The Lafayette advertiser. [volume] (Vermilionville [i.e. Lafayette], La.) 1865-19??, 1906-09-05
operation is begun. the expenses OF

operation is begun, the expenses OF
the operation of said systems for not
more than the first twenty-fOur months
thereof, NAV be supplied in whole or
in part, out of said funds, after apply
ing to said not more tina twenty-1Our
months operation any surplus that
may exist of the taxes dedicated TO
pay the interest on said bonds, Whlcn
surplus may and must be so used be-
fore n draft is made for such pur-
pose on the principal OF said fund:
Section 5. Be it further enacted,
ETC., That the proceeds of said bonds
shall be applied in such proportion as
may be required to the completion OF
said sewerage. water and drainage
systems, the preference being given to
thes sewerage and water systems. II
necessary.
Section 6. Be it further enacted,
ETC., That there shall be dedicated to
the payment of the principal and in
terest of the bonds, herein authorized,
all surplus, arising after January LIST,
1907, from the one-half of one per cent
debt tax levied by the City of New Or
leans by virtue of Article 314 of the
NObStIlutlCA vi ILOuiSluIos ~
the special tax of two mills voted by
the property Taxpayers of the City OF
New Orleans on the sixth day OF June,
1899, said surplus being here defined
to be all residue in each year, until
January 1st, 1912, remaining after
paying the interest on the twelve mil
lions of Public Improvement Bonds OF
the City of New Orleans, heretofore
issued under the provisions of said
Act No. 6 of the extra session OF lo99,
and the half-year's interest reserve
fund therein provided for, which said
two mills tax shall be levied and col
lected only until January LIST, 1912, as
provided in Act No. 6 of the extra ses-
sion 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-
ed for, there shall be in any year. any
further surplus of said tax, said fur
Their surplus shall be used for extend
ing the said public systems of sewer:
age, water and drainage, to respond
to the growth and extension OF the
| City of New Orleans, and if such fur
ther surplus shall be more than suffi.
cient for such purpose, the same shall
be held by the Board of Liquidation
to the credit of the City of New Or
leans to be expended only in perna-
nent public improvements, such as
paving, public buildings, bridges, etc.
Section I. Be it further enacted,
ETC.. That after January LIST, 1923, the
Board of Liquidation of the City
Debt, shall, out of the surplus OF said
taxes herein dedicated to the payment
of the principal and interest of sait
bonds, set aside a sinking fund suf1'
cient in amount to retire the whole O
said eight millions of bonds on or be-
fore Jan J., 1912, and shall from time
to time, and at least once every three
months. as said fund accumulates, Sc
lect by lot. the numbers OF the bond!
to be retired at par and accrued inter
est, and shall advertise for ten day!
in a newspaper published in each o
the cities of New York. Chicago ant
New Orleans. the numbers of sait
bonds and the date they will be pait
(which date shall be not more thar
thirty DAYS from the date of said ad
vertisement) and at the expiration o
said date. said bonds shall cease t.
bear interest.
Section s. Be it further enacted
etc. That the Board of Liquidation
of the City Debt is hereby directed no
to sell any of said eight millions o
New Public Improvement Bonds in ex
cess OF the revenues hereby dedicated
to the payment of the annual interes
thereon. and to defer such sales,
necessary. until the assessed values o
the City of New Orleans will assured!
provide the funds to meet the interes
charges thereon.
Section 9. Be further enacted, etc.
That if, by any mischance, the growtl
and of the City of New Or
leans should be arrested. so that he
assessed values should not be suffi
Gent to provide a sinking fund to re
tire said bonds by January lst, 1917
all of said bonds S o remaining unpalt
shall be ipso facto, extended at tn
same rate of interest and with tn
right of call. as herein provided. un
til January 1st, 1862, and the said on
per cert debt shall be levied and col
lected until that date or until the prin
cipal and interest of said bonds ar
fully and finally paid, and the pro
ceeds thereof, after July LIST, 1850
shall be applied by preference to tn
: payment of the principal and interes
of said bonds, except IN so far as an
portion of the proceeds of said ia
may have to be applied, after tina
date, to the payment of the principa
and interest of the said twelve million
: of "Public Improvement Bonds du
July 1st, 1850. issued under said Ae
!, of 1899. If it should become necessa
nv, after January LIST, 1912, to provid
for the payment of the interest on an
part of said eight million dollars {
"New Public Improvement Bonds.
until the said twelve millions of "Put
lie Improvement Bonds" are retired