The southern sentinel. (Winnfield, La.) 1883-1910, 1906-09-28
S. J. IL ARPER

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 10
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 evil
dence thereof has 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 constitutional amend
ment, adopted at the general election OF
1900, have not proved adequate to the COM
pletion of the sewerage, water and drainage
system of the City OF New Orleans and the
General Assembly is advised that il will
probably require eight million dollars ad-
ditional to complete said system; and
Whereas. by the increase Of assessments in the
City of New Orleans, present and prospec-
tive the one half of the surplus of the one
per cent debt tax. levied by virtue OF Arti-
Gle Sl4 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 day of June
1899 are and willSbe more than sufficient TO
pay the interest on the twelve million dol
lars of bonds issued under said Act No. 8
of the extra session of 1899, and actually
produce large surplus dedicated by said
Act to the purposes thereof, which is and
will be sufficient TO permit the capitailLa-
ton thereof by the issuance of eight million
dollars of bonds, and the retirement thereon
prior to January /, 1912; and
Whereas il is of the greatest Importance to
the City of New Orleans, and the people OF
the whole State, that these great public
l.-rr - t.fa
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 it accrues year by year:
Section l. Be it enacted by the General As
sembly of the State of Louisiana, two-thirds OF
all tine 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
and ii shall be its duty to issue, bonds aggrega-
ting eight million dollars, dated January |,
1907, bearing four per cent. per annnm interest,
payable semi-annually, the principal OF winch
shall be payable. at the option OF the city, al
any time between January 1, 1923, and January
1 1912. Said bonds shall be styled New public
Improvement bonds of the CITY of New Or
leans" They shall be of the denomination of
one thousand dollars each, payable in lawful
money of the United States, with senii-annual
interest coupons annexed, payable July ana
January They shall DC signed S Sy the o aayor
and countersigned by the President and Vice
President ana secretary OF the Board OF Liqnl-
dation of the City Debt. They may be regis
tered and released from registry under the
rules and regulations prescribed by said Board
of Liquidation and no registered bond shall De
negotiable. Like other city bonds, they shall
be exempt from all taxations state, parish and
municipal, and the tutors of minors and cura-
tors of interdicts shall be authorizes. to invest
the funds in their hands in such bonds.
Section. 2. Be il further enacted, ETC., That
as soon as the constitutional authority for the
issuance of said bonds shall have been obtain
ed, it shall be the duty OF the Beard of Liqui-
dation of the City Debt, ut the expense OF the
special tax fund IN their possession, to cause
said bonds to be engraved and executed, and
to hold same subject to the requlsition OF the
Sewerage and Water Board of New Orleans.
From time to time, directed by said Sewer
age and Water Board, said Boarc of Liquida-
ton shall sell said bonds, in such amounts as
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
advertisement OF such sales in one newspaper
published in each of the cities OF New York,
Chicago and New Orleans.
Section 3. Be il 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 provided
in said Act No. of the extra session of 1889,
and the amendments thereof.
Section T. Be ii further enacted, ETC., That
the proceeds of said bonds shall be used exclu-
| siveiy for the completion OF the existing sewer
New Orleans, with these exec ptions only:
(a) That If the said systems co 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, to be
expended by it for paving purposes, only:
(b) That when the water and sewerage sys-
tsms are completed and their operation is De-
gun, the expenses of the operation of said sys-
TENS for not more than the first twenty -four
months thereof, may be supplied, in whole or
arS u asf lpin gf,
not more than twenty-four months operation
any srplus that may exist of the taxes indi-
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 prinei-
| pal 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 sewerage, water and drain
age systems, the preference being given TO the
sewerage and water systems, IL necessary.
Section 6. Be ii further enacted, ETC., That
| there shall be dedicated to the payment OF the
principal and interest of the bonds, herein au-
thorized all surplus, arising after January lst,
/ 1907, from the one-haH of one per cent debt
| tax levied by the city OF New Orleans by virtue
OF Article sIa 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
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
1893, and the half-year's interest reserve fund
therein provided for, which said two mill tax
shall be levied and collected only until Janua-
ury LIST, 1892, as provided for in Act No. 6 of
/ the extra session of 1899.
IT, after paying the annual interest on the
bonds provided for in this Act, and. after JAM
nary LIST, 1928. paying their sinking fund here
matter provided Tor, there shall be in any year
| any further surplus of said tax, said surplus
shall be used for extending the said public
! systems of sewerage, water ard drainage, TO
respond to the growth and extension of the
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 OF
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.
/ Section Z. Be 1t further enacted, etc. That
| after January LIST, ls2s, the Board Of Lquida-