The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1906-10-20

k,'ff nnds. after applying to said no
~ than twenty-four months operation
S'N ,u,nlus that may exist of the tax
!" ,ss;eated to pay the interest on saic
which surplus may and must ~
s'u. I'D before any draft is made foI
nurpose on the principal Of sale
IT, Ian 5. Be it further enacted, etc
.he proceeds of said bonds shall be
'D .,;sa in such proportion as may bs
pa,sd to the completion of said sew
F water and drainage system. the
ss,euce being given to the sewerage
% rater system, if necessary.
= SETON 8. Be it further enacted, etc.
-. there shall be dedicated to the pay
i' :. IT tho principal and interest of
=. bonds, herein authorized, all sur
y arising after January LIST, 1907,
~ the one-half Of one per cent debt
=, ns levied by the City of New Orleans
:. ,;r.ue of Article 3l4 of the Consti
son Of Louisiana, and from the special
- no mills voted by the property tax
.,.r of the City Of New Orleans on
(. nth day Of June, 1899, said surplus
sI,. here defined to be all residue in
IN year, until January lst, d42,l re-
lining after paying the interest on the
...y. millions of Public Improvement
..nds Of the City Of New Orleans, here
..f0re issued under the provisions Of
IA Act No. 6 of the extra session of
ZOO and the half-year interest re-
~ fund therein provided for, which
,M two mill tax shall be levied and col
'..ied only until January 1st, 1912, as
..,r;ded in Act No. 6 of the extra SEES
iou Of 1899.
T. after paying the annual interest
the bonds provided for in this Act,
"a after January LIST, 1923, paying
All sinking fund hereinafter provided
h, there shall be any year, any further
rrplus of said tax, said further surplus
hall be used for extending the said
,,blic systems Of sewerage, water ami
damage, to respond to the growth AMI
rtsnsion of the City OF New Orleans.
Nd If such further surplus Shall sc
more tLan sufficient for sucA purpose,
De same shall be held by the Board Of
I;uuidation to the credit Of the City of
New Orleans to be expended only in per
rarent public Improvements, such as
nying, public buildings, bridges. etc.
Section Z. Be it further enacted, etc.
4 nat after January lst, 1928, the Board
Ii Liquidation Of the City Debt. shall
out Of the surplus of said taxes herein
isdcated to the payment of the princi-
81 and interest Of said bonds, set aside
, sinking fund sufficient in amount n
| n.ire the whole of said eight millions
Ii bonds on or before January l. 1912.
|ud shall from time to time, and at least |
lace every three months. as said fund
seumulates, select by lot, the numbers
II the bonds to be retired at par AM
|rcrued interest, and shall advertise for
|M days in newspaper published in
Zach Of the cities of New York, Chicago
|nd New Orleans, the numbers of said
binds and the date they will be paid
which date shall be not more than thirty
hy from the date Of said advertise
Ent) and at the expiration of said date.
nd bonds shall cease to bear interest.
Section s. Be it further enacted. etc.
hat the Board Of Liquidation of the
|1F Debt, is hereby directed not to sell
~ Of said eight millions of New Public
Improvement Bonds in excess of the
Heaues hereby dedicated to the pay
|knt Of the annual interest thereon, and
: defer such sales, if necessary, until
= assessed values of the City Of New
mans will assuredly provide the funds
meet the interest charges thereon.
sseton 3. Be it further enacted, etc.
|M i, BY any mischance, tie growth
Id progress Of the City of New Orlean as
9ao Be arrested, 50 that her assessed
ias should not be sufficient to pro.
. sinking fund to retire said bonds
January 1st, 1912, all Of said bonds
snalning unpaid shall be ipso facto.
aded, at the same rate of Interest
y WITH the right of call, as herein pro
vs., until January 1st, 1862, and tho
y one per cent debt tax shall be Ie
g and collected until that date or
the principal and interest of sail
- are fully and finally paid, and the
'.seds thereof, after July 1st, 1850. |
. applied by preference to the
lsas OF the principal and interest
"a bonds, except in 50 far as anv
- Of the proceeds Of said tax NAV
y oe applied, after that date, to
'nent Of the principal and interest
sad twelve millions Of Public
snent Bcnds' due July 1st. 1850,
under said Act of 1899. If it
become necessary, after January 3
=, to provide for the payment
interest on any part of said eight P
= dollars of "New Public Improve.
1enas," until the said twelve mil