The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1906-09-08

AN AZ
To authorize and require the City OF
New Orleans, through the Board Of
Liquidation of the City Debt, to is
sue and sell bonds, which shall be
exempt from taxation, for the pay
ment of the debt due for salaries OF
school teachers and portresses for
the years 1856; 1886 and 1887; to
provide for the payment OF the
principle and interest of said bonds;
and to submit to the people an
amendment of the Constitution au-
thorizlng the issuance Ofsaid bonds,
and ratifying the provisions OF this
Act.
Whe,eas, the City of New Orleans,
has for many years, been indebted
to her school teachers and por-
tresses, meritorious body of her
citizens, for personal service rem
dered under contract with the
Board of Directors of her public
schools; and
Whereas, the people of this State, by
the provisions of Article 315, BIG
and 81 Z of the Constitution OF 1898
required the City Of New Orleans
to examine into and assume the
payment OF these debts, and pro-
vided therein for their payment in
a manner then believed to be sufii-
Gent and efficacious; and
Whereas, under said constitutional
directions, the city did examine
and assume this debt, hut the pro-
vision made in the Constitution for
the payment thereof was sufficient
only to liquidate the assumed in
debtedness for the years 1882,
1888 and 1884. leaving unpaid the
assumed indebtedness for the years
1885, 1886 and 1887; and
Whereas. the City Of New Orleans did,
by Ordinance No. 2044, NewCoun-
ell Series, approved October LIST
1908, assume the indebtedness re-
ported by it's Finance Committee
as due by the School Board of said
city to teachers for salaries Of
school teachers and pOrtresses for
the years 1885, 1886 and 1887,
and did issue certificates of indebt-
edpess therefor, amounting in the
aggregate to one hundred and sey-
enty-fOur thousand, six hundred
and sixty-two ($174,662.00) dol
| lars; and
Whereas due notice of this Act has
been published 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:
Section /. Be it enacted by the
General Assembly of the State Of Lou
isiana, two-thirds of all the members
elected to each House concurring,
That, subject to the ratification of
the people of the State of Louisiana,
by the adoption of an amendment to
the Constitution of the State herein
after submitted to them the City OF
New Orleans shall have power to is
sue, and it shall he it's duty to issue
bonds. not to exceed two hundred
thousand dollars 5000, 000.O0) in
amount, dated January tst, 1907,
bearing per cent per annum inter-
est payable semi-annually, the prin-
cipal of which shall be payable at the
option of the city, ut any time be-
tween January LIST, 1917, and Janu-
ary LIST, 1927. Said bonds shall be
styled "School teachers salary bonds
Of the City of New Orleans" They
shall be of the denomination of one
thousand dolIars each, payable in
lawful money of the United States,
with se,ni-annual interest coupons
annexed payable July LIST and Janu-
airy 1st. They shall I've signed by the
Mayor and Comptroller of the City
of New Orleans, and cOuntersigned
by the President or Vice President
and Secretary of the Board of Liqui-
dation of the City Debit They may
be registered and released from reg
istry under the rules and regulations
prescribed by said board OF Liquida-
ton, and no registered bond shall he
negotiable. Like other city bonds,
they shall be exempt from all TAXATION
State, parish and municipal, and the
tutors of minors and curators of in
terdicts shall be authorized to invest
the funds in their hands in such
bonds.
Section 2. Be it further enacted
ETC., That as soon as constitutional
authority for the issuance OF said
bonds shall have been obtained, it
shall be the duty of the Board of Liq.
uidation of the City Debt, at the ex.
pense OF the one-half of the one per
cent debt tax, devoted to school pur-
poses, and apportioned by said
Board, to cause said bonds to be en-.
graved and executed, and to sell the
same at not less than par and accru.
ed interest, by senled proposals, to
the highest bidder, after thirty days
advertisement in two paperspublish-
ed in the City of New Orleans.
Section g.. Be it further enacted,
ETC., That the Board of Liquidation
shall, with the proceeds of said bonds
take up and pay the certificates issu.
ed by the City Of New Orleans for the
salaries of school teachers and pOr-
tresses OF the public schools for the
years 1885, 1886 and 1887, under
the provisions Of Ordinance No. 2044
New Council Series, approved Octo-
Der LIST, 1908, with four per cent
lper annum on the principal oil
n r II A.