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


more than twenty months operation
any surplus that may exist of the tax
- dedicated to pay the interest on said
bonds, which surplus may and must be
% used before any draft is made for
such purpose on the principal of said
fund.
Section S. Be it further enacted, etc,
That the proceeds Of said bonds shall be
applied in such proportion as may be
required to the completion Of said sew
srage, water and drainage system, the
preference being given to the sewerage
and water system, if necessary.
Section 9. Be it further enacted, etc,
That there shall be dedicated to the pay
ment Of the principal and interest of
the bonds, herein authorized, all sur
plus, arising after January LIST, 1907,
from the one-half Of one per cent debt
tax levied by the City of New Orleans
by virtue Of Article '314 Of the Consti-
tuition Of Louisiana, and from the special
tax t"o mills voted by the property tax
payers Of the City Of New Orleans on
The sixth day Of june, 1899, said surplus
bsing here defined to be all residue in
each year, until January LIST, 1912, re-
naming after paying the interest on the
twelve millions Of Public Improvement
Bonds Of the City Of New Orleans, here
tofors issued under the provisions Of
Daid Act No. Of the extra session Of
1899, and the half years interest re-
serve fund therein provided for, which
said two mill tax shall be levied and col
Iected only until January LIST, 1912, as
provided in Act No. 8 of the extra ses-
NON Of 1899.
If, after paying the annual interest
N the bonds provided for in this Act,
and, after January LIST, 1928, paying
heir sinking fund hereinafter provided
for, there shall be any year, any further
surplus Of said tax, said further surplus
shall be used for extending the said
public systems of sewerage, water and
drainage, to respond to the growth AMI
extension of the City of New Orleans,
and II such further surplus shall be
more than sufficient for such purpose,
the same shall be held by the Board of
Liquidation to the credit Of the City of
New Orleans to be expended only in per
manent public Improvements, such as
paving, public buildings, bridges, etc.
Section Z. Be it further enacted, etc,
That after January LIST, 1928, the Board
Of Liquidation Of the City Debt, shall,
out of the surplus Of said taxes hsrein
dedicated to the payment Of the princi-
pal and interest of said bonds, set aside
. sinking fund sufficient in amount IA
retire the whole of said eight millions
Of bonds on or before January /, 1912.
and shall from time to time, and at least
once every three months, as. said fund
accumulates, select by lot, the numbers
Of the bonds to be retired at par am,
accrued interest, and shall advertise for
ten days in a newspaper published in
each Of the cities Of New York, Chicago
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 advertise
nent) and at the expiration of said date.
said bonds shall cease to bear interest.
Section 8. Be it further enacted. etc,
That the Board Of Liquidation of the |
City Debt, is hereby directed not to sell |
any Of said eight millions of New Public
improvement Bonds in excess of the
revenues hereby dedicated to the pay
ment of the annual interest thereon, and |
70 defer such sales, if necessary, until
the assessed values Of the City of New
Orleans will assuredly provide the funds
TO meet the interest charges thereon.
Section 9. Be it further enacted, ETC.,
That II, BY any mischance, the growth
and progress Of the City of New Orleans
should be arrested, so that her assessed
values should not be sufficient to pro-
vide sinking fund to retire said bonds
By January LIST, 1912, all of said bonds
% remaining unpaid shall be ipso facto.
extended, at the same rate of interest
and with the right of call. as herein pro-
uded, until January LIST, 1862, and the
said one per cent debt tax shall be lie
We'd 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 Ist. 1850.
shall be applied BY preference to the
payment Of the principal and interes:
'f said bonds, except in so far as any
portion OF the proceeds Of said tax NAV
rave to be applied, after that date, to
he payment of the principal and interest
u the said twelve millions Of Public
Improvement Bonds" due July LIST, 1850,
issued under said Act Of 1899. If it
.hould become necessary, after January |
LIST, 1912, to provide for the payment