The southern sentinel. (Winnfield, La.) 1883-1910, 1906-09-14

I ton of the City Debt shall, out of the surplus
OF said taxes herein dedicated to the payment
! of the principal and interest OF said bonus, set
/ aside a sinking fund sufficient IN amount 10
retire the whole of said eight millions of bonds
on or before January l, 1872. and shah from
! time to time, and At least once every thfee
months as said fund aecumulates, select by
| lat the numbers of the bonds to be retired AT
rar and accrued interest, and shall adFcrtiae
Tor ten days in newspaper pnoiisnea III e NJ,
/ Orleans the numbers of said bonds and the
date they will be paid (Which date shail De
not more than thirty DAYS rom inc a .;. o 90
said date, said bonds shall cease TO Dear
| interest. ,,, -. mr.,
| the Board of Liquidation of the City Dept 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
I nayment of the annual interest thereon, and
! TO defer such sales, If necessary, until the as.
sessed values of the City of New Orleans VIII
\ assuredly provide the ihhds 10 meet lic
| interest charges thereon.
section 3. BE il further enacted, etc, That
! if by any mischance, the growth and progress
| of the City of New Orleans should be arrested,
/ 80 that her assessed values should not be
sufficient to provide sinking fund to retire
| said bonds by January list, 1912, all of said
/ bonds so remaining unpaid shall be ipso facto,
extended At the same rate of interest and with
| The right of call as herein provided, until
January list, 1862, and the said one per cent
| debt tax shall be levied and collected until
tina; 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 may have to be applied, after that date, to
the payment of the principal and interest of
/ the said twelve millions OF Public Improve
/ ment Bonds due July LIST, 1850. issued under
said act OF 1882 II il should become necessary,
after January LIST, 1912, to provide for the pay
ment of the interest on any part OF said eight
million dollars of New Public improvement
Bonds" until the said twelve millions of
| Public Improvement Bonds" are retired, and
| the proceeds OF said one per cent debt tax
| cannot be used without infringement upon the
established plan of retiring the whole of said
twelve millions of bonds in the interval
between January list, 1892. and July LIST, 1850, IT
shall be the duty of the City of New Orleans,
TO be enforced by mandamus, If necessary,
| either by the Board of Liquidation or by any
| bondholder, 10 levy in each year special tax
| sufficient 10 pay the interest on said bonds,
| said special tax to the Board of Liquidation,
| until the proceeds OF the one per cent. debt tax
shall be available towards the payment of the
interest and principal of said bonds.
Section 10. Be it further enacted, etc.. That
| the holders of bonds issued under this Act
shall have all the rights and guarantees pro-
vided in said Act No. of the extra session of
1853, in behalf of the holders of bonds issued
| under that act. and all the substantial pro-
visions of this Act shall constitute a contract
| between all the holders of bonds issued, here
under, the State of Louisiana, and the City OF
| New Orleans.
Section IL. Be it further enacted and re-
| solved, etc, That at the ngTessional election
| to be held in this State Tuesday, the sixth
/ day of November, 1906, the following amend
/ ment to the Constitution of the state of Lou
isiana shall be submitted to the electors of
4 the State. to-wit:
''The City of New Orleans shall have power
to issue eight million dollars of bonds, known
| as New Public Improvement Bonds for the
purposes and under the provisions and cen
| ditions set forth in the Special Act of the Leg
| islatuIe adopted to that end and for that pur-
pose, at the regular session of 1906, which said
| Act is hereby ratified and approyed; and all
provisions OF the present Constitution of the
| State in conflict with the provisions of said
Act, and with this amendment, are to that
| extent. and for that purpose only, repealed"
Section u. Be it further enacted and re-
solved, etc. That on the official ballots to be
used at said election, shall be placed the words:
''For the City of New Orleans New Public
Improvement Bond Amendment"
| And the words:
Against the City of New Orleans New