The southern sentinel. (Winnfield, La.) 1883-1910, 1906-09-07
ACT NO. Z

or the City Debt, to issue and sell b0ads,
which shall be exempt from taxation Tor
tie payment of the debt due for sal arias o;
scho j teachers and poFtres SEES for the ears
1855. iss sud 1857: 70 provide for the pay
ment cI the principal and interest OF said
bonds; aud to submit to the people sn
amendisers OF the Constitution authorizing
the issuance of said bonds, anti ratltying
the provisions OF this Act.
Whereas, the City of New Orleans has for
many years, been indebted to her school
teachers and portresses a meritoyious body
OF her cittZ@2s, Tor personal services ren-
deIed under contract with the Board Of
Directors OF her public schools; ana
Whereas. the people of this State, by The pro-
visions Of Article Sl5, 30 and BIZ o. the
Constitution OF 1898, required the City OF
New Orleans to examine into and assume
the payment of these d1bts, ana provided
therein for their payment IN . manner
then believed to be sufficient and efica-
cious; and
Whereas, under said constitutional directions,
the city did examine and assume this debt,
but the provision made in the Constitution
for the paymeat thereof was sufficient only
to li1uidata the assumed Indebtedness for
the Years 1882 1888 and 1891, leaving unpaid
the assumed Indebtedness for the years
1895, 1886 and 1881: aud
Whereas. the City OF New Orleans duo, by
Ordinance No 2oi4, New Council Series,
approved October LIST, 1865. assume the
Indebtedness reported by its Finance Com
miitee as due by the School Board OF said
city to teachers for salaries OF school
teachers and pertresses FOR the years 1875,
1886 and 1887, and did issu" certificates OF
Indebtedness therefor. amounting in the
aggregate to one hundred and seyenty-four
thousand six hundred and s'xty-two
tsl74 662 O0) dollars; ard
Whereas due notice OF this Act has peen pun
lished 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 exhlbiteo IN the
Section /. Be il enacted by the General
Assembly of the State OF Louisiana, Two thifas
OF all the members elected TO each house CON
curing: That subject TO the ratifea ion of the
Seople of the Stat of Louisiana, by the
adoption of an amendment to the CONSTITUTION
of the State hereinafter submitted TO them the
CITY of New Orleans shall have power TO issue,
and it shall be it's duty to issue bonds, not 10
exceed two hundred thousand dollars tszOoopol
in amount, dated January lsis lsE, bearing
per cent. per annum interest Iayabie semi
annually the principal of which shall be
PAYABLE at the option Of the city. al any time
between January list, 1917, and January Isl,
1927. Said bonds shall lie STYLED school teach,
ers salary bonds Of the City OF New Orleans
They shall be of the denomination q one
thousand dollars each, payable in lawful
money of the United States. with semi
interest coupons annexed payaoie ouy b hs' tbe
Mayor aud Comptroller OF the CITY OF Sew
Orleans, aud countersigned by the rreSluen,
or Vice President and Secretary OF tue noa "a
of Lilo lidation of the City Debt. Tney may De
registered and released from registry unass
the rules and regulations prescribed by said
Board OF Liquidation, and no registered ponu
shall be negotia6e Like ali Gtfs srs siss STATE
Uarish and municipal, and the tutors OF
minors and curators of interdlcts snaI 5e
authorized TO invest the funds IN tnelr hands
in such bonds. NJ.
section D Be it further enacted, ETC., That
as soon as constitutional authority Tor the
issuance of said bonds shall have bee optainso,
II shall he the duty Of the Board of Liqalua-
t;on Of The Ci;y Debt, at the expense OF the
one-half OF the one per cent cept t'-A, uss
10 school purposes, and APPROPRIATED Ds sAi9
Board to cause said bonds 10 pc engraved aho
executed and To sell the same at not less th.h
mar aid accrued interest by sealed proposals,
to the highest bidder. after thirty days augs e!
tisementin two papers pupilshed III me si'!
section 3. Be it further enacted, ETC., That
the Board OF Liquidation shall, with the PRO
ceeds OF said bonds take up and pay tne csf a.n-
Gates issued by the City OF rev ~ 's -,
the public schools for the years lsS2, Ioee stlu
1857 under the provisions OF craihanct No
2e44 New Council Series, approved octopek is.,
nrincipaI of said certificates from SAID
October LIST. 1903, provided that foE the isar-
noses of this Act no interest on salo cs.tiatatSs
shall be allowed after January ISL hs' sa,,,s
payment must be made only TO the persons
named in such certificates, or TO their neifs or
legatees or to their duly autnorizen counsel,
upon surrender Of the original certiheates Oh
indebtedness. .,..
section 4. Be it further enacted, ETC., That
the principal and interest OF SAID BOMBS s.al.
be paid by preference out OF that one-naI. y,
the surplus of the one per cent DEBT tex i.Sisu
nv fhe CITY of New Orleans by write OF
Article 3f4 Of the Constitution oil LOUISIANA,
which is dedicated for public schoo! purposes,
and in making in each year apporliosnnisi;;.s ol
the surplus of said tax the Board OF Ligeida-
tiou shall from the one-haf apportionSd 70 the
public schools OF New Orleans. withhoid. by
preferences sum sufficient to pay the semi
annual interest on said bonds, aho tue sihAihs
fund hereinafter provided Tor. r,
Section Be it further enacted. etc Inat
after January LIST, 1917. the SAID BOARD OF
Liquidation shall, out OF the sata on schaai
purposes set aside n sinking fund sumcient IN
amount to retire the whole OF SAID issue OF
bonds, on or before January lst, 1871, ana snaIi,
from time to time. and at least once every
three months, IS said fund accumulates, select
by lot the numbers of the bonds to be retired
at ar and accrued interest, ana snaii aose.tise
for ten days in newspapeYT r Pao and New
Orleans the numbers OF said bonds ana the
date they will be paid (which Date shaii De no,
more than thirty days from the GATE OF ssia
adyertise,nentJ aud at the expiration OF salo
date said bonds shall cease to bear interest;
Section Q. BE it further enacted, ETC, Ina,
all the substantial provisions OF TINS ACT snail
constitute a contract between the holders OF
bonds issued hereunder, the state Oh Louisiaa'
and the City of New Orleans
Section I. Be 1t further enacted, ano re-
solved, etc, That at the congressional eieetson
to be held in this State, on the hrs. Iuesday
following the first Monday of Noysiabsr, iyo6,
the following amendment to the Constitution
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 its duty to issue two hundred
thousand dollars of bonds, known as school
teachers salary bonds" for the purposes ana
under the provisions and conditions set forth
in the special act Of the Legislature adopted 70
that end and for that purpose, 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 amend
ment are, to that extent, and for that purpose
only, repealed.
Section 8. Be it further enacted, and re-
solved, etc, That on the official ballots to be
used at said election shall be placed the words:
.sFor the City of New Orleans school teachers
salary bond amendment and the words:
Against the City Of New Orleans 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 Representatives
j. Y. SANDERS,
J.;enfepanf Goveruor and Pres of the Senate