The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1906-09-15

lSlilnu, CWO-tniFuS Vi on WV
elected to each House concurring,-
That, subject to the ratIhcatioh Oh
the people of the State Of Louisiana,
by the adoption Oi an amendment 10
the Constitution of the State, herein
nfter submitted to them, the City OF
New Orleans shall have power 10 Is
sue, and it shall be its duty to issue
bonds aggregating eight miiiion'doi-
lars. dated january i, 1907, bearing
four per cent erannum interest,", phy
able semi-annunlly, the principal OF
which shall be payable at the option
of the city at any time between Jan
uary I 1928, and January 1, l942.
Said bonds shall be styled New pub
lie Improvement bonds of the City OF
New Orleans" 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, pnyabie
July l and Jnnuary1. They shall he
signed by the Mayor and ComptrolIer
of the City of New Orleans. and caun-
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 regnla-
tions prescribed by said Board OF
Liouidation, and no registered
bond shall be negotiable. Like
other city bonds. they shall be
exempt from all taxation, State, par
ish and municipal, and the Tutors OF
minors ANA eurators of nterdicts
shall be authorized To invest the funds
| in their hands in such bonds.
Section 2. Be it further enacted.
etc, That as soon MS constitutional
authority for the issuance of said
lhopas shall have been obtained, it
shall he 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 engra we'd and executed, and to
hold same subject to the requisition
of the Sewerage and Water Board OF
New Orlenns. From time to time as
| directed by said Sewerage and Water
Board. said Board of Liquidation
shall sell said bonds, in such amounts
rs it may be requested SO to do, by
scaled proposals, TO the highest bid
der, for not hess than parand accrued
interest, after thirty days advertise
ment of such sales in one newspaper
published in each of he cities OF New
York, Chicago and New Orleans.
/ Section 3. Be it further enacted,
etc, That the proceeds OF all such
sales he held by the Bourd OF l.iqui-
dation and paid over ON the warrant
of he Sewerage and Water Board in
the manner and under the conditions
provided in said Act No. 6 OF the ex-
! ira session OF 1899, and the amend
lnents thereof.
Section. 4. BE it further enacted,
etc, That the procresls OF said bonds
shall he used exclusively for the COM
!, pletion Of the existing sewerage,
: wafer and drainage system Of the
City OF New 0rIeans, with these ex-
: ceptions only:
ia) That if the said systems do
| not require the expenditure for their
! colnpletion of the whole of said pro-
+ ceeds, the balance thereof shall be
held by the Board OF Liquidation tO
the credit of the tity of New Orleans
to- be expended by it for paving
purposes, only:
tb( Tint when the water and sew~
. erage systems are completed and
their operation is begun, the expen-
ses of the operation of said systems
for not more than the first twenty
-four months thereof, may be suppli-
ed. in whole OF in part, out OF said
funds, after applying to said not
more than twenty-four months OPP
GRAFTON any surplus that may exist
, of the taxes dedicated to pay the ia
terest on said bonds, which surplus
! NAV andmustHbe so used before any
= draft is made for such purpose on the
T principal of said fund.
. Section 5. Be it further enacted /,
y etc, That the proceeds OF said bonds
I shall be applied in such proportion ~,
u may be required to the completion
:. of said sewerage, water and drainage
y systems, the preference being given
to the sewerage and water systems, IT
= necessary.
el Section 6. BE it further enacted
etc. That there shall he dedisntedto
u the payment Of the principal and in
e tereA of the bonds, herein authoris~
e ed, all surplus, arising after january
l. LIST, 1907. from the one-hnlf OF one
e per cent debt tax levied by the City
e of New Orleans by virtue of Article
314 of the Constitution Of Louisiana,
: and from the sprcinl tax OF two mills
v voted by the property taxpayers Of
Is the City of New Orleans on the sixth
le day of June, 1889, said surplus be
e ing here defined TO be all residue in
'e each year, until January 1st. 1912,
remaining after paying the interest
'e on the twelve millions OF Public I'm
II provement Bonds of the City Of New
. Orlenns, heretofore issued under the
J. provisions OF said Act No. 9 of the
IL lextra session of 1899, and the half'
Vi years interest reserve fund therein
20 provided for, which said two mill tax
u shall be levied and collected only I'M
ne til January 1st, 1912, as provided in
x.f