The Lafayette advertiser. [volume] (Vermilionville [i.e. Lafayette], La.) 1865-19??, 1906-10-03

10 authorize and require the City o
New Orleans, through the Board o
Liquidation of the City Debt, to is
sue and sell bonds, which shall b.
exempt from taxation, for the pay
mem of the debt due for salaries o
school teachers and portresses fol
the years 1885, 1886 and 1887; to pro
vide for the payment of. the princi
pal and interest of said bonds: an(
to submit to the people an amend
ment of the Constitution authorizing
the issuance of said bonds, and rati
flying the provisions of this Act.
Whereas, the City of New Orleans has
for many years, been indebted tC
her school teachers and pOrtresses
a meritorious body of her citizens
fer personal services rendered un'
der contract with the Board of Di
rectOrs of her public schools: and
Whereas, the people of this State, by
the provisions of Article 315, BIT
and 317 of the Constitution of 1898,
required the City of New Orleans tC
ment of these debts, and provided
therein for their payment in a man.
ner then believed to be sufficient and
eficaciOus; and
Whereas, under said constitutional
directions, the city did examine and
assume this debt, but the provision
made in the Constitution for the pay
ment thereof was sufficient only to
liquidate the assumed indebte dness
for the years 1882. 1883 and 1884,
leaving unpaid the assumed indebt-
-edness for the years 1885, 1886 and
1887: and
Whereas, the City of New Orleans did,
by Ordinance No. 2044, New Council
Series, approved October LIST 1903,
assume the Indebtedness reported by
its Finance Committee as due by the
School Board of said city to teach
erS for salaries of school teachers
apd pOrtresses for the years 1885,
1886 and 1887, and did issue certifi-
Gates of indebtedness therefor,
amounting in the aggregate to one
hundred and seventy-fOur thou
sand, six hundred and sixty-two
(s174, 662. COY dollars: and
been published in the City of New
Orleans for more than thirty days
prior to its Introduction into the
General Assembly, and due evidence
thereof has been exhibited in the
General Assembly:
Section 1. Be it enacted by the
General Assembly of the State of
two thirds of all the men,
bers elected to each House cOncurring:
That subject to the ratification of the
people of the State of Louisiana, by
the adoption of an amendment to the
Constitution of the State hereinafter
to them the City of New
Orleans shall have power to issue,
and it shall he its duty to issue bonds,
not to exceed two hundred thousand
dollars 1920, 600. OO) in amount. dated
January LIST, 1907, bearing 4 per cent
per annum interest payable semi-an-
nually. the principal of which shall be
payable at the option of the city. at
any time between January LIST, 1917. and
January 1st, 1927. Said bonds shall
be styled "School teachers salary
bonds of the City of New Orleans"
They shall be of the denomination of
one thousand dollars each. payable in
money of the United States,
with semi-annual interest coupons an
nexed payable July LIST and January
lst. They shall be signed b. the
and Comptroller of the City of
New Orleans, and cOuntersigned by
he President or Vice-President and
Secretary of the Board of Liquidation
the City Debt. They may be regis
cred and released from registry under |
he rules and regulations prescribed |
~ said Board of Liquidation, and no
registered bond shall be negotiable.
ike other city bonds, they shall be
Exempt from all taxation, State, par
sh and municipal. and the tutors of
minors and curators of interdicts shall
re authorized to invest the funds in
heir hands in such bonds.
Section 2. Be it further enacted,
tc., That as soon as constitutional
IuthOrfty for the issuance of said
,Onds shall have been obtained, ii
hall be the duty of the Board of Lii
Iuidation OF the City Debt. at the
Expense of the one-half of the one per
ent debt tax, devoted to school pur-
'oses, and apportioned by said Board.
0 cause said bonds to be engraved
nd executed, and to sell the same at
OF less than par and accrued interest,
sealed proposals, to the highest
idder, after thirty days advertise
lent in two papers published in the
of New Orleans.
Section ;. Be it further enacted,
&C., That the Board of Liquidation
hall, with the proceeds of said bonds
AXE up and pay the certificates is
ued by the City of New Orleans for
salaries of school teachers and
O~rtresses of the public schools for
years 1885, 1885 and 1887, under !
Re provisions Of Ordinance No. 2O44 |
Council Series, approved Octo-