The southern sentinel. (Winnfield, La.) 1883-1910, 1906-10-26
ACT NO. ..

orleans. through Tie DOaIh Vi
of the City Debt, to issue and sell bonds,
which shall be exempt from taxation, Tor
the payment of the debt due for salaries OF
school teachers and portresses Tor the years
1851, 1856 and 1887; to provide for the pay
ment of the principal and interest OF SAID
bonds: and TO submit TO the peopIe On
amendment of the Constitution authorizing
the issuance of said bonds, and ratlfylng
the provision rs of this Act
Whereas, the City of New Orleans has for
MANY wears been indebted to her school !
teachers and portresses, meritorious body
of her citizens. for personal services rem
dered under contract with the Board OF
Directors OF her public schools; and
whereas the people of this State, by the pro-
visions of Article 3D. 3l6 and 81! OF the
Constitution of 1898, required the CITY OF
New Orleans to examine INTO ana assume
the payment of these debts, and provided
therein for their payment in manner
then believed to be sufficient and eftica-
cious; and
Whereas, under said constitutional directions
the CITY did examine and assume this DEBT
but the provision made in the Constitution
for the payment thereof was sufficient only
to quidate the .S assnneS Ssi eap;ng nnnai5
the assumed indebtedness for the years
1885, 1886 and 1887; and
Whereas the City of New Orleans did, by
Ordinance No. 2Oi4, New Council Series.
approved October LIST. 1903. assume the
Indebtedness reported by Its FINANCE Con,
mittee as due by the School Board OF SAID
CITY to teachers for salaries of school
teachers and portresses for the years 1879,
1856 and 1857, and did issue certificates OF
indebtedness therefor, amounting IN the
aggregate to one hundred and seyenty-iour
Thousand six hundred and s'Sty-two
wbereas dne notice of this Act has been pub
lished in the City OF New Orleans ior NOR
than thirty days prior to its INTRODUCTION
into the General Assembly, and Que
evidence thereof has been exhibited IN the
General Assembly: 60,
Section l. Be it enacted by the General
Assembly of the State of Louisiana, two thirds
af all he mamhprs elected IG eaCl DOuSe SDu-
curing: That subject to the ratincatlon OF Tie
people of the State of LOUISIANA py the
adoution 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 10 issue bonds no, ~
in amount dated January LIST, isU., FEARING
per cent. per annum interest payaDie semi
annually, the principal OF when snai, ,;,. Ne
between January LIST. 1917, an January ist,
1877 Said bonds shall be styled school teach,
ers 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 annnai
January 1st They shall be. signed by the
Mayor and Comptroller OF the City OF New
Orleans, and countersigned by the pfeSlaens
or Vice President and Secretary of the Board
of Lia lidation of the City Debt. They may be
registered and released from registry under
the rules and regulations prescribed oy sal9
Board of Liquidation. and no registered BOND
shall be negotiable. Like other city bonds
they shall be exempt from all taxation, State
parish and municipal, and the tutors on
minors and curators of iuterdlcts shall DE
authorized to invest the funds in their hands
in such bonds. nm,
as soon as constitutional authority Tor the
issuance of said bonds shall have been obtained,
ii shall be the duty of the Board OF Llqulda-
ton of the City Debt, at the expense Oh at tns
one-half of the one per cent debt tax, deVote1
to school purposes, and appropriated py SAID
Board to cause said bonds to be engraved anu
executed, and to sell the same at not less than
mar aid accrued interest, by sealed proposals.
to the highest bidder, after thirty days adSer-
tisementin two papers published IN me eity
of New Orleans.
section g. Be it further enacted, etc, That
the Board of Liquidation shall, with the pro
ceeds of said bonds take NJ and pay the eertlh
Gates issued by the City of New Orleans Tor the
salaries of school teachers and portresses OF
the public schools for the years 1855, 1886 ana
1887, under the provisions OF oIdInance 40
2e44 New Council Series, approved october Isl,
1903, with four per cent. per annum on the
principal of said certificates from said
October lst, 1903, provided ina. ior .ne pus
shall be allowed after January LIST, lsU'- sucn
payment must be made only to the persons
named in such certificates, or to their hefrs OF
legatees, or to their duly authorized counsel;
upon surrender of the original ceruncates OF
Indebtedness
Section 4. Be it further enacted, ETC., That
the principal and Interest of said bonds shall
be paid by preference out OF that one-naiI OF
the surplus of the one per cent debt tax leViea
Article 3l4 of the Constitution of louisiana,
which is dedicated for public school purposes;
and in making in each year apportloImenl Oh
ton shall from the one-half apportioned to the
public schools of New Orleans, withhold, by
preference, sum sufficient TO pay the semi
annual interest on said bonds, ana the SINKING
fund hereinafter provided for.
Section Be it further enacted. ETC., That
after january ist,- 1917 the said Board l. 81 81
surplus of said tax apportioned 70 school
purposes, set aside sinking fund sufficient IN
amount to retire the whole of said issue OF
bonds ON or before January LIST, 1927, and shall,
from time to time, and at least once every
three months, Is said fund accumulates, select
by lot the numbers of the bonds to be retired
at par and accrued interest, and shall advertise
for ten days in newspaper published IN
each of TIE cities of New York and New
Orleans, the numbers OF said bonds and the
date they will be paid (which date shall be not
more than thirty days from the date OF SAID
advertisement,) and at the expiration OF saio
date said bonds shall cease to bear interest.
Section 6. Be it further enacted, etc., Thai
all the substantial provisions of this Act shall
constitute a contract between the holders Of
bonds issued hereunder, the State of Louisiana
and the City of New Orleans.
Section Z. Be it further enacted, and re-
to be held in this State, on the first Tuesday
following the first Monday of November. 1905
the following amendment to the Constitution
of the State of Louisiana, shall be submitted x
the electors of the State. to-wit:
The City of New Orleans shall have power
and IL shall be Its duty to issue two hundred
thousand dollars of bonds, known as "Schoo
teachers salary bonds,'' for the purposes ans
under the provisions and conditions set fortl
in the special act of the Legislature adopted {,
that end and for that purpose, at the regula
session Of 1906, which said act is hereby ratified
and approved; and all provisions of the presen
Constitution of the State in conflict with tn
provisions of said act, and with this amend
ment are, to that extent, and for that purpos
only, repealed.
Section s. Be it further enacted, and re
solved, etc, That on the official ballots to b
used at said election shall be placed the words
For the City of New Orleans school teacher
salary bond amendment and the words
Against the City of New Orleans schoe
teachers salary bond amendment" and eac
elector shall indicate his vote on the proposes
amendment as provided in the general electio
laws of this State, j. w. HYAMS,
Speaker of the House OF Representative.
j. Y. SANDERS,
Lieutenant Governor and Pres. of the Senat,
Approved June II, 1906.
NEWTON c. BLANCHARD,
Governor of the State of Louisian.
true COPY:
JOHN T. MICHEL,
Secretary OF State.