The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1906-10-13

lndJ, SUBJECT I'D the fntInCu t1OhA "
the people Of the State Of louisiana
by the adoption of an amendment to
the Constitution of the State, bereIn-
after submitted to them, the City Of
New Orleans shall have power to is
sue, and it shall be its duty to issue
bonds aggregating eight million dol
lars, dated Jnnnury /, 1907, bearing
four per cent per annum interest, pay
able semi-annually, the principal Of
which shall be payable at the option
Of the city at any time between JAM
uary !, 1928, and January 1, 1912.
Said bonds shall be styled 'sNew pub
lie improvement bonds of The City of
New Orleans" They shall be of the
denomination Of one Thousand dol
lavs each, payable in lawful money Of
the United States, with semi-aununI
interest coupons annexed, payable
July 1 and january They shall be
signed by the Mayor and Comptroller
Of the City Of New Orleans, and coun-
tersiGned by the President or Vice
President and Secretary Of the Board
OF Liquidation of the City Debt, They
may be registered and released from
registry under the rules and regula-
ti0ps 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 tntors Of
minors and curators of interdicts
shall he 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 he the duty OF the Board Of
Liquidation of the City Debt, ut the
expense OF the special tax fond in
their possession, to cause said bonds
to be engraved and executed, and to
hold same subject to the requisiti0n
Of the Sewerage and Water Board 81
New Orleans. From time to time as
directed by said Sewerage md Water
Bonrd, said Board Of Liquidation
shall sell said bonds, in such amounts
as it may be requested 80 to do, By
sealed proposals. to the highest bid
der, for not less than par andaccrued
interest, after thirty days advertise
mept of such sales in one newspaper
published IN each Of the cities Of New
York, Chicago and New Orleans.
Section 8. BE it further enDcted,
etc., That the procreds of all suclS
sules be held by the Board of Liqui-
slntion and paid over ON the warrant
Of the Sewerage md Water Board in
the mnnuer and under the conditions
provided in said Act No. 6 of the ex-
tra session Of So95 md the amend
merits Thereof.
Section. 4. BE It further enacted,
ETC., That the proceeds Of snisl bonds
shall be used exclusively for the COM
pletion OF the existing sewvSnGe.
water and drainage System If the
City of New Orleans, with these ex-
ceptions only:
(a) That if the said systems do
not require the expenditure fog their
|cmnpletion at the whole of said pro-
cepds, the balance thereof shall be
held hy the Board of Liquidation tO
the credit of the tity of New Orleans,
to he expended by it for paving
purposes, only:
tb) That when the water and sew
ersge systems are completed and
their operation is begun, the expeD-
ses OF the operation OF ruid SYSTEMS
fur nut more than The FIRST twenty
four months thereof, may be suppl
ed, in whole or in part, ont of said
finds, after applying to said not
more than twenty-iOur months OPP
Grafton any surplus that may exist
of the taxes dedicated tn pny the in
terest on said bonds, which surplus
may and must Ike 80 used befOp any
draft il made for such purpose On the
principal " nsid fund.
Section 3. BE it further eRsseted,
etc., That the proeeeds OF said bonds
shall he applied In such proportion ~
may he required to the completion
of snid sewerage, water and drainage
systems, the preference being given
! to the sewerage and water systems, il
necessary.
Section 6. BE it further enacted,
etc, That there shnu he dedicated to
the payment Of the principal and in
trrest Ut the bonds herein muthnsiE-
esf, all sssvplus, arising after JsBuury
| LIST, 1907, from the one-haIf of one
per cent debt tax levied by the City
of New Orleans by virtue Of Article
314 of the Constitution Of Louisiana,
and from the special tax Of two mills
voted by the property taxpayers al
the City of New Orlenns ON the sixth
dizzy vi June, 1889, suid surplus be-
ing here defined to be nll residue IN
each year, until January 1st. 1943,
remnining after paying the interest
on the twelve millions 0i Public I'm
provement Bonds Of the City Of New
Orleans, heretofore issued under the
provisions Of said Act No. 6 OF the
extra session Of 1909, and the half
years interest reserve fund therein
provided iur, which said two mill tax
shall be levied and collected only un-
til january LIST, 1912, as provisielin
Act No. GOT the extra session ri i 800.
| II. after paying the annual interest
on the bonds provided for IN this Act,
and ufkov l,suu,arv LAT 1Q92 mn vtnxv