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

Be supplied, in whole or in part, out or
said funds, after applying to said not
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 draft is made for
such purpose on the principal Of said
fund.
Section 5. 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
GRACE, water and drainage system, the
preference being given to tho sewerage
and water system, if necessary.
Section 6. Be it further enacted, ETC.,
That there shall be dedicated to the pay
ment Of tho 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
tax levied by the City Of New Orleans
by virtue Of Article 314 Of the Consti
tuition of Louisiana, and from the special
tax two mills voted BY the property tax
payers Of tho City Of New Orleans on
The sixth day Of June, 1899, said surplus
being here defined to be all residue in
each year, until January LIST, 1912, re-
manning after paying tho interest on the
twelve millions Of Public Improvement
Bonds Of the City Of New Orleans, here
tofore issued under the provisions Of
Daid Act No. 6 Of the extra session Of
1899, and the half-year's interest re-
serve fund therein provided for, which
aid two mill tax shall be levied and col
lected only until January LIST, 1912, as
provided in Act No. 6 Of tho extra SEES
non Of 1899.
If, after paying the annual interest
On tho bonds provided for in this Act,
and, after January LIST, 1928, paying
heir sinking fund hereinafter provided
Tor, there shall be any year, any further
surplus Of said tax, said further surplus
hall be used for extending the said
public systems Of sewerage, water and
drainage, to respond to the growth and
extension Of the City Of New Orleans,
and II such further surplus shall be
more than sufficient for such purpose,
tAe same shall be held BY the Board of
liquidation to the credit Of the City Of
New Orleans to b expended only il per:
MKHeat public improvements, such as
paving, public buildings, bridges. etc.
Section Z. Be it further enacted, ETC.,
That after January LIST, 1928, the Board
Of Liquidation Of the City Debt, shall,
out Of the surplus Of said taxes hsfein
dedicated to the payment Of the princi |
pal and interest of said bonds, set aside
. sinking fund sufficient in amount ia
retire the whole of said eight millions
Of bonds on or before January l, 1912.
and shall from time to time, and at least
slcs every three months, as said fund
aecumulatss, 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
zach Of the cities Of New York, Chicago
and New ORLEANS, the numbers Of said |
bonds and tho date they will be paid
(which date shah be not more than thirty
lays from thss date Of said advertise
nent) and at the expiration Of said date,
aid bonds shall cease to bear interest.
:. Section 8. Be it further enacted, etc.,
HAT tho Board IF Liquidation Of the
City Debt, is hereby directed not to sell
NY Of said eight millions Of New Public
Improvement Bonds in excess of the
revenues hereby dedicated to the pay
nent of the annual interest thereon, and
= defer such sales, if necessary, until
he assessed values Of the City Of New
l7leans viii assured1y provide the funds
> meet the interest charges thereon.
Oeeti6f .. Be it further enacted, etc.,
That Il. BY any mischance, the growth
md progress Of the City of New Orleans
!h9uld be arrested, so that her assessed
Values should not be sufficient to Pro
de sinking fund to retire said bonds
= January LIST, 1912, all Of said bonds
y ssmaining unpaid shall Be ipso facto,
Dneended, at the Same rate of interest
md with the right of call, as herein pro-
iaed, until January LIST, 1862, and the
aid one per cent debt tax shall be le-
vied 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 LIST, 1850,
'han DO applied BY preference to the
payment Of the principal and interest
IF said bonds, except in 50 far as any
portion Of the proceeds Of said tax may
have to be applied, after that date, to
he payment Of the principal and interest
IT the said twelve millions of Public
Improvement Bonds" due July LIST, 1850,
issued under said Act Of 1899. If it
Ihould become necessary, after January
lst, 1912, to provide for the payment