The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1906-10-06
Continued from page 2

uuSeTtfse iOr Ten GAYS Ill newspBpe
published in each OF the cities OF Ne,
York, Chicago and New Orlea ns, tn
number Of said bonds and the dat
they will be paid (which da tie shall ~
not more than thirty duys from th,
date OF such ADVERTISEMENT and a
the expiration of said date, salt
bonds shall cease to bear interest.
Section 8. BE Ii further enacted
etc, That the Board of Liquidation
OF the City Debt IL hereby directed
not TO aell any of said eight millions
of New Public Improvement Bonds In
excess al the revenues hereby dedicat
ed To the payment of the annual in
terest thereon, and to defer such les
ii necessary. until the assessed value
Of the city Of New Orleans will us.
surcdIy provide the funds to meet
the interest charges thereon.
Section 3. BE It further enacted,
ETC.. That II, by any mischancc.
the growth and progress of the City
Of New Orleans should I've arrcs ted,
SD that her assessed values SHOULD,
not he sufficient to provide a sinking
fund tO retire said bonds by Janua-
ry 1st, 1912. all sp'd bonds so remain
Ing unpaid shall lie ii.sO factO, ex-
tended at the same rate OF Interest
and with the right Of cnll. as herein
provided, until January LIST. 1852. and
the said one per cent debt tax shall
I've levied and collected until that
date or until the principal and inter.
est of said bonds nrc fully and finally
paid, and she proceeds thereof. after
JHt 81, 1Ass
preference to the payment of tile
principal and Interest Of said bonds,
except i'm 80 far us any portion Of the
proceeds CT said Tux may have to I've
applied. after that date to the pay
inent ri the principal and interest of
the said twelve millions 81 Public
Improvement Bonds" due July LIST,
1850. issued under said Act of 1899.
IL Ii should iecome necessary. after
january LIST. 1912. to provide for the
payment of the interest ON any part
al the said eight million dollars of
New Public Improvement Bonds"
until the said twelve millions Of
Public Improvement Bonds" are
retired, and the proceeds Of said one
yer cent debt tax cannot be used
without Infringement upon the es-
tablished plan of retiring the whole
Of said twelve millions of bonds IN
the interval between January LIST.
1912. and July LIST, 1850, 4. shall lie
the duty of the City of New Orleans,
TO be enforced hy mandamus. IL nee
esssiry, either by the Board of Liuul-
dalton or by any bOndhol,ier. tn levy
In each year IL special tax sufficient
to pay the Interest on said bonds,
said special tax To he levied and col
lected and paid tn the Board of LID
until the proceeds of the
one per cent debt tax shall I've avail |
able towards the payment of the in |
terest AMI principal of said bonds.
Section 10. BE 1t further enacted, |
etc., That the holders OF bonds iss,- |
ed under this Act shall have all the |
rights and guarantees provided I'm |
mid Act No. q of the extra session of |
1899. In behalf Of the holders of bonds |
Issued under that Act, and all the |
provisions of this Act |
slIall constitute II contract between
the holders of bonds issued herpun- !
Ter. the State of Louisiana, and the
City OF New Orleans.
Section ii. BE Ii further enacted,
and resolved, ETC., That mt the con-
zresSional election to be held In this
State on Tuesday. the 9th day uf No
1906. the following amend
aient to the Constftution of the State
II Louisiana shall he submitted to
he electors Of the State. tO-wit:
1.-THE City Of New Orleans shall
lave power to issue eight million
lollars Ut bonds. known az New
Public Improvement Bonds. for the
purposes aisl under the provisions
md conditions set forth in the Spe-
ial Act of the Legislature adopted
q that end and fur that purpose, at
he regular session Of 1906, which
aid Act is hereby ratified and ap-
,rOved; and all provisions of the
crescent Constitution of the State I'm
conflict with the provisions of said
Yet. and with this amendment, are
o that extent. and for that purpose
MY. repealed"
Section II Be It further enacted.
nd resolved, etc.. That on the OFF,
itl ballots tn I've used ut said cleo
Ion. shall he placed the words:
For the City Of New Orleans New
'ul'Iic Improvement Bond Amend
ncnt."
And the words:
Against the City OF New Orleans /.
lew Public Improvement Bond
amendment"
And each elector shall Indicate his
ote ON the proposed amendment, ms
rovidctl In the general election lay wa
this State. |,
j. Y. SANDERS,
lieut.. Gov. and Prest. of the Senate.
j. w. HYAMS, ID
peaker Of House of Representatives.
Approved June 18th. 1906.
NEWTON e. BLANCHARD.