The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1906-11-03
TO THE


purposes of this Act TO interest ON
said certificates shall he allowed after
January LIST, 1907. Such payment
must be made only to the persons
named in such certificates, or tn their
heirs or legatees, or to their duly au-
thorized counsel; upon surrender of
the original certificates of indebted
ness.
Section 4. BE it further enacted,
etc, That the principal and interest
of said bonds shall be paid hy pref
erence out of that one-half OF the sur
plus of the one per cent debt tax lev
led by the City of New Orleans by vir-
tue of Article 314 of the Constitution
of Louisiana, which il dedicated for
public school purposes; and in max
ing in each year apportionment Of
the surplus OF said tax, the Board of
Liquidation shall from the onp-half
apportioned to the pub ic schools of
New Orleans, withhold, by preference,
Il sum sufficient to pay the seni-an-
nual interest ON said bonds, and the
sinking fund hereinafter provided Cor.
Section 5. Be il further enacted,
ETC., That after January>1st, 1917,
the said Board OF Liquidation shall,
cut Of the sai id one-ha fsurplusof sa id
tax apportIoned to school purposes,
set aside a sinking fund sufficient in
amount TO retire the whole of said
issue of bonds. on or before January
LIST, 1927, and shall, from time to
time, ard at least once every
three months, as said fund accumu-
lates, select by lot the numbers of
the bonds to he retired ut par and
accrued interest, and shall advertise
for ten days in u newspaper publish
Ell in each of the cities OF New York
and New Orleans, the numbers of said
bonds and the date they will he paid
(which date shall l,e not m,rp than
thirty days from the date Of said ad-
vertisement.) and at the expiration
of said date said bonds shall cease to
bear interest.
Section 6. Be it further enacted,
etc., That all the substantial provis-
ions of this Act shall constitute con-
tract between the holders of bonds
issued hereunder, the State of Louis
lana and the City of New Orleans.
Section Z. Be it further enacted,
and resolved, ETC., That at the con-
gressional election TO be held in this
State, ON the first Tuesday following
the first Monday in November, 1906,
the following amendment to the Con-
stitution Of the State Of Louisiana.
shall be submitted to the electors Oi
the State, tO-wit:
1.-The City Of New Orleans shall
have power and it shall be its dut Y
to issue two hundred thousand dol
lars of bonds known as "SchO u teach
ers salary bonds" for the purposes
and under the provisions and cOndi-
tons set forth in the special net Ol
the Legislature adopted to that end
and for that purpose. at the regular
session of 1906, which said net is
hereby ratified andapprOved; and all
provisions of the present COnstitu-
ton of the State in conflict with
the provisions of said act, and with
this amendment are, to that extent,
and for that purpose only, repealed.
Section 8. Be it further enacted,
and resolved, etc, That on the OFF,
cial ballots to be used mt said election
shall be placed the words: For the
City of New Orleans school teachers
salary bond amendment" and the
words: Against the City OF New
Orleans school teachers salary bond
amendment" and each elector shall
Indicate his vote on the proposed
amendment as provided in the gen
eral election laws OF this State.
j. w. HYAMS,
Speaker of House o. Representatives
j. Y. SANDERS,
Lieut.. Gov. and Prest. of the Senate
Approved June IL, 1906.
NEWTON C. BLANCHARD,
Gov. of the State of Louisiana
A true copy:
JOHN r. MICHEL,
| Secretary of State.