The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1906-09-22
prgDoSed Amendments to the
Constitution,
State Of Louisiana.
ACT NO. 2.

ACT NO. 2.
", Dupre. House Bill No. 35
AN ACT
!. authorize and require the City OF New
orleaus, through the Board Of Liqui
Sst,on Of the City Debt, to issue and
IN bonds, which shall be exempt from
hxation, for the payment of the debt
due for salaries Of school teachers and
,ortresses for the years 1885, 1856
and 1887; to provide for the payment
AZ the principal and interest of said
bonds; and to submit to the people
:, amendment Of the Constitution
authorizing the issuance Of said bonds,
and ratifying the provisions Of this
Il Act.
whereas. the City Of New Orleans has
for many years been indebted to her
II school teachers and portresses, merit
orious body Of her citizens, for per
.onal services rendered under contract
With the Board Of Directors Of her
pubic schools; and
whereas, the people of this State, by
III the provisions Of Article 315, BIG and
s17 Of the Constitution of 1898, requir-
q ed the City Of New Orleans to OK
anime into and assume the payment of
these debts, and provided therein for
their payment in a manner then be-
leyed to be sufficient and efficacious;
and
Whereas, under said constitutional d.
rections, the city did examine and as
sumo this debt, but the provision made
In the Constitution for the payment
thereof was sufficient only to lquidate
the assumed indebtedness for the years
1882, 1883 and 1884, leaving unpaid
the assumed Indebtedness for the years
1885, 1856 and 1887; and
Whereas, the City Of New Orleans did,
by Ordinance No. 2044, New Council
Series, approved October LIST 1903, as
sumo the Indebtedness reported by its
Finance Committee as due by the
School Board Of said city to teachers for
salaries Of school teachers and portess-
es for the years 1885, 1886 and 1887,
and did issue certificates of indebted
ness therefor, amounting in the ag-
gregate to one hundred and seventy
four thousand, six hundred and sixty
two ($l74, 662. COY dollars; and
Whereas due notice Of this Act has been |
published in the City Of New Orleans
for more than thirty days prior to its
Introduction into the General Assembly,
and due evidence thereof has been ex-
hibited in the General Assembly:
Section l. Be it enacted by the Gen
nal Assembly OF the State Of Louisiana,
NO thirds Of all the members elected to
Dach House concurring; That subject to
be ratification Of the people Of the State
Il Louisiana, by the adoption Of an
amendment to the Constitution Of the
State hereinafter submitted to them the
ity Of New Orleans shall have power
0 issue, and it shall be its duty to issue
onds, not to exceed two hundred thous-
nd dollars (s2oo,0o0.00) in amount,
ated January LIST, 1907, bearing 4 per
ent per annum interest payable semi
nnually, the principal Of which shah be
ayable at the option Of the city, at any
inc between January LIT, 1917, and
anuary 1st 1927. Sail bonds shall be
fyled "School teachers salary bonds
{ the City Of New Orleans" They shall
Of the denomination Of one thousand {
'llars each, payable in lawful money of
e United States, with semi annual in
rest coupons annexed payable July LIST
I'd January 1st. They shall be signed
: the Mayor and Comptroller Of the
ty Of New Orleans and countersigned
the President or Vica President and
crctary of the Board Of Liquidation
the City Debt. They may be regis
ret and released from registry under
rtlss ana regulations prescribed by
ID Board Of Liquidation, and no reg
cred bond shall be negotiable. Like @
ler city bonds, they shall be exempt t
I'm all taxation, State, parish and mu- t,
'ipal, and the tutors Of minors and 9
rators Of interdicts shall b authorized [
int the funds in their hands in =
h Ands.
section 2. Be it further enacted, etc., n
at as soon as constitutional authority | N
the issuance Of said bonds shall have c
n obtained, it shall be the duty Of h,
Board Of Liquidation Of the City Il
Ot, at the expense Of the one-half Of al
one per cent debt tax, devoted to n,
DOL purposes, and apportioned by said lie
ard, to cause said bonds to be en- &C
we'd and executed, and to sell the same G
not less than par and accrued interest, 81
sealed proposals, to the highest bidder as
er thirty days advertisement in two a,
'ers published in the City Of New Or in
as. *,
ection ,. Be 1t further enacted, etc., tn
i the Board Of Liquidation shall, with te
proceeds Of said bonds take up and
the certificates issued by tbs City tt
New Orleans for the salaries Of school m
hers and portresses Of the public L.