The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1906-09-22

any surplus that may exist Of the tax
es dedicated to pay the interest on said
bonds, which surplus may and mus tie
SO used before any draft is made for
fcch purpose on the principal Of said
flnd.
Section S. Be it further enacted, etc,
That the proceeds Of said tonis shall be
applied in sach proportion as may be
required TO the completion Of said sew
.rage, water and drainage system, III"
preference being given to the sewerage
and water system, if necessary.
Section s. Be it further enacted, etc,
That there shall be Dedicated to the pay
mAnt Of the principal and interest Of
the bonds, herein Authorized, all sur
ylus, arising after January LIST, 1907,
from the one-half Of one per cent debt
tax levied by the City Of New Orleans
Nv virtue of Article 3l4 of the Consti
tltlon Of Louisiana, and from the special
taA 20 mills voted by the property tax
payers 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, re
naming after paying the interest on the
twelve millions Of Public Improvement
Bonds Of the City Of New Orleans, here
tlr9rc Issued under the provisions Of
raid Act No. 6 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
!ected only until January 1st, 1912, as
provided in Act No. Of the extra SEES
zion Of 1899.
If, after paying the annual interest
IN the bonds provided for in this Act,
snd, after January 1st, 1923, paying
heir 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 and |
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, bridges, etc.
Section 7. Be it further enacted, etc.
That after January 1st, 1923, the Board
Of Liquidation of the City Debt, shall,
out of the surplus Of said taxes hsrein
dedicated to the payment Of the princi-
pal and interest Of said bonds, set aside
= sinking fund sufficient in amount ia
retire the whole Of said eight millions
sf bonds on or before January /, 1912.
And shall from time to time, and at least
once every three months, as said fund
accumulates, select by lot, the numbers
u the bonds to be retired at par AM
accrued interest, and shall advertise fo-
ten days in newspaper published in
zach Of the cities Of New York, Chicago
Ind New Orleans, the numbers Of said
bonds and the date they will be paid
which date shall be not more than thirty |
lays from the date of said advertise
nent) and at the expiration Of said date,
aid bonds shall cease to bear interest.
Section 8. Be it further enacted, etc.
That the Board Of Liquidation of the
ity Debt, is hereby directed not to sell
ny Of said eight millions of New Public
Improvement Bonds in excess Of the
evenues hereby dedicated to The paw
nent OF the annual interest thereon, and
defer such sales, if necessary, until :,
ne assessed values Of the City Of New
|rleans will assuredly provide the funds !
meet the interest charges thereon. =
section 9. Be it further enacted, ETC..
hat II, BY any mischance, the growth =,
nd progress of the City of New Orleans :
mould be arrested, so that her assessed :,
alues should not be sufficient to pro 4
lde a sinking fund to retire said bonds
: January lst, 1912, all Of said bonds 7
ssmaining unpaid shall be ipso facto. ~
nsended, at the same rate Of interest l'
I'D with the right of call, as herein pro- p
lded, until January 1st, 1862, and the :
lid one per cent debt tax shall be le
led and collected until that date or
ntil the principal and interest of said -
'nds are fully and finally paid, and the
roceeds thereof, after July LIST, 1850, :,
laH be applied BY preference to the p
ayment OF the principal and interest
said bonds, except in 50 far as anv
'rtion Of the proceeds of said tax NAV !,
We to be applied, after that date, to ~
payment Of the principal and interest
the said twelve millions Of Public
'provement Bonds" due July 1st, 1890,
'ued under said Act Of 1899. If it
oHld become necessary, after January 3,
t. 1912, to provide for the payment
the interest on any part of said eight P,
llion dollars Of "New Public Improve
INT Bonds,' until the said twelve mil
ms Of "PubG, improvement Bondsr
retired, and the proceeds of said one
( cent. debt tax cannot be used with ,r,
{ infringement upon the established W.
IN of retiring the whole said +wolve | II,