The southern sentinel. (Winnfield, La.) 1883-1910, 1906-10-19

ton of the City Debt. shall out of the surplus
of said taxes herein dedicated to the payment
of the principal and interest of said bonds, set
aside a sinking fund sufficient in amount to
retire the whole of said eight millions of bonds
on or before January l, 1912, and shall from
time to time, and at least once every three
months, as said fund accumulates, select by
lot, the numbers of the bonds to be retired at
par and accrued interest, and shall advertise
tor ten days IN a newspaper published m each each
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 N the expiration of
said date, said bonds shall cease to bear
interest.
Section g. Be it further enacted, etc, That
the Board of Liquidation of the City Debt is
hereby directed not to sell any of said eight
millions of New Public Improvement Bonds in
excess of the revenues hereby dedicated to the
payment of the annual interest thereon, and
to defer such sales, if necessary, until the as
sessed values of the City of New Orleans will
assuredly provide the funds to meet the
interest charges thereon.
Section s. Be Il further enacted, etc, That
if, by any mschance, the growth and progress
of the City of New Orleans should be arrested,
so that her assessed values should not be
sufficient to provide sinking fund to retire
said bonds by January LIST, 1912, all of said
bonds so remaining unpaid shall be ipso facto,
extended, at the same rate of interest and with
the right of call, as herein provided, until
January LIST, 1862, and the said one per cent
debt tax shall be levied and collected until
that date or until the principal and interest of
said bonds are fully and finally paid, and the
proceeds thereof, after July LIST, 1850, shall be
applied by preference to the payment of the
principal and interest of said bonds, except in
so far as any portion of the proceeds of said
tax may have to be applied, after that date to
the payment of the principal and interest of
the said twelve millions OF Public Improve
ment Bonds due July list, 1850, issued under
said act of 1893. Ii II should become necessary,
after January LIST, 1912, to provide for the pay
ment OF the interest on any part of 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 per cent. debt tax
cannot be used without infringement upon the
established plan of retiring the whole of said
twelve millions of bonds in the interval
between January LIST, 1892, and July LIST, 1850, it
shall be the duty of the City of New Orleans,
to be enforced by mandamus, if necessary,
either by the Board of Liquidation by any
bondholder, to levy in each year a special tax
sufficient TO pay the interest on said bonds,
said special tax to the Board of Liquidation,
until the proceeds of the one per cent. debt tax
shall be available towards tine payment OF the
interest and principal of said bonds.
Section 10. Be it further enacted, etc, That
the holders of bonds issued under this Act
shall have all the rights and guarantees pro-
yided in said Act No. of the extra session of
1859, in behalf o. the holders of bonds issued
under that Act, and all the substantial pro-
visions OF this Act shall constitute contract
between all the holders of bonds issued, here
under the State of Louisiana, and the City of
Section IL. Be it further enacted and re-
solved, etc, That at the congressional election
To be held in this State on Tuesday, the sixth
day OF November, 1905, the following amend
ment to the Constitution of the State of Lou
isiana shall be submitted to the electors of
the State, to-wit:
1.-THE City of New Orleans shall have power
to issue eight million dollars of bonds, known
as New Public Improvement Bonds for the
purposes and under the provisions and cen
citions set forth in the Special Act of the Leg
islature adopted to that end and for that pur-
pose, at the regular session of 1906, which said
Act Is hereby ratified and approved; 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 only, repealed"
Section H. Be it further enacted and re-
solved, etc. That on the official ballots to be
used At said election. shall be placed the words
For the City of New Orleans New Public
Improvement Bond Amendment"
And the words:
against the City of New Orleans New
Public Improvement Bond Amendment"
And each elector shall indicate his vote on
the proposed amendment, as provided in the
general election laws of this State.
j. Y. SANDERS.
Lieutenant Governor and President of Senate.
j. w. HYAMS,
Speaker of the House of Representatives.
Approved June 25th 1906.
NEWTON C.. BLANCHARD.
Governor of the State of Louisiana.
A true copy:
JOHN T. MICHEL,
Secretary of State.