The southern sentinel. (Winnfield, La.) 1883-1910, 1906-10-26
S. J. II ARPER

amount of eigh million dollars for the pur-
pose OF completing its sewerage, water
and drainage system; 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 thedemands 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 constitutional a
mendment. authorizing the issue of said
bonds and confirming the provisions of this
Act
Whereas. due notice of this Act has been pub
lished in the City of New Orleans for more
than thirty days prior to its introduction
into the General Assembly, and due evi-
dence thereof mas been exhibited in the
General Assembly; and
Whereas the bonds authorized TO be issued by
the City OF New Orleans under the provis-
ions of Act No. of the extra session of
1899, ratified by a constitutional amend.
ment, adopted Mt the general election OF
1900, have not proved adequate 10 the COM
pletion of the sewerage, water and drainage
system of the City of New Orleans and the
General Assembly IS advised that 1t VIII
probably require eight million dollars adj
ditional to complete said system; and
Whereas, by the increase OF assessments in the
City of New Orleans, present and prospec-
per cent debt tax, levied by virtue of Arti-
Gle 3lI of the Constitution of the State of
Louisiana of 1888, and the special tax of
two mills. voted by the tax payers OF the
City of New Orleans on the 9th uay of June
1889 are and Will be more than sufficient to
pay the interest on the twelve million dol
lars of bonds issued under said Act No. 6
OF the extra session of 1879, and actually
produce large surplus dedicated by said
Act to the purposes thereof, which rs ana
viii be sufficient 10 permit the capltallza-
ton thereof by the issuance OF eight million
dollars of bonds, and the retirement thereof
prior to January l, 1872; and
Whereas, it is of the greatest Importance 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 long series of years by the grad
ual application to that end of the SAID sur
plus, as II accrues year by year:
Section l. Be il enacted by the General As
sembly of the State of louisiana two-thirds of
ali the members elected to each house concur
ring, That subject to the ratification OF the
people of the State of Louisiana, by the adop-
ton of an amendment to the Constitution of
the State, hereinafter submitted to them, the
City of New Orleans shall have power to issue
ana ii shall be its duty TO ISSUE bonds aggrega-
ting eight million dollars, dated January l,
1907, bearing four per cent. per annum interest,
payable semi-annually, the principal of which
shall be payable at the option OF the city, at
any time between January l, 1928, and January
Isi2 Said bonds shall be styled New public
Z
leans They shall be of the denomination of
one thousand dollars each, payable in lawful
money of the United States, with semi annual
interest coupons annexed, payable July and
January /. They shall be signed by the Mayor
and Comptroller OF the City OF New Orleans
and countersigned by the President and Vice
President and secretary of the Board OF Liqui-
dation of the City Debt. They may be regis
, tered ana 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 minors and cura-
tors 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 the constitutional authority for the
issuance of said bonds shall have been obtain
/ ed, il shall be the duty of the Board of Liqui-
dation of the City DeDt, 1T the expense OF the
special tax fund III 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 10 time, as directed by said Sewer
| age and Water Board, said Bo2ra of Llquida-
| tIon shall sell said bonds, in such amounts as
! il may be requested so 20 do, by sealed propo-
| SAILS to the highest bidder, for not less than
par and accrued interest, after thirty days
advertisement of such sales in one newspaper
/ published in each of the cities OF New York,
| Chicago and New Orleans.
Section 8. Be it further enacted, ETC., That
| the proceeds of all such sales be held by the
Board OF Liquidation and paid over on the
/ warrant of the Sewerage and Water Board IN
/ the manner and under the conditions
1 in said Act No. of the extra session OF 1877,
| and the amendments thereof.
Sections 1. BE il further enacted, ETC.. That
tine proceeds of said bonds shall be used exciu-
siveiy for the completion of the existing sewer
age, water and drainage system OF the City OF
New Orleans, with these exceptions only:
! (a) That if the said systems do not require
| the said expenditure for their completion of
4 the whole of said proceeds, the balance thereof
| shall be held by the Board OF Liquidation to
the credit of the City of New Orleans, to be
| expended by it for paving purposes, only:
| (b) That when the water and sewerage sys-
| toms are completed and their operation is be-
gun, the expenses of the operation of said sys-
| TENS for not more than the nrst twenty -four
months thereof, may be supplied, in whole or
in part, out of said funds after applying to said
NOT more than twenty-four months operation
Gated to pay the interest on said bonds which
surplus may and must be used before any
draft is made for such purposes on the princi-
pal of said fund.
Section 5. Be it further enacted, ETC., That
1.-THE proceeds OF said bonds shall be applied in
such proportion as may be required to the
completion of said sewerage, water and drain
age systems, the preference being gwen TO the
sewerage and water systems, IL necessary.
Section 6. Be it further enacted, etc., Thai
there shall be dedicated to the payment of the
principal and interest of the bonds, herein au-
thorlzed all surplus, arising after January LIST
1857, from the one-half of one per cent debt
tax levied by the city of New Orleans by virtue
of Article Sl4 of the Constitution of Louisiana
and from the special tax of two mills voted by
the property taxpayers of the City of New Or
leans on the sixth day of June, 1893, said sur
plus being here defined to be all residue In
each year, until January LIST, 1912, remaining
after paying the interest on the twelve million,
of Public Improvement Bonds of the City o.
New Orleans, heretofore issued under the pro
vision of said Act No. of the extra session o.
1853, and the half-year's interest reserve funt
therein provided for, which said two mill IA,
. shall be levied and collected only until Janua
ury LIST, 1912, as provided for in Act No. o.
the extra session of 1899.
Ii, after paying the annual interest on tn,
: bonds provided for in this Act. and, after Jan
uary LIST, 1928, paying their sinking fund here
matter provided for, there shall be in any yea
any further surplus of said tax, said surplus
shall be used tor extending the said public
systems of sewerage, water and drainage, Il
respond to the growth and extension of thu
city of New Orleans, and il such further sur
illus shall be more than sufficient for such pur
pose, the same shall be held by the Board o.
Liquidation to the credit of the City of New
Orleans to be expended only in permanent
public improvements, such as paving, public
buildings, bridges, etc.
SectionT. Be it further enacted, etc. Tha
. after January Ist 1913 the Board of Iiuuida.