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

for not more than the first twenty
I ,ur months thereof, may he suppil.
ed. in whole or in part, out OF SAID
finds, after applying to said not
more than twenty-four months OPP
Grafton any surplus that may exist
of the taxes Dedicated to pay the in
terest ON said bonds, which surplus
may and must he SD used before any
draft is made for such purpose on the
principal of said fund.
Section ). BE it further enacted,
etc. That the proceeds of said bonds
shall lie applied in such proportion as
may he required to the completion
of said sewerage, water and drainage
systems, the preference being given
to the sewerage and water systems, II
necessary.
Section 6. BE it further enacted,
ptc., That there shall be dedicated to
the payment OF the principal and In
terest Of the bonds, herein authorIz-
ed. all surplus, arising after January
LIST. 1907, from the One-haif OF one
per cent debt tax levied by the City
of New Orleans by virtue OF Article
314 of the Constitution OF Louisiana,
and from the special tax OF two mills
voted by the property taxpayers o'
the City of New Orleans on the sixth
lay of June, 1899, said surplus be-
ing here defined to be all residue in
each year, until January lst, 1912,
remaining after paying the interest
on the twelve millions OF PublicA
movement Bonds of the City of
Orleans, heretofore issued under te'
provisions of said Act No. q OF {N
extra session of 1899, and the Halt
wears interest reserve fund therein
provided for, which said two mill tax
shall be levied and collected only I'M
til January 1st, 1912, as provided N
Act No. 6 of the extra session OF 1899.
If. after paying the annual interest
ON the bonds provided for in this Act,
and. after January LIST, 1923, paying
their sinking fund hereinafter prOvid-
e,i for, there shall he in any year, any
further surplus of said tax, said FUR
ther surplus shall he used for extend
ing the said public system OF sewer.
age, water and drainage, to respond
TO the growth and extentiOn OF the
CITY of New Orleans, and If such fur
tber surplus shall he more than suffi-
Gent for such purpose, the same shall
be held by the Board OF Liquidation
to the credit of the City OF New Dr.
leans to he expended only in perma-
nent public improvements, such as
paving, public buildings, bridges,
etc.
Section Z. be it further enacted,
etc, That after January LIST, 1928,
the Board Of Liquidation OF the City
Debt, shall, out of the surplus ol
said taxes herein dedicated to the
payment of the principal and interest
of said bonds, set aside a sinking
fund sufficient in amount to retire the
whole Of said eight millions OF bonds
ON or before Januury l, 1912, and
shall from time to time, and at least
once every three months, as said
fund accumulates, select hy lot. the
hunters of the bombs tobe retired nj
par and nccrnel interest, and shah
ndvertise for ten days in newspaper
published in each OF the cities of New
York, Chicago md New Orleans, thu
humber Of said bonds and the date
they will he paid (which date shall IN
not more than thirty days from thu
date uf such ADVERTISEMENT and M
the expiration of said date, saia
in,nds shall cease to bear interest.
SECTION =. Be it further enacted
etc, That the Board of Liquidation
of the City Debt II hereby directed
not to sell any of said eight inillions
of New Public Improvements Bonds II
excess III the revenues hereby detiicat
ell tn the payment uf the annual In
tercst thereon, ard tn defer such sales
II necessary. until the assessed value
III the city OF New Orleans will as
suretiIy provide the funds to mee'
the interest charges thereon.
Section y. Be IL further enacted
etc, That II. Ivy any mischance
the growth and progress of the Cit,
of New Orleans should lie arrested
80 that her assessed values SHOULD
not lie sufficient to- provide a sfnkfns
fund 10 retire said bonds by Janua
~ lat. 19f2, all said bonds so remain
ing unpaid shall I've ipso tactic. ex
tended vt the same rate OF interes
and with the right of call. as hereil
provided, until January LIST. 1862. ant
the said one per cent debt tax shal
he levied and collected until tina
date or until the principal and inter
est of said bonds are fully and finaii.
paid, and the proceeds thereof. afte
July lst, 1850. shall be applied b.
preferences tO the payment OF tn
principal and interest of said bonds
except i'm 80 far as any portion OF tn
proceeds Ct said tax may have to b
applied. after that date to the pay
ment of the principal and interest {
the said twelve plillions OF 'Publi
Improvement Bonds" due July Isl
1850, issued under said Act OF 1S9:
Hit should become necessary. ate
january LIST. 1912. to provide for tn
payment of the interest on any par
III the said eight million dollars
New Public Improvement Bonds,
until the said twelve millions {
Public Improvement Bonds" III