The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1906-09-01

said funds, after applying to said not
more than twenty-four months operation
any surplus that may exist of the tax
Is dedicated to pay the interest On SAID
bonds, which surplus may and must DC
10 used before any daft is made for
such purpose ON the principal Of sad
fund.
Section 5. Be it further enacted, ETC.,
That the proceeds Of said bonds shall De
applied in such proportion as may be
required to the completion Of SAID sew
erage, water and drainage system, the
preference being given to the sewerage
and water system, if necessary.
Section 6. Be it further enacted, etc,
That there shall be dedicated to the pay
ment Of the principal and interest OF
the bonds. herein authorized, all sur
plus, arising after January LIST, 1907,
from the one half Of one per cent debt
tax levied bv the City Of New Orleans
by virtue Of Article 314 Of the Consti-
tuition Of Louisiana, and from the special
tax two mills voted by the property tax
payers Of the City Of New Orleans on
being here defined to be all residue in
each year, until January LIST, 1912, re
manning after paying the interest on the
twelve millions Of Public Improvement
Bonds Of the City Of New Orleans, here
tofore issued under the provisions OF
said Act No. of the extra session Of
1899, and the half-year s interest re-
serve fund therein provided for, which
said two mill tax shall be levied and col
iected only until January 1st, 1912, as
provided in Act No 6 Of the extra SEES
sion Of 1899.
If, after paving the annual interest
on the bonds provided for in this Act
and, after January lst. 1923, paying
their sinking fund hereinafter provided
for, there shall be any year, any further
surplus Of said tax, said further surplus
shall be used for extending the said
public systems of sewerage, water and
drainage, to respond to the growth AMI
extension Of the City of New Orleans,
and if such further surplus shall &c
more than sufficient for such purpose,
the same shall be held by the Board of
Liquidation to the credit Of the City of
New Orleans to be expended only in per
manent public Improvements. such as
paving, public buildings, BRIDES, etc.
Section :. BE it further enacted. etc,
That after January LIST, 1925. the Boar,I
Of Liquidation of the City Debt, shall,
out of the surplus Of said taxes herein
dedicated to the payment of the prine
pal and interest Of said bonds. SET aside
q sinking fund sufficient in amount ~
retire the whole Of said eight millions
of bonds on or before January l. 1912.
and shall from time to time, and at least
once every three months. as said fund
accumulates, select by LOT, the numbers
of the bonds to be retired at par anI
accrued interest, and shall advertise for
ten days in newspaper published In
each Of the cities of New York. Chicago
and New Orleans, the numbers of said
bonds and the date they will be paid
(Which date shall be not more than thirty
days from the date of said advertise
ment) and at the expiration of said date.
said bonds shall cease to bear interest.
Section 5. BE it further enacted, etc.
That the Board Of Liquidation Of the
City Debt. is hereby directed not to sell
any Of said eight millions of New Public
Improvement Bonds in excess of the
revenues hereby dedicated to the pay
ment of the annual interest thereon, and
to defer such sales, if necessary. until
the assessed values of the City of New
Orleans will assuredly provide the funds |
to meet the interest charges thereon.
Section 3. Pc it further enacted, etc.
That if, BY any mischancc. the growth |
and progress Of the City Of New Orleans
should be arrested, so that her assessed |
values should not be sufficient to pro-
vide sinking fund to retire said bonds |
by January LIST, 1912, all of said bonds |
50 remaining unpaid shall be ipso facto,
extended, at the same rate Of interest |
and with the right Of call, as herein pro
1ded, until January LIST, 1862, and the /
said one per cent debt tax shall be lie |
We'd and collected until that date or
until the principal and interest Of said |
bonds are fully and finally paid, and the
proceeds thereof. after July LIST, 1850.
shall be applied by preference to the
payment of the principal and interest
OF said bonds, except in so far as any
portion of the proceeds of said tax NAV
have to be applied, after that date. to
the payment Of the principal and interest
OF the said twelve millions of Public
improvement Bonds due July 1st, 1850,
issued under said Act of 1899. If it
should become necessary, after January
LIST, 1912, to provide for the payment
of the interest on any part Of said eight
million dollars Of ''New Public Improve
ment Bonds until the said twelve mil
lions Of ''Public Improvement Bonds
are retired ana the proceeds Of said one