The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1906-09-15

tor TIC issuance and sale - ST ii bonds,
and their exemption from taxation;
and 10 provide for the Submission -
the people of the S'a#a Of Louisiana
Of a constitutional aIaendment, au-
tharizing tie Issue ~aid bonds asd
confirming the provisions Of this Act.
Whereas. due notice Of this Act has been
published in the Ci'y e New Orleans
Ter more than thirty ',ays prior to it,
introduction into the General Assem-
bly,, and due evidence thereof has been
exhibited in the General Assembly;
and
Whereas, the bonds authorized to be Is
sued by the City of New Orleans un-
der the provisions Of Act No. of the
extra session Of 1899. ratified by
constitutional amendment, adopted \:
the general election Of 1900, have not
proved adequate to he completion Of
the sewerage, water and drainage sys
tens of the City Of New Orleans an!
the General Assembly is advised that
1t Will probably require eight nil
hon dollars additional to complete said
systems: ard
Whereas, by the increase of assessment.
in the City Of New Orleans, present
and prospective, the one half of the
surplus Of the one per cent debt tax,
levied by virtue of Article 3i4 Of the
Constitution Of the STATE Of Louisiana
of 1898, and The special tax Of two
Mills, voted IL the taxravers Of I'll,
City of New Orleans IN the 9Th ,lav
of June 1899, are ana viii be nor>
than sufficient 10 pay the interest ~
the twelve million dollars Of bond.
issued under said Act ~.
of the extra session of 1saq
and actually produce 4 large surplus
dedicated by said act to the purposes
thereof, which is ana viii be sufficient
to permit the capitalization thereof
by the issuance of eight million dol
lars Of bonds, and the retirement there
of prior to January /, 1912; and
Whereas, it is Of the greatest impor.
lance to the City Of New Orleans. an.
the people Of the whole State. that
these great public works shall bs
speedily completed. and tA~t their com.
pletion should not be deferred through
a long series Of years by the gradual
Application to that end of the said
surplus, as it accrues year by wear:
Section l. Be it enacted bv the Gen.
raj Assembly of the State Of Loui,
ana, tWo-thirds Of all the members elect.
q TO each House concurring, That sub
eet to the ratification Of the people Of
ne State of Louisiana, by the adoption
I an amendment to the Constitution Of
he State, hereinafter submitted 10 them
ne City of New Orleans shall have power
issue, and it shall he its duty to issue
onds aggrega;ing eight million dollars
ated j. uuary |, 1901. bearing four PEI
'h' per annum interest, payable semi
the principal Of which shall
: payable, st the option Of the citv. a.
ny lime between January l. 1928, and
anuary ], 1912. Said bonds shall b<
yled New public Improvement bombs
the City Of New Orleans. - They shall
OF the denomination OF one thousand
'llars each, payable in lawful money
terest coupons annexed, payable July
and January l. They shall be signed
the Mayor and Comptroller of tie
ty OF New Orleans and countersiGned
the President or Vice President and
cretary of the Board Of Liquidation Of
City Debt. They may be registered
d released from registry under the
les and regulations prescribed by saii
'ard OF Liquidation, and no register.
bond shall be negotiable. Like othe-
y bonds, they shall be exempt from all
Sation, State, parish and municipal,
the tutors Of minors and curators
interdicts shall be authorized to In,
It the funds in their hands in such
nds.
Section 2. Be it further enacted, etc.
at as soon as constitutional authori
for the issuance of said bonds shall
re been obtained, it shall be the duty
the Board of Liquidation of the CITY
bt, at the expense of the special tal
Id IN their possession, to cause sal,
IDS to be engraved and executed and
h'i" saint SUBJECT ~ the requlsltlon
the Sewerage and Water Board Q,
W Orleans. From time to time. a.
ected by said Sewerage and Wate,
ard, said Board of Liquidation shall
said bonds in such amounts as il
Y be requested so to do, by sealed pro,
ais to the highest bidder, for not les.
n par and accrued interest, afte,
'ty days advertisement Of such sale,
one newspaper published in each ot
cities Of New York, Chicago and New
cans.
lection 3. Be it further enacted, etc,
It the proceeds Of al such sales be
by the Board of Liquidation ami
/ over on the warrant Of the Sew.