seil any of said eight millions
ofNew Public Improvement Bonds in
excess OF the revenues hereby dedicat-
ell to the payment Of the annual in
tercst thereon, and to defer such sales
ii necessary. until the assessed value
of the city OF New Orleans will as-
ruredly provide the funds to meet
the interest charges thereon.
Section 9. Be 1t further enacted,
etc., That II, by any mischance.
the growth and progress Of the City
Oi New Orleans should I've arrested,
80 that her assessed values should
not he sufficient to provide a sinking
fund to retire said bonds by Janua-
ry 1st, l942, NIL said bonds 80 remain
Ing unpaid shall I've ipsO factO. ex-
tended mt the same rate of interest
and with the right Of call. an herein
provided, until January LIST. 1862. and
the sud one per cent debt tax shall
lie levied and collected until that
date or until the principal and inter-
> eEt Of said bonds are fully and finally
paid, and the proceeds thereof. after
duly lst, 1850. shall I've applied Ivy
preference to the payment OF the
principal and interest of said bonds,
except In SO far AS any portion vi 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 DOnds'' due July LIST.
1850, irsued under said Act Ut 1893.
IL 1t should becOne necessary. after
january lat, 1912. 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
I)er cent debt tax cannot I've used
without Infringement upon the en-
tablixiletl plan OF retiring the whole
of said twelve millions of bonds In
the interval between January LIST.
1912. and July LIST, 1850, 1. shall he
the duty of the City Of New Orleans.
to he enforced by manlamus, u nee
essary, either by the Board Of LiQui-
dalton or by any bOndhOlder, tn levy
In each year a special tax sufficient
tO pay the Interest on Paid bonds.
snid special Tux to he levied and col
lectetl and paid to the Board of LiQ-
hida ton. until the proceeds Of the
one per cent debt tax shall he avail
able towards the payment Of the In
terest and principal Of snisl bonds.
Section 10. Be II further enacted,
etc, That the holders Of lmlnds iseu-
ell under this Act shalt have all the
rights aud guarantees provided In
said Act No. 6 Of the extra session of
1889, In behalf of the holders of bonds
issneti under that. Act, and all the
substantial PROVISIONS of this Act
shall constitute Il contract bet wetn
the holders Of bonds Issued hereuu-
Tier. the State OF Louisiana, and the
City Of New Orleans.
Section II. BE 1t further enacted,
aud resolved, etc. That mt the con-
gressl0nal election to l,e held I'm this
State on Tuesday. the 9Th day Of No
venber, 1906. the following amend
ment to the ConsfltutiOn Of the State
Of Louisiaha 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 ROnsls," for the
PURPOSES and under the provisions
AMI conditions act forth la the Spe-
cial Act of the Legislature adopted
tn that end and for that purpose. Mt
the regular session Of 1906. which
said Act In hereby ratified and ap-
proved; and all provisions Of the
present Constitution Ut the State in
conflict with the provisions of said
Act. and with this amendment. are
tn that extent. and for that purpose
only, repealed"
section L. BE It further enacted.
and resolved, ETC.. That ON the Off
cial ballots to be used at said eiec-
tiOn. 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 eiector shall Indicate his
vote ON the proposed amend nent, as
provided In the general election laws
III this State.
]. Y. SANDERS.
Lieut.. Gov. and Prcst. of the Senate.
j. W. HYAMS,
Speaker OF House of Representatives.
Approved juno 18th. 1916.
NEWTON C. BLANCHARD,
Gov. OF the State Of Louisiana.
A true copy:
JOHN r. MICHEL.
Secretary of State.