The southern sentinel. (Winnfield, La.) 1883-1910, 1906-10-12

ton of the City Debt. shall, out of the surplus
of said taxes herein dedicated to the payment
of the principal and interest of said bonds, set
aside a sinking fund sufficient IN amount to
retire the whole of said eight millions of bonds
on or before January l, 1872, 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 10 be retired 1t
par and accrued interest, and shall advertise
for ten days in newspaper publlshed III e@eh
of the cities of New York, Chicago and New
Orleans, the numbers of said bonds and the
date they will be paid (Which date Sail be
not more than thirty days from the date of
said ADVERTISEMENT and at the expiration oil
said date. said bonds shall cease to bear
interest
Section s. Be it further enacted, etc, That
the Board of Liquidation of the City Debt i
hereby directed not to sell any of said eight
millions of New Public Improvement Bonds III
excess of the revenues hereby dedicated to the
payment of the annual interest thereon and
TO defer such sales, II necessary, until the as
sessed 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
if, by any mischance, the growth and progress
of the City of New Orleans should be arrested
so that her assessed values should not b
sufficient to provide sinking fund To retire
said bonds by January LIST, 1912, all of said
bonds so remaining unpaid shall be ipso facto
extended, at the same rate of interest and with
the right of call, As herein provided. unit
January LIST, 1862. and the said one per cent
debt tax shall be levied and collected unit
that date or until the principal and interest oi
said bonds are fully and finally paid, and thu
proceeds thereof. after July LIST, 1850, shall b,
applied by preference To the payment of thu
principal and interest of said bonds, except IN
so far as any portion OF the proceeds OF sa!o
tax NAV have to be applied, after that date, &C
the payment of the principal and interest o.
the said twelve millions OF Public Improve
ment Bonds due July LIST, 1850, issued undel
said act of 1899 If il should become necessary
after January LIST, 1912, to provide for the pay
ment of the interest ON any part OF said eigh
million dollars of New Public improvement
Bonds" until the said twelve millions o
Public Improvement Bonds" are retired, anC
the proceeds OF said one per cent. debt taN
cannot be used without infringement upon tbs
established plan of retiring the whole of said
twelve millions of bonds IN the interya
between January LIST, 1912, and July list, 1850, Il
shall be the duty of the City of New Orleans
to be enforced by mandamus, II necessary
ei.her by the Board of Liquidation or by any
bondhoider. to levy in each year special tas
sufficient to pay the interest on said bonds
said special tax to the Board of Liquidation
until the proceeds of the one per cent. debt tar
shall be available towards the payment of tht
interest and principal of said bonds.
Section 10. Be il further enacted, etc, Tina
the holders of bonds issued under this Ac
shall have all the rights and guarantees pro
viI.ed in said Act No. 8 OF the extra session o
1889. in behalf % the holders OF bonds issueo
under that Act, and all the substantial pro
visions of this Act shall constitute a contrac
between all the holders of bonds issued, here
under, the State of Louisiana, and the City o.
new oTiGAus
Section IL. Be it further enacted and re-
solved, etc, That at the congressional election
to be held in this State Tuesday, the sixth
day of November, 1906. the following amend
ment to the Constitution of the State OF Lou
isiana shall be submitted to the electors Of
the state. to-wit:
THE City of New Orleans shall have power
to issue eight million dollars of bonds, known
as New Public improvement Bonds for the
purposes and under the provisions and cen
ditions set forth in the Special Act of the Leg
islature adopted to that end and for that pur.
pose, at the regular session of 1906, which said
Act Is hereby ratified and approved; and al
provisions of the present Constitution 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 L. Be il further enacted and re-
solved. etc. That on the official ballots to be
used at said election, shall be placed the words:
For the City of New Orleans New Public
Improvement Bond Amendment"
And The words:
Against the City of New Orleans New