The Lafayette advertiser. [volume] (Vermilionville [i.e. Lafayette], La.) 1865-19??, 1906-09-12

Der 1st, 1908, with 4 per cent per an
mum on the principal of said certif-
Gates from said October LIST, 1903. pro-
vided, that for the purposes of this Act,
no interest on said certificates shall be
allowed after January LIST, 1907. Such
payment must be made only to the
persons named in such certificates, or
to their heirs or legatees. or to their
duly authorized counsel: upon surren-
der of the original certificates of in
debtedness.
Section 4. Be it further enacted.
ETC., That the principal and interest
of said bonds shall be paid by prefer
ence out of that One-half of the surplus
of the n per cent debt tax levied by
the City of New Orleans by virtue of
Article 3l4 of the Constitution of.
Louisiana. which is dedicated for pub
lie school purposes: and in making in
each year appOrtiOnment of the sur
plus of said tax, the Board of Liqui-
datiOn shall from the One-half appor-
toned to the public schools of New
Orleans, withhold, by preference, a
sum sufficient to pay the semi-annual
interest on said bonds, and the sink
ing fund hereinafter provided for.
Section 5. Be it further enacted,
ETC., That after January 1st, 1917, the
said Board of Liquidation shall,
out OF the said One-half surplus of
said tax appOrtiOned to school pur-
poses, set aside a sinking fund sufi-
clent in amount to retire the whole of
said issue OF bonds, on Or before jan
uary lst, 1927. and shall from time to
time, and at least once every three
months, as said funds accumulates, Sc
lect by lot the numbers of the bonds
TO be retired at par and accrued inter-
est, and shall advertise for ten DAYS
IN a newspaper published in each of
cities of New York 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 ADVERTISEMENT
and at the expiration of said date said
bonds shall cease to bear interest.
Section 6. Be it further enacted.
ETC., That all the substantial proyi.
sions of this Act shall constitute a
contract between the holders of bonds
issued hereunder, the State of Loui-
siana and the City of New Orleans.
Section Z. Be it further enacted.
and resolved, etc., That at the con-
gressiQnal election to be held in this
State. on the first Tuesday following
the first Monday of November. 1906.
the following amendment to the Con-
stitution of the State of Louisiana.
shall be submitted to the electors of
the State, to-wit:-
"The City of New Orleans shall have
power and it shall be it's duty to issue
two hundred thousand dollars of
bonds, known as ''schOOl teachers
salary bonds" for the purposes and
under the provisions and conditions
set forth in the special act of the
Legislature adopted to that end and
for that purpose, at the regular ses-
sion OF 1906, which said act is hereby
ratified and approved: and all provi-
sions OF the present Constitution of
the State in conflict with the provi-
sions of said act, and with this amend
ment are, to that extent, and for that
purpose only, repealed.
Section 8. Be it further enacted.
and resolved, ETC., That on the official
ballots to be used at said election
shall be placed the words: For the
City of New Orleans school teachers
salary bond amendment" and the
words: against the City of New Or
leans school teachers salary bond
amendment and each elector shall
indicate his vote on the proposed
amendment as provided in the general
election laws of this State.
j. w. HYAMS,
Speaker of the House of Repre-
sentatives.
j. Y. SANDERS,
Lieutenant Governor and President
of the Senate.
Approved June IL, 1906.
NEWTON C. BLANCHARD.
Governor of the State of Louisiana
A true copy:
JOHN. T. MICHEL,
Secretary of State.