The Lafayette advertiser. [volume] (Vermilionville [i.e. Lafayette], La.) 1865-19??, 1906-09-12

W ISSUE new puDllC Improvement
bonds to the amount Of eight million
dollars for the purpose of completing
it's sewerage, water and drainage sys-
tens: to provide for the payment of
the principal and interest of said
bonds: to provide for the disposition
of the surplus of the taxes dedicated
to such payment: after the demands
thereon of said bonds are satisfied:
to provide for the issuance and sale
of said bonds, and their exemption
from taxation; and to provide for
the submission to the people of the
State of Louisiana of a constitu-
tional amendment, authorizing the
issue of said bonds and confirming
the provisions of this Act.
Whereas, due notice of this Act has
been published in the City of New
Orleans for more than thirty days
prior to Its Introduction into the
General Assembly, and due evidence
thereof has been exhibited in the
General Assembly: and
Whereas, the bonds authorized to be
issued by the City of New Orleans
under the provisions of Act No. & of
the extra session of 1899, ratified by
constitutional amendment. adopted
at the general election of 1900, have
not proved adequate to the compile
ton of the sewerage. water and drain
age system of the City of New Or
leans and the General Assembly is
advised that it will probably require
eight million dollars additional to
complete said systems: and
Whereas, by the increase. of assess
ments in the City of New Orleans.
present and prospective, the one-half
of the surplus of the one per cent
debt tax, levied by virtue of Article
314 of the Constitution of the State
of Louisiana of 1898, and the special
tax of two mills, voted by the tax
payers of the city of New Orleans on
the 9th day of June, 1899, are and will
be more than sufficient to pay the in
terest on the twelve million dollars
of bonds issued under said Act No.
& of the extra session of 1899, and &C
tually produce a large surplus dedi-
Gated by said act to the purposes
thereof, which is and will be suffi-
cient to permit the capitalization
thereof by the issuance of eight mil
lion dollars of bonds, and the retire
ment thereof prior to January l,
1912: and
Whereas, it is of the greatest impor-
lance to the City of New Orleans,
and the people of the whole State,
that these great public works shall
be speedily completed, and that their
completion should not be deferred
through a long series OF years by
the gradual application to that end
OF the said surplus, as it accrues
year by year:
Section /: Be it enacted by the
General Assembly of the State of
Louisiana, two-thirds of all the men,
bers 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, hereinafter
submitted to them, the City of New Or
leans shall have power to issue, and
it shall be its duty to issue, bonds ag-
gregating eight million dollars, dated
January l, 1907, bearing 4 per cent per
annum interest, payable semi-annu-
ally, the principal of which shall be
payable, at the option of the city, at
any time between January l, 1923, and
January l, 1912. Said bonds shall be
styled New public Improvement bonds
of the City of New Orleans" They
shall be of the denomination of one
thousand dollars each, payable in
lawful money of the United States,
with semi-annual interest coupons an
nexed, payable July l and January l.
They shall be signed by the Mayor
and comptroller of the City of New Or
leans and countersigned by the Presi-
dent 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 regulations prescribed by
said Board of Liquidation, and no
registered bond shall be negotiable.
Like other city bonds, they shall be
exempt from all taxation, State, parish
and municipal, and the tutors of mi
nors and curators of interdicts shall
be authorized to invest the funds in
their hands in such bonds.
Section 2. Be it further enacted,
etc., That as soon as constitutional
authority for the issuance of said
bonds shall have been obtained, it
shall be the duty of the Board of Lii
quotation of the City Debt, at the ex-
pense of the special tax fund in their
possession, to aus 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, as di-
rected 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, to the highest bidder,
for not less than par and the accrued in
terest, after thirty days. advertisement
of such sales in one newspaper pub.
lished in each of the cities of New