The southern sentinel. (Winnfield, La.) 1883-1910, 1906-09-07

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issuance and sale of said bonds. and their
exemption from taxaticn; and to provide
for the Submission TO the people of the
State Of louisiana OF constitutional n
menamgfs., authorizing the issue of said
bones an, confirming the provisions OF this
Act.
Whereas. Cue notice of this Act has been pub
hshed III she CRY of New Orleans for more
than thirty days prior 10 its introduction
into the General Assembly, and due evi-
dence thereof has been exhibited in the
General Assembly; and
Whereas, tHs 5oHas authorized TO be issued by
the CITY a. Net Orleans under tie Pr0yis-
ions oi ! 80. of the extra session OF
1893, iaz5#cd b. constitutional Gmend-
ment. adopted u the general election of
1865. haSE ret tsoy5d adequate 20 The COM
pletlon o. ;bt ses.erage, water and drainage
system u tas Nsts of New Orleans and the
General Assembly i advised that it VIII
probably requHs eight million dollars adj
ditiona4 u complete said system; and
Whereas, by The IESrCase Of assessIEe ats an tire
City of New Orleans, present and pTosrec-
tive, the ole nal. Of he surplus o. the one
per cent t..bt Lax, 'eSied by virtue OF Arti-
Gle 3i4 Of the Constitution OF the State of
Louisiana Oi ISIS, aud the special tax of
Two m1.is, voice ~ the tax payers OF the
City Of hCw Orleans on tae oh Gay Of June
1sSy, are ana VII re more than sufficient To
pay the interest on he Twelve million dol
lars of bonds issued under said Act No.
OF the extra session of 1853, and actually
produce a large surplus dedicated by said
Act 70 the purposes thereof, which is and
will be sufficient to permit the caPitaliZa-
ton thereof by the issuance OF eight million
dollars of bonds, and the retirement thereof
prior to January /, 1872, and
Whereas, il is of the greatest Importance to
the City of New Orleans, gnd 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 III that cad OF the sand sur
plus is il acerues year b. year:
Section /. Be IT enacted by the General AS
sembiy Of the State of Louisiana, two-thirds of
all 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 am endment to the Constitution OF
the State, kei einafter submitted 10 them, the
City of New Orleans shall have power TO Issue
and it shall be It's duty to issue, holds aggTega-
ting eight million dollars, dated January J,
1877, bearing four per cent per 2nnum interest,
payable semi-annual!y, the principal OF which
shall be payable. at the option Of the city, az
any time between January J. ls1S, and January
l 1872. Said bonds shall be styled New public
bonds os The Clty OF New Or
leans" Trey shai be % the denomination OF
one thousand dollars eaeh, payable IN lawful
money of the United States, with semi annual
interest coupons annexed, payable July and
January 1. They shall ba Slgled BY the Mayor
and Comptroller OF the City Of New Orleans
and countersigned by the President and Wee
President and secretary Of tie Board of Liqul-
tered and released from registry under the
rules and regulations prescribed by said Board
of Liquidation, and no registered bond shall be
Like other CITY bonds, they snail
be exempt ficm all taxation, state, parish and |
and the tutors of minors and cara-
tors CT interdicts shall be authorized to invest
the funds in their hands IN such bonds.
Section. 2. Be il further enacted, etc, That
as soon rs the constitutional authority Tor the
c sax: lends shall have been obtain
ed, il shat : &c duty OF the Board of Liqui-
dation OF i:ze. o.ts Debt, at the expense of the
special tas fund IA their possession, to cause
said bonds 10 be engraved and executed and
to hold same subjec; to the requisition of the
Sewerage and Water Board OF New Orleans.
From time to time, directed by said Sewer
age and Water Board said Board OF LIqulda-
tion shall sell said bonds, in such amounts rs
il may be requested so to do, by sealed prOpo-
sails, to the highest bidder, for not less than
par and accrued interest, after thirty days
OF such sales in one newspaper
published in each OF the cities OF New York,
Chicago and New Orleans.
Section 5. BE IL further onscted, etc, That
the proceeds Of ali such sales be held by tine
Bosrd of Liquidation and paid over ON tire
warrant OF the Sewerage ana Water Board IN
the manner and under the conditions provided
inf said Acs No. of the extra session OF 1889,
and the amendments thereof
Section /. Sc Il further enacted, etc, That
the proceed, of said bonds shall be nsed exclu-
siyeiy for the completion OF the existing sewer
age water ana 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
the whole of said proceeds, the balance thereof
the credit OF the City OF New Orleans, 20 be
expended by i. for paving purposes, only:
ti5). That when me water and sewerage sys-
TENS are completed and their operation IS be-
gun, the expS nses of the operation OF said sys-
TENS for not more than the first twenty-four
months thereof, may be supplied, in whole or
in part out OF said funds after applying TO said
not more than twenty-fouT months operation
any surplus that may exist OF The taxes indl-
Gated TO pay the fnteTeS. on said bonds, which
surplus may and must be Used before any
{
pal of SAID fund
Section 5. Be 1t further enacted, ETC., That
the proceeds Gf said bonds shall be applied IN
such proportion as may be required to the
conpieiIoil OF said sewerage, water anu dTuln-
age systems. the preference being given 20 the
sewerage and water systems, II necessary.
SECTION g. Be il further enacted, etc. That
there shall be dedicated to the payment of the
principal and interest OF the BOMBS, herein au-
taorizcd all surplus, arising after January Isl,
I9G- FROM the one-han OF one per cent debt
Tux levied by the city OF New Orleans by virtue
of Article 31l 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, 1888, said sur
plus being here defined to be all residue in
each year. until January list 1872, remaining
after paying the interest on the twelve millions
OF Public Improvement Bonds of the City OF
New Orleans, heretofore issued under the pro-
vision Of said Act No. 6 of the extra session OF
1882 and the haff-year's interest reserve fund
therein provided for, which said Two mill tax
shall be levied and collected only until Janua-
ury LIST, 1872, rs provided for IN Act No. OF
the extra session of 1879.
IT, after paying the annual interest on the
bonds proviii I'd fer in this Act; and, after jan
uary Ist 1875 paying their sinking fund here
matter provi led for, there shall be in any year
any further surplus of said tax, said surplus
shall be used TOR extending the said public
systems of sewerage, water and drainage, to
respond to tne growth and extension of the
city OF New Orleans, and if such further sur
plus shall be more than sufficient for such pur-
pose the same shall be held by the Board of
Liquidation to the credit of the City of New
Orleans to be expended only in permanent
public improvements, such paving, public
buildings, bridges, etc.
Section !. Be il further enacted, etc. That
after January LIST. 1928, the Board OF Liquida-
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 sinking fund sufficient in amount to
retire the whole of said eight millions OF bonds
on or before January /, 1872. and shall from
time to time and ut least once every three
months as said fund aecumuiates, select by
lot the numbers OF the bonds to be retired at
par and accrued interest, and shall advertise
for ten days in q newspaper published IN each
of the cities of New York Chicago and New