The weekly messenger. [volume] (St. Martinsville [i.e. St. Martinville] La.) 1886-1948, 1906-09-08

oalQ 1uuO1, dItcf dPPiynS w
more than twenty-four months operation
any surplus that may exist of the tax.
q dedicated to pay the interest on SAID
bonds, which surplus may and must De
% 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 8. 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 Constr
tn.ion Of Louisiana, and from the special
tax Two mills voted by the property tax
payers Of the City Of New Orleans on
The axth day Of June, 1899, said surplus
bsins here defined to - all residue in
sssA 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
&ofore issued under the provisions OF
,aid Act No. 6 Of the extra session OF
1899, and the half-year's interest re-
,erye fund therein provided for, which
4 said two mill tax shall be levied and col
lected only until January LIST, 1912, as
provided in Act No. 8 Of the extra SEES
nor Of 1899.
II, after paying the annual interest
N the bonds provided for in this Act,
and, after January LIST, 1928, paying
:Aeir sinking fund hereinafter provided
for, there shall be any year, any further
surplus Of said tax, said further surplus
sAall be used for extending the said
public systems Of sewerage, water and
drainage, to respond to the growth and
extension Of the City Of New Orleans,
and il 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 herein
dedicated to the payment Of the prinei
pal and interest of said bonds, set aside
Q sinking fund sufficient in amount ID
retire the wIDle of said eight millions
Of bonds q or before January 1, 1912
and shall from time to time, and at least
once every three months, as said fund
aceumulates, select by lot, the numbers
Of the bonds to be retired at par ant
accrued interest, and shall advertise fol-
ten days in newspaper published il
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 s. Be it further enacted, etc.
That the Board of Liquidation of thu
City Debt, is hereby directed not to sci
any Of said eight millions of New Publ,
Improvement Bonds in excess of tn
revenues hereby dedicated to the pay
ment of the annual interest thereon, anf
to defer such sales, if necessary, unit
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 #, by any mischance, the growth
and progress of the City of New Orleans
should be arrested, so that her assesse,
values should not be sufficient to pro
vide sinking fund to retire said bond
by January LIST, 1912, all of said bond
20 remaining unpaid shall be ipso facto
extended, at the same rate of iuteres
and with the right of call, as herein pro
vided, until January 1st, 1862, and tn
said one per cent debt tax shall be lie
We'd and collected until that lhte o
until the principal and interest of sal
bonds are fully and finally paid, and tn
proceeds thereof, after July LIST, 1856
shall BE- applied by preference to tn
paymen of the principal and interes
Of said bonds, except in so far an
portion Of the proceeds Of said tax ma
have to be applied, after that date, t
the payment Of the principal and interes
Of the said twelve millioth Of Publ
Improvement Bonds" due July LIST, 1851
issued under said Act Of 1899. If
should become necessary, after Januar
LIST, 1o42, to provide for the paymer
Of the interest on any part Of said eigl