The weekly messenger. [volume] (St. Martinsville [i.e. St. Martinville] La.) 1886-1948, 1906-09-29


more than twenty-four months operation
any surplus that may exist of the tax
% dedicated to pay the interest on said
bonds, which surplus may and must be.
% used before any daft is made for
such purpose ON the principl of said
fund. az
Section S. Be it further enacted, etc,
That the proceeds Of said bonds shall be
applied in such proportion as may be
required to the completion of said sew
srage, water and drainage system, the
preference being given % the sewerage
and water system, IL necessary. ~
Section 8. Be it further enacted, etc,
That there shall be dedicated to the pay
ment Of the principal and interest Of
the bonds, herein authorized, all sur
plus, arising after January LIST, 1907,
from the one-half Of one per cent debt
tan 3svied by the City of New Orleans
BY virtue Of ArtiSe 3f4 Of the Consti-
tuition Of Louisiana, and from the special
taX two mills voted by the property tax
psyen3f the City Of New Orleans on
- Axth day Of June, 1899, said surplus
being here defined to be all residue in
saehsyear, until January LIST, 1912, re-
manning after paying the interest on the
twelve millions Of Public Improvement
Bonds Of the City Of New Orleans, here
tofore issued under the provisions OF
said Act No. 6 Of the extra session Of
1899, and the half years interest re-
setV fnpd therein provided for, which
said'tw1 mill tax shall be levied and col
Iected only until January LIST, 1912, as
provided in Act No. 6 Of the extra SEES
hon s>f 1899.
n, after paying the annual interest
On the bonds provided for in this Act,
and, after January LIST, 1923, paying
heir sinking fund hereinafter provided
for, there shall be any gear, any further
surplus Of said tai said further surplus
shall be used for extending the said
public systems of sewerage, Water and
drainage tosxespond to the growth AMI
extension of the City of New Orleans,
and If such further surplus shall be
more than sufficient for such purpose,
the Rme shall be held by the. Board of
Liquidation to the credit of the City of
New Orleans to be expended only in per
manent publi4 Improvements, such as,
paving, public buildings, bridges, etc.
Section ~ Be it further enacted, etc.,
That after January 1st, 1928, the Board
Of Liquidation of the City Debt, shall,
out of the surplus of said taxO Aerein
dedicated to the payment of the princi
pal and interest of said bonds, set aside
. sinking fund sufficient in amount.stn
retire the whole of said eight millions
Ief bonds on or before January /, 1912.
and shall from time to time, and at least
90 every three months, as said funl
aecumulates, select by lot, the numbers
Of the bonds to be retired at par and
accrued interest, and shall advertise fo-
ten days in newspaper published in
each Of the cities of New York, Chicago
and New Orleans, the numbers of said
bonds and the date they will be paid
(which date shall be not more than thirty
days from the date of said advertise
ment) and at the expiration of said date,
said bon06 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 Of New Public
Improvement Bonds in excess of the
revenues hereby dedicated to the pay
ment Of the annual interest thereon. and
70 defer such sales, if necessary. until
the assessed values Of the City of New
Orleans will assuredly provide the funds
to meet the interest charges thereon.
Section Q. Be it further enacted, etc.,
That il, BY any mischance, the growth
and progress Of the City ofNew Orleans
should be arrested, so that her assessed
values should not be sufficient to pre-
vide sinking fund to retire said bonds
BY January LIST, 1912, all of said bonds
% remaining unpaid shall be ipso facto,
extended, at the same rate of interest
and with the right of call, as herein pro-
vided, until January 1st, 1862, and the
said one per cent debt tax shall be lie
We'd and collected until that date or
until the principal and interest of said
bonds are fully and finally paid. and the
proceeds thereof, after July 1st, 1850,
shall be applied by preference to the
payment Of the principal and interest
OF said bonds, except in 50 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 tho said twelve millions of Public
Improvement Bonds" due July LIST, 1850,
issued under said Act Of 1899. If it
should become necessary, after January
LIST, 1912, to provide for the payment