The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1906-09-08

Assembly " the Otdte VI l1OO~
isiana, twO-thirds Of all the members
elected to each House c0ncurriug,
That, subject to the ratification OF
the people Of the State OF Louisiana,
by the adoption Of an amendment to
tie Constitution Of the State, herein-
after submitted to them, the City OF
New Orleans shall have power to is
sue, and it shall be it's duty to issue
bonds aggregating eight million dol
lars, dated January l, 1907, bearing
four per cent per annum interest, pay
able semi-annuaily, the principal OF
which shall be payable at the option
of the city at any time between Jan
nary 1, 1928, and January 1, 1912.
Said bonds shall be styled ''New pub
lie improvement bonds of the City OF
New Orleans" They shall he Of the
denomination OF one thousand dol
lars each, payable in lawful money Of
the United States, with semi-annual
interest coupons annexed, payable
July / and January They shall be
signed by the Mayor and Comptroller
of the City of New Orleans. and conn
tersigned by the President or Vice
President and Secretary of theBoard
OF Liquidation of the City Debt. They
may be registered and released from
registry under the rules and regula-
tons prescribed by said Board Of
Liquidation, and no registered
bond shall he negotiable. Like
other city bonds, they shall be
exempt from all taxation, State, par
ish and municipal, ind the tutors of
minors and curators OF interdicts
shall I've 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 be the duty of the Bonrd of
Liquidation of the City Debt. ut the
expense Of the special tax fund in
their possession, to cnuse said bonds
to be engraved and executed, and to
hold same subject to the requisitiOn
Of the Sewerage and Water Board 0f
New Orleans. From time to time as
directed by said Sewerage and Water
Board. said Board of Liquidation
shall sell said bonds, in such amounts
rs it may be requested SO to do, by
scaled proposals, to the highest bid
der, for not less than par and accrued
interest, after thirty days advertise
ment of such sales in one newspaper
published in each of the cities Of New
York, Chicago and New Orleans.
Section 8. Besit further enacted,
ETC., Thut the proceeds Of all such
sales be held by the Board of Liqui-
slation and paid over ON the warrant
of the Sewerage and Water Board in
the manner and under the conditions
provided in snid Art No. 6 IF the ex-
ira session of 1899, and the amend
ments thereof.
Section. 4. Be it further enacted,
ETC., Tint the proverbs of said bonds
shall be used exclusively for the COM
pletion of the existing sewerage
water and drainage system of the
City. of New Orleans, with these ex-
ceptions only:
ia) That if the said systems do
not require the expenditure for their
completion of the whole Of said pro-
ceeds, the balance thereof shall be
held by the Board Of Liquidation to
the credit of the city of New Orleans,
to he expended by it for paving
purposes, only:
tb) That when the water and sew
erage systems are completed and
their operation il begun, the expen-
ses Of the operation of said systems
far not more than the first twenty
four months thereof, may be suppli-
ed, in whole or in part, ont Of said
funds, inter applying to said not
more than twenty-four months OPP
Grafton any surplus that may exist
Of the tslxss Dedicated to pay the in
trre~t on suid bonds, which surplus
NAV and must be 80 used before any
draft is lnnde for such purpose on the
principal of snill fund.
Section s. Be it further pnncted.
etc, Thut the proceeds of said bonds
shall he applied in such proportion AZ
may be required to the completion
of said sewerage, water and drainage
syxtems, the preference being given