The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1906-09-01
end Of the said surplus, as it nc-
crues year by year:

] Section /. Be it enacted by the
General Assembly the State of Lou-
isiana, two-thirds of all the members
elected to each House concurring, -
That, subject to the ratification Of
the people OF the State OF Louisiana,
by the adoption of an amendment to
the Constitution of the State, herein
after submitted to them, the City of
New Orleans shall have power to is
sue, and it shall be its duty to issue
bonds aggregating eight million dol
lars, dated january l, 1907, bearing
four percent perannum interest, pay
able semi-annually, the principal Of
which shall be payable at the option
OF the city at any time between Jan
uary /, 1928, and January l, 1912.
Said bonds shall be styled New pub
lie Improvement bonds of the City OF
New Orleans" They shall be of the
denomination Of one thousand dol
lars each, payable in lawful money of
interest coupons annexed, payable
July ] and January They siull be
signed by the Mayor and Comptroller
of the City OF New Orleans, and cOuu-
tersigned by the President or Vice
President and Secretary of the Board
OF Liquidation OF the City Debt. They
may be registered and released from
registry under the rules and regula-
tions prescribed by snid Board of
liquidation, and no registered
bond shall be negotiable. Like
other city bonds, they shall be-
exempt from all taxation, State, par
ish and municipal, and the tutors OF
minors ana curators of interdicts
shall he authorized toinvest the funds
in their hands in such bonds.
Section z. Be it further enacted.
ETC., That us soon as constitutional
authority for the issuance of said
bonds shall have been obtained, it
shall be the duty OF the Board OF
Liquidation oil the City Debt, Mt the
expense of the special tax fund in
their possession, to cause said bonds
to be engraved and executed, and to
hold same subject to the requisition
OF the Sewerage and Water Board Of
New Orleans. From time to time us
directed by said Sewerage and Water
Board, said Board of Liquidation
shall sell said bonds, in such amounts
as it may be requested so to do, by
sealed proposals, 10 the highest bid
der, for not less than par and accrued
interest, after thirty days advertise
ment OF such sales in one newspaper
published in each OF the cities OF New
York, Chicago and New Orleans.
Section 3. BE it further enacted,
ETC., That the proceeds Of all SUCH
sales be held by the Board of Liqui-
dation and paid over on the warrant
of tue Sewerage and Water Board in
the manner and under the conditions
provided in said Act No. 6 of the ex-
tra session OF 1899, and the amend
ments thereof.
Section f. BE it further enacted,
etc., That the proceeds Of said bonds
shall be used exclusively for the COM
pletion Of the existing sewerage,
water and drainage system of the
City of New Orleans, with these ex-
ceptions only:
(a) That il the said systems do
completion Of the whole OF said pro-
ceeds, the balance thereof shall be
hold nv the Boara Of Liouidatinn r.
the eredit Of the civ Of New Orleans
TO be exnendcd hy it for paving
nnrnoses only.
1h) That when the wafer and sew
eraoe systems are COMPLETED md
| their oneration is bepun. the exDep-
sos Of The oneration of said svste,ns
for n, !, more than the f,rst twenty
| four months thereof. NAV he snnnfi-
aa in whole or in mart. out If said
finds after annlvino tn said mot.
more than twenty-fonr months on
srat;on anv snrnlns that NAV er;sf
NJ ths taxes dcdicnted 10 nav the IN
tere.t; On said bonds. which surnIna
may and must he "a nsed before snv
draft - made for snch nurnose on the
nrincinul Of said fund
section Re- a further enactad
etc That the nroceeds Of said honda
shal, ha annl;sd in snch nronnrtion a.
nav he reonired TO the completion
~ sa;d sewerage wafer and firn;nare