The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1906-09-29

General Assembly of tucte"'e -
isiana. two-t;iirds OF al the snetni'ers
elected to each House concnrrlng,-
That, subject to the ratification Oh
The people of the State OF Louisiana,
bv thea,doption Of IN amendment TO
+ %. CONSTITUTION OF The State, hereIn-
after submitted TO them, the. City Oh
New Orleans shall have power to IS
sue. and it shall be its duty to issue
bonds aggregating eight million dol
lars, dated Jnrunry l, 1907, bearing
four per cent perannum interest, pay
able semi-nnnually, the principal of
which shall be payable at the option
of the city at any time between jan
nary / 1928, and january l, 1872
Said bonds shall be styled New pub
lie improvement bonds OF the City oil
New Orleans" They shall be OF the
denomination of one Thousand dol
lars each, payable in lawful money oi
the United States, with semi-annuai
interest coupons annexed, payable
July / and january r They shall be
signed by the Mayor and Comptroller
of she City of New Orleans. and couB-
tersigned by the President or Vice
President aud Secretary of the Board
OF Liquidation of the City Debt. They
may be registered and released from
registry under the rules and regula-
tions 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, par
ish and municipal, and the tutors OF
minors ana curators of interdicts
shall lie authorized to invest the funds
in their hands in such bonds
Section 2. BE it further enacted.
etc. That ms soon rs constitutional
authority for the issuance OF said
bonds sl III have been obtained, 1T
shall he the duty of the Board OF
Liquidation of the City Debt, at the
expense of the special tax fund IN
their possession, to cause said bonds
to he engraved and executed, and to
hold same subject TO the requisltlon
of the Sewerage and Wafer Board of
New Orleans. From time to time rs
directed by said Sewerage and Water
Board, said Board of Liquidation
shall sell said bonds, in such amounts
as it may be requested so to do, ny
seaIe,l proposals, 10 the highest bid
der. for not less than parnnd accrued
interest. after thirty days advertise
ment of such sales in one newspaper
published in each OF The cities of New
| York, Chicago and New Orleans.
Section 3. Be it further enacted
etc, That the proceeds OF nil such
sales be held by the Board OF Liqui-
dation and paid over on the warrant
of the Sewerage and Wnter Board in
the manner and under the conditions
provided in said Act No. g of the ex-
/ ira session of 1899, and the amend
/ ments thereof.
1 Section. 4. Be it further enacted,
etc, Tint the proceeds of said bonds
shall be used exclusively for the COM
pIetion Of the existing sewerage,
water md drainage system OF the
City of New Orleans, with these ex-
ceptions only:
!, ia) That if the said-systems do
not require the expenditure for their
completion of the whole OF said pro-
cepeis, 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
tb1 That when the water and sew
. ernge systems are completed and
their operation Is begun, the expen-
ses of the operation of said systems
4 Tor not more than the first twenty
four months thereof, may he suppli-
ed, in whole or in part, out Of said
funds, after applying to said not
more than twcnty-fOur months OPP
Grafton any surplus that may exist
, of the taxes Dedicated to pay the in
terest on said bonds, which surplus
: max and must be So used before any
! draft is made for sucI, purpose on the
+ principal of said fund.
!. Sectnn ). BE it further enucted,
u etc, Tint the proceeds of said bonds
7 shall be applied in such proportion az
y may he required to the completion
e of said sewerage, water and drainage
u systems, the preference being given
: to the sewerage andwuter systems, II
= necessary.
el Section 6. Be it further enacted,
etc, That there shall be dedicatedto
u the payment OF the principal and in
e tprest Of the bonds, herein nuthoriz-
e ed, all surplus, arising after January
I list, 1907 from the one-half of one
'e per cent debt tax levied by the City
z of New Orleans by virtue of Article
314 OF the Constitution of Louisiana,
Is and from the special tax OF two mills
" voted by the property taxpayers o
- the City of New Orleans on the sixth
" day OF June, 1899, said surplus be
ce ing here defined to be all residue in
re each year, until January LIST, 1912
remaining after paying the interest
,e on the twelve millions OF Public I'm
Il provempnt Bonds of the City Of New
o Orleans, heretofore issued under thu
u provisions Of said Act No. 6 of th'
n. extra session OF 1899, and the half
o' years interest reserve fund therein
10 provided for, which said two mill tn,
a. shall be levied and collected only un
ne I'll Jonunrv 1st 1910 ns proyi<lpd IL