The southern sentinel. (Winnfield, La.) 1883-1910, 1906-09-28

tion of the CITY Debt. shall, out OF the surplus |
of said taxes herein dedicated to the payment /
of the nrincipal and interest of said bonds, set
aside sinking fund sufficient in amount TO |
retire the whole of said eight millions OF bonds /
on or before January I. 1912, and shall from |
time to time, and at least once every three t
months as said fund aCcumulates, select by |
lot the numbers of the bonds to be retired ut
par and accrued interest. and shall advertise
Tor ten DAYS in newspaper published in each |
Of the cities of New York, Chicago and New |
Orleans, tie numbers OF said bonds and the
date they will be paid (Which date snail ne
not more than thirty days from the date OF
said ADVERTISEMENT and At the expiration OF
said date, said bonds shall cease to bear
interest.
Section g. Be il further enacted, ETC., That
the Board of Liquidation of the City Debt Is
hereby directed not to sell any of said eight
excess of the revenues hereby dedicated 10 the
payment of the annual interest thereon, ana
10 defer such sales, If necessary, until the rs,
sessed values of the City OF New Orleans VIII
assuredly provide the funds TO meet the
interest charges thereon
section O. BE il further enacted, etc, That
IT, hy any m;schanCe, the growth and progress
of the City of New Orleans should be arrested,
so that her assessed values should not be
sufficient TO provide sinking fund To retire
said bonds by January LIST, 1872, All OF SAID
| bonds so remaining unpaid shall be Ipso facto,
| extended, at The same rate of interest and with
| the right of call, as herein provided, until
January LIST, 1862, and the said one per cent
dent tax shall be levied and collected until
/ that date or until the principal and interest of
said bonds are fully and finally paid, and the
proceeds thereof, after July 1st, 1890, shall be
| applied by preference to the payment OF the
/ principal and interest of said bonds, except IN
| so far as any portion OF TIE proceeds OF SAID
| tax may have to be applied, after that date, to
/ the payment of the principal and interest Of
Il the said twelve millions of Public Improve
ment Bonds due July LIST, 1850, issued under
i said act of 1889. If il should become necessary,
| after January 1st, 1892 to provide for the pay
mcnt OF the interest ON any part of said eight
| million dollars of New Public Improvement
| H. said twelve millions a
Public Improvement Bonds are retired, and
the proceeds of said one per cent. debt tax
established plan of retiring the whole of said
twelve millions of bonds in the interval
between January LIST, 1912, and July LIST, 1850, 1t
shall be the duty of the City OF New Orleans,
| TO be enforced by manGamus, II necessary,
either by the Board of Liquidation or by any
bondholder. to levy in each year special tax
said special tax TO the Board of Liquidation,
until the proceeds of the one per cent. debt tax
shall be available towards the payment of the
/ interest and principal Of said bonds.
Section TO- BE it further enacted, ETC.. That
the holders of bonds issued under this Act
shall have all the rights and guarantees pro-
vided in said Act No. OF the extra session OF
1889 in behalf OF the holders of bonds issued
under that Act. and all the substantial pro-
visions of this Act shall constitute a contract
between all the holders of bonds issued, here
under, the State OF louisiana, and the City OF
New Orleans.
Section H. Be it further enacted and re-
solved. etc, That at the congressional election
to be held in this State oa Tuesday, the sixth
day of November, 1906, the following amend
ment to the Constitution OF the State of Lou
isiana shall be submitted to the electors OF
the State to-wit:
1.-The City OF New Orleans shall have power
to issue eight million dollars OF bonds, known
rs New Public Improvement Bonds for the
purposes and under the provisions and CEN
ditions set forth in the Special Act of the Leg
islature adopted TO that end and for that pGr-
pose at the regular session OF 1865, which said
Act is hereby ratified and approved; and all
|, provisions Of the present Constitution of the
state in conflict with the provisions OF said
Act and with this amendment, are to that
extent. and for that purpose only, repeated
Section IL. Be il further enacted and re-
solved. etc. That on the official ballots to be
used at said election. shall be placed the words:
sFor the City of New Orleans New Public
| Improvement Bond Amendment"
And the words:
Against the City of New Orleans New