The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1906-11-03


interest of said bonds; to provide
for the disposition of the surplus Of
the taxes dedicated tn such pay
-ment, aftei the demands thereon OF
said bonds are satisfied; to provide
for the issuance and sale of said
bonds, and their exemption from
taxation; and to provide for the
submission to the people of the
State of Louisiana Of constitu-
tiOnal amendment, authorizing the
issue of said bonds, and confirming
the provisions Of this Act.
due notice of this Act has
been published in the City Of New
Orleans for more than thirty days
prior to it's introduction into the
General Assembly, aud due evidence
thereof has been exhibited in the
General Assembly; and
the bonds authorized to lie
issued by the'City of New Orleans
: under the provisions of Act No. u
of the extra session of 1899, rnti-
fed by constitutional amendment
adopted at the general election Of T
1900. have not proved adequate to
the completion OF the sewerage, wa
ter and drainage systems ut the
City of New Orleans, and the lien-
eral Assembly ia advised that it will
probably require eight million dol
lars additional to complete said
systems; and
Whereas, by the increase of nssess-
ments in the City of New Orleans,
present aud prospective, the one
hall of the surplus of the one per
cent iebt tax, levied by virtue Of
Article 314 of the Constitution Of
the State of Louisiana of 1898, and
the special tax of two mills voted
by the taxpayerspf the City of New
Orleans ON the 9th day III June,
1899, are and will be more than
sufficient to pay the interest on the
twelve million dollars of bonds is
sued under SAT-! Act No. 6 of the ex-
= ira session of 1899, and actually
produce large surplus. dedicated
by ssid act to thepurposes thereof,
which is and will besutficient topper
nit the capitalization thereof Ivy
the issuance of eight million dollars
ofbOnds, and the retirement thereof,
prior to January 1, 1912; and
Whereas, it il of the greates impOr-
tancr to the City of New Orleans
and the people of the whole State
thut these grent public works shall
he speedily completesi, mud that
their completion should not be de-
ferred through long series of years
by the gradual application to that
end of the said surplus, AS it ne
crues year by year:
Section 1. BE it enacted by the
General Assembly uf the State of Lou
isiunn. two-thirds of all the members
elected To each House concnrring,-
That, subjstt to the ratification of
the people Of the State Of Louisiana,
by tie adoption OF an amendment to
tie Constitution Of the State, hprpiii-
after submitted to them, the City of
New Orlenns sIlal! have power to is
sue, aud it shall be its duty to iSsne
bonds aegr'gating eight million dol
lars, dated January 1, 1907, brnring
four percen perslnnun interest, pay
atle semi-uBnually, the principal Of
which shall he payable at the option
of the city at any time between Jan
nary I, 1928, and january 1, 1912.
Said bonds shall be styled New pub
lie improvement bonds Of the City of
New Orleans They shull l,e Of The
denomination of one Thousand dol
lars each, payable in lawful money Of
the United States, With senii-annuaI
interest coupons annexed, payable
July / and.Ianuary They shall be-
signed by the Mayor nnal C0mptrolle-
of the City ri New Orleans. aud cuun-
tersigned by the President or Vice
President and Secrptnry Of the Bonrsi
of Liquidation of the City Debt. They
may be registered and re.easpd from
registry under the rules and reYula-
tions prescribed by said Board Of
Liquidation, and no registered
bond shall he negotiable. Like
other city bonds, they shall be
exempt from all taxation, State, par
ish and municipal, and the Tutors of
minors anu curntors Of interdicts
shall he authorized to invest the funds
in their hands in such bonds.
Section 2. Be it further enncted i.
ETC., Tint as soon AZ constitutional
authority for the issuance of said
bonds shall have been obtained, it
shall be the duty of the Board of
Liquidation of the City Debt, at the
expense OF the special tax fund in
their possession, TO cause said bonds
to ne engraved aud executed. and to
hold same subject 70 the regnisition
of the Sewerage and Water Board of
New Orleans. From time to time ns
directed by said Sewerage and Water
Board, said Board OF Liquidation
shall sell said bonds. insuch amounts
as Il, may be reaneStel 80 to do. by