The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1906-10-20
Continued from page 2.

""'N' e'Sc ioi zen III - III neWSDapp
published in each of the cities OF Ne,
York, Chicago and New Orleans. til
number of said bonds and the dat
they will be paid (which date shall b
not more than thirty days from tn
date OF such advertisement and a
the expiration of said date. sal,
bonds shall cease to bear interest,
Section 8. Be it further enacted
etc. That the Board of Liquidation
oil the City Debt is hereby directed
not TO sell any OF said eight million.
Oh New Public Improvement Bonds il
excess OF the revenues hereby de,licat
ed to TIE payment of the annual In
terest thereon, ana tn defer such sale.
il necessary, until the assessed valu,
oI the city OF New Orleans will as
sureuly provide the funds to meet
the interest charges thereon.
Seetion9 y. BE 1t further enacted
etc, That 1t, by any mischance
the growth and progress of the City
oi New Orleans should he arrested
30 tnat her assessed values should
not I've sufficient to provide sinking
Iund 70 retire said bonds by Janua-
~ lst, l942, all said bonds SO remain
ing unpaid shall he ipso fact0, ex-
tended at the sanTe rate of interest
ana with the right OF call. as herein
provided, untilJanualy1 LIST. 1862. and
the SAID one per cent debt tax shall
he levied and collected until that
date or until the principal AMI inter-
ear 81 said bonds IRE fully and finally
pain, anu thc proceeds thereof. after
Jniy LIST, 1850, shall he applied by
rlf.xl IN
principal and interest of said bonds.
except IN so far as any portion of the
proceeds CT said tax may have to he
applied, after that date to the pay
ment OF the principal and interest of
the said twelve millions of "Public
Improvement Bonds tlue July LIST.
1850, Issued under said Act of 1899.
81 1t should become necessary. after
January LIST. 1912, to provide for the
payment OF the interest on any part
of the said eight million dollars of
New Public Improvement Bonds"
until the said twelve millions of
Public Improvement Bonds" are
retired, md the proceeds of said one
per cent debt tax cannot be used
without Infringement upon the es-
fablished plan of retiring the whole
oil said twelve millions of bonds i'm
the interval between January LIST.
l942. and July LIST, 1850, l.. shall be
the duty of the City of New Orleans.
30 lie enforced Ivy nanda,nus. II nee
sssary, either by the Board of Iiuui-
dalton or by any bondholtler, to levy
In each year u special tax sufficient !
20 pay the interest on said bonds, |
said special tax to he levied and col |
lected and paid to the BOard of Lilo |
uidation. until the proceeds of the |
one per cent debt tax shall be avail |
able towards the aymeEt of the in
terest anu principal of said bonds.
Section TO- Be it further enacted.
etc, That the holders of bonds issu-
ei under this Act shall have all the
rights and guarantees provided in
raid Act No. O Of the extra session of
1899. In behalf of the holders of bonds
Issued under that Act, and all the
substantial provisions of this Act
stinll constitute u contract between
the holders Of bonds issued l,ereun-
der, the State OF Louisiana, and the
City Of New Orleans.
Section IL. Be 1t further enacted,
ana resolved, etc, That at the con-
grefsional election to be held in this
state on Tuesday. the 9th day of No
vember, 1906. the following amend
ment to the Constitution of the State ,
ot Louisiana shall he submitted to |
The electors OF the State, tO-wit: !
The City OF New Orleans shall ,
have power TO issue eight million ,
ltollars OF bonds. known AS New .
Public improvement Bonds" for the |,
purposes and under the provisions :
hnd conditions set forth In the Spe- !
riai Act OF the Legislature adopted | I;
to that end and for that purpose, mt
The regular session of 1906, which !.
SAIL Act Ia hereby ratified and ap-
proved; and all provisions of the !
present Constitution of the State in "
conflict with the provisions of said |
Act, and with this amendment, are
To that extent. and for that purpose ,
,nly,. repealed" =
Section L. BE it further enacted. y
ma resolved, etc. That on the Off \
la ballots to be used at said cleo
Ion, shall be placed the words: :.
For the City of New Orleans New y
Public improvement Bond Amend !,
nent." =
And the words: y
Against the City of New Orleans >.
Sew Public Improvement Bond r
AMI each elcctOr shall Indicate his
'qte on the proposed amendment. us 8
provided In the general election laws
4 this State. II
j. Y. SANDERS,
lieut.. Gov. and Prest. of the Senate.
j. W. HYAMS. lG
peakerof House Of representatives.
Approved June 18th. 1906.
NEWTON q. BLANCHARD,
Gov. OF the State of Louisiana.
A true copy:
Holm ~ MITflEI