The Lafayette advertiser. [volume] (Vermilionville [i.e. Lafayette], La.) 1865-19??, 1906-09-12
ACT NO. 2.

Liquidation of the City Debt, to is
sue and sell bonds, which shall be
exempt from taxation, for the pay
ment of the debt due for salaries OF
school teachers and pOrtresseS for
the years 1885, 1886 and 1887: to pro-
vide for the payment of the princi-
pal and interest of said bonds: and
to submit to the people an amend
ment of the Constitution authorizing
the issuance of said bonds, and rati-
fling the provisions of this Act.
Whereas. the City of New Orleans has
for many years, been indebted to
her school teachers and ~pOrtresses.
a meritOriOus body of her citizens,
for personal services rendered I'M
der contract with the Board of Di-
rectors of her public schools: and
Whereas, the people of this State. by
the provisions of Article 315. BIG
and 81 of the Constitution of 1898,
required the City of New Orleans to
examine into and assume the pay
ment of these debts, and provided
therein for their payment in a man.
ner her believed to be sufficient and
ef~ficacious: and
Whereas, under said constitutional
directions, the city did examine and
assume this debt, but the provision
made in the Constitution for the pay
ment thereof was sufficient only to
liQuidate the assumed indebte dness
for the years 1882, 1883 and 1884,
leaving unpaid the assumed indebt-
edness for the years 1885, 1886 and
1887: and
Whereas, the City of New Orleans did,
by Ordinance No. 2044, New Council
Series, approved October 1st 1908,
assume the Indebtedness reported by
it's Finance Committee as due by the
School Board of said city to teach
ers for salaries of school teachers
and p%ortresses for the years 1885,
Gates of indebtedness therefor,
amounting in the aggregate to n
hundred and seventy-four thou
sand, six hundred and sixty-twO
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 exhibited in the
General Assembly:
Section 1. Be it enacted by the
General Assembly of the State of
twO-thirds of all the mem
bers elected to each House cO%ncurring;
That subject to the ratification of the
of the State of Louisiana, by
the adoption of an amendment to the
Constitution of the State hereinafter
to them the City of New
Orleans shall have power to issue,
and it shall be its duty to issue bonds,
not to exceed two hundred thousand
dollars 1920, OO0. O0) in amount, dated
January 1st, 1907, bearing 4 per cent
per mum interest payable semi-an-
the principal of which shall be
payable at the option of the city, at
any time between January 1st, 1917, and
January LIST, 1927. Said bonds shall
be styled "School teachers salary
bonds of the City of New Orleans"
They shall be of the denomination of
one thousand dollars each. payable in
lawful money of the United States,
with semi-annual interest coupons an
nexed payable July LIST and January
LIST. They shall be signed by the
Mayor and Comptroller of the City of
New Orleans, and co~untersigned by
the President or Vice-President and
Secretary of the Board of Liquidation
Of the City Debt. They may be regis
tered and released from registry under
the rules and regulations prescribed
by said Board of Liquidation, and nc
bond shall be negotiable.
Like other city bonds, they shall be
exempt from all taxation, State, par
ish and municipal. and the tutors of
minors and curators of interdicts shall
be authorized to invest the funds in
heir hands in such bonds.
Section 2. Be it further enacted,
That as soon as constitutional
authority for the issuance of said
bonds shall have been obtained, it
shall be the duty of the Board of Lii
,uidation of the City Debt, at the
expense of the one-half of the one per
,ent debt tax, devoted to school pur-
poses, and apportioned by said Board,
cause said bonds to be engraved
md executed. and to sell the same at
lot less than par and accrued interest,
oy sealed proposals, to the highest
after thirty days advertise
nent in two papers published in the
Jity of New Orleans.
Section 3. Be it further enacted.
,tc., That the Board of Liquidation
'hall, with the proceeds of said bonds
AXE up and pay the certificates is
'ued by the City of New Orleans for
he salaries Of school teachers and
of the public schools for
he years 1885, 1888 and 1887, under
he provisions of Ordinance No. 2O44
sew Council Series, approved Octo-