The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1906-09-01

~ Vi SIOC III ICii III . HI q llCW6Pt1tCt
published in each of the cities OF New
York, Chicago and New Orleans, the
number of said bonds and the date
they will be paid (which date shall be
not more than thirty days from the
date of such ADVERTISEMENT and at
the expiration OF said date, said
bonds shall cease to bear interest.
Section s. 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
ofNew Public Improvement Bonds in
excess of the revenues hereby dedicat-
ed to the payment OF the annual In
terest thereon. and to defer such sales
II necessary. until the assessed value
Ut the city Of New Orleans will as-
suredly provide the funds to meet
the interest charges thereon.
Section 8. Be 1t further enacted,
etc., That If, by any mischance,
the growth and progress of the City
of New Orleans should tie arrested,
so that her assessed values should
not he sufficient to provide q sinking
fund to retire said bonds by Janua-
nv LIST, 1912, all said bonds SO remain
lDx uHDdto OC tItSO tftClO, VA
tended at the same rate of interest
and with the right OF call, as herein
provided, until J January 1st, 1862. and
he levied and collected until that
date or until the principal and inter-
est Of aaid bonds are fully and finally
paid, and the proceeds thereof. after
July LIST, 1850, shall he applied by
preference to the payment of the
principal and interest of said bonds.
except in SO far as any portion of the
proceeds cf said tax may have to be
applied, after that date to the pay
Inent of the principal and interest OF
the said twelve millions of "Public
improvement Bonds due July lat,
1850, issued under said Act of 1899.
II It should become necessary, after
January lat, 1912. to provide for the
payment OF the interest ON any part
OF the 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 he used
without infringement upon the es-
tablished plan Of retiring the whole
of said twelve millions Of bonds In
the interval between January let.
1912, and July 1st. 1850, II shall be
the duty OF the City of New Orleans,
to he enforced by mandamus, II nec-
essary, either by the Board of Liqui-
dalton or by any bOndholder, to levy
In each year special tax sufficient
TO pay the interest on said bonds.
said special tax to I've levied and col
lected and paid to the Board Of Liq-
uidation. until the proceeds OF the
one per cent debt tax shall be avail
able towards the payment of the in
terest and principal OF said bonds.
Section 10. Be it further enacted,
ETC., That the holders of bonds issu-
ed under this Act shall have all the
rights and guarantees provided In
Raid Act No. 6 of the extra session of
1899, in behalf of the holders of bonds
issued under that Act, and all the
substantial provisions of this Act
shall constitute contract between
the holders Of bonds issued hereun-
der, the State Of Louisiana, and the
City of New Orleans.
Section IL. Be It further enacted,
and resolved, ETC., That at the con-
gressional election to be held In this
State on Tuesday, the 9Th day Of No
yember, 1906. the following amend
ment to the Constitution of the State
of Louisiana shall be submitted to
the electors of the State, tO-wit:
1.-The City Of New Orleans shall
have power to Issue eight million
dollars Of bonds, known as "New
Public improvement Bonds" for the
purposes aud under the provisions
mud conditions set forth In the Spe-
cial Act of the Legislature adopted
to that end and for that purpose, at
the regular session OF 1906, which
said Act is hereby ratified and ap-
proved; 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 L. Be It further enacted
and resolved, etc.. That on the OFF,
cial ballots to he used at said cleo.
ton, shall be placed the words:
"For the City Of New Orleans New
Public improvement Bond Amend
ment.'
And the words:
Against the City OF New Orleans
New Public improvement Bond
Amendment.
And each elector shall indicate hi
vote on the proposed amendment, al
provided In the general election laws
Of this State.
j. Y. SANDERS.
Lieut.. Gov. and Pregt. Of the Senate
J. w. HYAMS.
Speaker Of House of Representatives
Approved June 18th, 1905.
NEWTON C. BLANCHARD,
Gov. OF the State OF Louisiana
A true copy:
JOHN Il. MICHEL.
Secretary Of State.
ACT NO. 80.
BY Mr.. Millsaps. Senate Bfll No. 8
JOINT RESOLUTION.