The weekly messenger. [volume] (St. Martinsville [i.e. St. Martinville] La.) 1886-1948, 1906-10-13

Tor the issuance and sale of sid bonds,
and their exemption from taxation;
and to provide for the submission to
the people of the State of Louisians
OF constitutional amendment, au-
thorlzing the issue of said bonds and
confirming the provisions Of this Act.
Whereas, due notice of this Act has been
published in the City Of New Orleans
Tor more than thirty days prior to its
introduction into the General Assem-.
bly,, and due evidence thereof has been
exhibited in the General Assembly,
and
Whereas, the bonds authorized to Be L.
sued by the City Of NV Orleans un-
der the provisions Of Act No. 6 Of the
extra session Of 1899, ratified BY .
constitutional amendment, adopted at
the general election Of 1900, have mot
proved adequate to he completion Of
the sewerage, water and drainage sys
TENS Of the City Of New Orleans and
the General Assembly is advised that
1t will probably require eight mil
hon dollars additional to complete aaia
systems; and
Whereas, BY the increase Of assessments
in the City Of New Orleans, present
and prospective, the one half Of the
surplus OF the one per cent debt tax.
levied by virtue of Article 314 Of the
Constitution Of the State of Louisiana
OF 1898, and the special tax of two
mills, voted by the taxpayers of tn,
City OF New Orleans on the 9th day
OF june 1893, are and will be mora
than sufficient to pay the interest ON
the twelve million dollars of bonds
issued under said Act No.
o OF the extra session of 1899,
and actually produce a large surplus
dedicated by said act to the purposes
thereof, which is and will be sufficient
to permit the capitalization thereof
by the issuance of eight million dol.
lars Of bonds, and the retirement there
OF prior to January /, 1912; and
Whereas, it is Of the greatest impor.
lance to the City of New Orleans, and
the people Of the whole State, that
these great public works shall be
speedily completed, and that their com.
pletion should not be deferred through
a long series of years by the gradual
application to that end of the said
surplus, as it accrues year by year:
Section i. Be it enacted by the Gen.
'ral Assembly of the State Of Louis
ana, two-thirds Of all the members elect
"a to each House concurring, That sub
ect to the ratification Of the people Of
ne State of Louisiana, by the adoptios
Il an amendment to the Constitution Of
ne State, hereinafter submitted to them.
he City OF New Orleans shall have power
o issue, and it shall be its duty to issua
'onds aggregating eight million dollars
lated J7uuary /, 1907. bearing four pc,
ent per annum interest, payable semi
nnualiy, the principal of which shar
e payable, at the option Of the city, a.
ny time between January 1, 1928, and
anuary l, 1912. Said bonds shall b,
tyled "New public Improvement bomb
the City of New Orleans" They shah
g OF the denomination of one thousand
ollars each, payable in lawful money
+ the United States with semi-annua
interest coupons annexed, payable July
and January 1. They shall be signed
the Mayor and Comptroller of the
lty OF New Orleans and countersignsA
: the President or Vice President and
ecresry Of the Board Of Liquidation Of
le City Debt. They may be registered
nd released from registry under the
lies and regulations prescribed by said
GARD OF Liquidation, and no register.
bond shall be negotiable. Like other
ty bonds, they shall be exempt from all
xation, State, parish and municipal
I'd the tutors of minors and curators
interdicts shall be authorized to IN,
ct the funds in their hands in such
'nds.
Section 2. Be it further enacted, etc.
hat as soon as constitutional authori.
for the issuance Of said bonds shall
we been obtained, it shall be the duty
the Board Of Liquidation of the City
sbt, at the expense Of the special tar
nd in their possession, to cause said
nds to be engraved and executed and
hold same subject to the requisitioa
the Sewerage and Water Board Of
ew Orleans. From time to time, a.
rected by said Sewerage and Water
'ard, said Board Of Liquidation shall
Il said bonds in such amounts as II
y be requested 80 to do, by sealed pro.
sails to the highest bidder, for not less
An par and accrued interest, aftes
rty days advertisement Of such sale,
one newspaper published in each OF
; cities of New York, Chicago and New