The Lafayette advertiser. [volume] (Vermilionville [i.e. Lafayette], La.) 1865-19??, 1906-10-24
ACT NO. =.

ACT NO. 2.
BY Mr.. Dupre. House ELL No. 80.
AN ACT.
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 1885, 1886 and 1887: to pro-
vide for the payment of the princi-
pal and interest of said bonds: and
to submit to the people an amend
ment of the Constitution authorizing
the issuance of said bonds, and rati-
fving the provisions of this Act.
Whereas, the City of New Orleans has
for many years, been indebted TO
her school teachers and ~portresses,
a meritorious body of her citizens,
for personal services rendered un-
der contract with the Board OF Dl-
rectors of her public schools: and
Whereas, the people of this State, by
the provisions of Article 3l5, 316
and BIT of the Constitution of 1898,
required the City of New Orleans to
examine into and assume the pay
ment of these debts, and provided
therein for their payment in a man.
ner then believed to be sufficient and
eficaciOus: and
Whereas, under said constitutional
directions, the city did examine and
assume this debt, but the provision
made in the Constitution for the pay
ment thereof was sufficient only to
liuuidate the assumed indebte dnesS
for the years 1882, 1883 and 1884,
leaving unpaid the assumed indebt-
edness for the years 1885, 1886 and
1887: and
Whereas, the City of New Orleans did.
by Ordinance No. 2O44, New Council
Series, approved October LIST 1908,
assume the Indebtedness reported by
it's Finance Committee as due by the
School Board of said city to teach
ers for salaries of school teachers
and p-ortresses for the years 1885,
1886 and 1887, and did issue certifi.
Gates of indebtedness therefor,
amounting in the aggregate to one
hundred and seventy-fOur thou
sand, six hundred and sixty-twO
($174. 662 COY dollars: and
Whereas, due notice of this Act has
been published in the City of New
Orleans for more than thirty days
prior to it's introduction into the
General Assembly, and due evidence
thereof has been exhibited in the
General Assembly:
Section /. Be it enacted by the
General Assembly of the State of
Louisiana, twO-thirds of all the men,
bers 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 hereinafter
submitted to them the City of New
Orleans shall have power to issue,
and it shall be it's duty to issue bonds,
not to exceed two hundred thousand
dollars 1920, 900. OO) in amount, dated
January 1st, 1907, bearing 4 per cent
per annum interest payable semi-an-
nually, the principal of which shall be
payable at the option of the city, at
any time between January LIST, 1917, and
January 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 dollars each. payable in
lawful money of the United States,
with semi-annual interest coupons an
nexed payable July LIST and January
LIST. They shall be signed b. the
Mayor and Comptroller of the City of
New Orleans. and countersigned by
the President or Vice-President and
Secretary of the Board of Liquidation
of the City Debt. They may be regis
tered and released from registry under
the rules and regulations 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 and curators of interdicts 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 Ii
quidatiOn of the City Debt. at the
expense 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 engraved
and executed, and to sell the same at
not less than par and accrued interest,
by sealed proposals, to the highest
bidder, after thirty days advertise
ment in two papers published in the
City of New Orleans.
Section 3. Be it further enacted,
etc., That the Board of Liquidation
shall, with the proceeds of said bonds
take up and pay the certificates is
sued by the City Of New Orleans for