The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1906-09-29

7 October LIST, 1908, with four per cent
per annum on the principal Of said certi-
ficates from said October LIST, 1908, pro-
vided, that for the purposes of this Act
| no interest on said certificates shall be
fallowed after January LIST 1907 Such
payment must be made only to the per-
sons named in such certificates, or to
their heirs or legatees, or to their duly
authorized counsel; upon surrender Of
tie original certificates Of Indebtedness.
Section 4. Be it further enacted, ETC.,
That the principal and interest of said
bonds shall be paid by preference cut
Of that one-half o. the surplus of the
one per cent debt tax levied by the City
OF New Orleans by virtue of Article 314
Of the Constitution Of Louisiana, which
IS dedicated for public school purposes;
and IN making in each year apportion-
ment of the surplus of said tax, the
Board Of Liquidation shall from the one
half apportioned to the public schools of
New Orleans, withhold. by preference, a
sum sufficient to pay the semi-annua
interest on said bonds, and the sinking
fund hereinafter provided for.
Section 5. Be it further enacted, etc,
That after January 1st, 1917, the said
Board Of Liquidation shall, out of the
said onehalf surplus Of said tax appor-
toned to school purposes set aside sink
ing fund sufficient in amount to retire
the whole Of said ISSUE Of bonds, on or
before January 1st, 1927, and shall, from
time to time, and at least once every
three months, as said fund accumulates,
select by lot the numbers of the bonds
to be retired at par and accrued interest,
and shall advertise for ten days in
newspaper published in each Of the cities
Of New York and New Orleans, the num-
bers of said bonds and the date they will
be paid (Which date shall be not more
than thirty days from the date of said
ADVERTISEMENT and at the expiration
Of said date said bonds shall cease to
bear interest.
Section 6. Be it further enacted, etc, I
That all the substantial provisions of
this Act shall constitute contract be-
tween the holders of bonds issued here
under, the State of Louisiana and the |
City Of New Orleans.
Section Z. Be it further enacted, etc.
That at the congressional election to be |
held in this State on the first Tuesday |
following the first Monday of November |
1906, the following amendment to the
Constitution Of the State Of Louisiana,
shall be submitted to the electors of the
State, to-wit:
"The City Of New Orleans shall have
power and it shall be its duty to issue
two hundred thousand dollars of bonds
known as "School teachers salary
bonds,' for the purposes and under the
provisions and conditions set forth in
the special 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 approved; and all
provisions of the present Constitution of
the State in conflict with the provisions
IT said act, and with his amendment are,
% that extent, and for that purpose only,
repealed.
Section s. Be it further enacted, and
ETC., That on the official ballots
o be used at said election shall be placed
he words: "For the City Of New Or
cans school teachers salary bond amend
nent;' and the words: "Against the
Iity Of New Orleans school teachers ]
alary bond amendments and each cleo
or shall indicate his vote on the pro- .
posed amendment as provided III the
.eneral election laws Of this State.
j. w. HYAMS,
speaker of the House of Representa-
tives.
J. Y. SANDERS,
lieutenant Governor and President of G
the Senate. O
approved June II, 1906. c
NEWTON C. BLANCHARD, t
Governor of the State Of Louisiana. b
A true copy:
JOHN T. MICHEL, &c
ecretary of State. o
ACT NO. 3.
y Mr.. Pearce. House Bill No. 43. =
JOINT RESOLUTION. y