The weekly messenger. [volume] (St. Martinsville [i.e. St. Martinville] La.) 1886-1948, 1906-09-22

and their exemption from taxation;
and to provide for the submission to
the people Of the State of Louisiana
of constitutional amendment, au-
thorizing 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
for more than thirty days prior to it,
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 New 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 not
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
lion dollars additional to complete said
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 thu
City of New Orleans ON the 9th day
of June 1899, are and will be moro
than sufficient to pay the interest ON
the twelve million dollars of bonds
issued under said Act No.
6 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 l, 1919; 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
long series of years by the gradual
application to that end of the said
surplus, as it accrues year by year:
Section l. Be it enacted by the Gen.
eral Assembly Of the State of Louis
lana, two-thirds of all the members elect.
ed to each House concurring, That sub.
ject to the ratification of the people Of
the State of Louisiana, by the adoption
Of an amendment to the Constitution Of
the State, hereinafter submitted to them,
the City Of New Orleans shall have power
to issue, and it shall be its duty to issue
bonds aggregating eight million dollars
dated JTuuary /, 1907, bearing four pei
cent per annum interest, payable semi
annually, the principal Of which shar
be payable, at the option of the city, al
any time between January /, 1928, and
January l, 1912. Said bonds shall b
styled "New public improvement bonds
of the City Of New Orleans. " They shall
be Of the denomination of one thousand
dollars each, payable in lawful money
of the United States with semi-annuL
interest coupons annexed, payable July
l and January 1. They shall be signed
by the Mayor and Comptroller Of the
City Of New Orleans and countersigneA
by the President or Vice. President and
Secretary Of the Board Of Liquidation Of
the City Debt. They may be registered
and released from registry under the
rules and regulations prescribed by said
Board Of Liquidation, and no register.
ed bond shall be negotiable. Like other
city bonds, they shall be exempt from all
taxation, State, parish and municipal
and the tutors of minors and curators
of interdicts shall be authorized to In.
vest the funds in their hands In such
bonds.
Section 2. Be it further enacted, etc.
That as soon as constitutional authori.
ty for the issuance of said bonds shall
have been obtained, it shall be the duty
of the Board of Liquidation of the City
Debt, at the expense Of the special tar
fund in their possession, to cause said
bonds to be engraved and executed and
to hold same subject to the requisitios
of the Sewerage and Water Board OF
New Orleans. From time to time, az
directed by said Sewerage and Water
Board, said Board Of Liquidation shall
sell said bonds in such amounts as il
may be requested so to do, by sealed pro-
posals to the highest bidder, for not less
than par and accrued interest, afte,
thirty days advertisement of such sale.
in one newspaper published in each Of
the cities of New York, Chicago and New
Orleans.
Section 8. Be it further enacted, etc,
That the proceeds of all such sales bs