The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1906-09-15
ACT NO. 2.
BY Mr.. Dupre. House Bill NO. %
AN ACT

70 authorize and require the lily OF
New Orleans, through the Board OF
Humiliation of the City Debt, to is
sue and sell bonds, which shall be
exempt from taxation, for the pay
ment of the debt due for salaries OF
school teachers and portresses for
the wears 1885, 1886 and 1887; to
provide for the payment OF the
principle and interest OF said bonds;
and to submit to the people an
amendment of the Constitution au-
thoriz,ng the issuance of said bonds,
and rutifying the provisions OF this
Act.
Whereas, the City of New Orleans,
has for many years, been indebted
to her school teachers and por-
tresses, a meritorious body of her
citizens, for personal service rem
dered under contract with the
Board of Directors of her public
schools; and
Whereas, the people OF this State, by
the provisions of Article 3l5, BIG
and 81 Z of the Constitution of 1898
required the City of New Orleans
to examine into and assume the
payment of these debts, and pro-
yided therein for their payment IN
a manner then believed to be suffi-
Gent and efficacious; and
Whereas, under said constitutional
directions, the city did examine
and assume this debt, but the pro-
vision made in the Constitutionfor
the payment thereof was sufficient
only to liquidate the assumed in
debtedness for the years 1882,
1888 and 1884. leaving unpaid the
assumed indebtedness for the years
1885, 1886 and 1887; and
Whereas. the City of New Orleans did,
by Ordinance No. 2044, New Coun-
ell Series, approved October LIST
1903, assume the indebtedness re-
ported by its Finance Committee
as due by the School Board OF said
city to teachers for salaries OF
school teachers and portresses for
the wears 1885, 1886 and 1887,
and did issue certificates OF indebt-
edness therefor, amounting in the
aggregate to one hundred and sew
enty-f0ur thousand. six hundred
and sixty-two ($174, 662.00) dol
lars; and
Whereas due notice of this Act has
been published in the City OF New
Orleans for more than thirty days
prior to it's introduction into the
General Assembly, and due evi
dence thereof has been exhibited in
the General Assembly:
Section /. BE it enacted by the
General Assembly OF the State of Lou
isiana, two-thirds of all the member.
elected to each House concurring
That, subject to the ratification o
the people of the State of Louisiana
by the adoption af an amendment t.
the Constitution OF the State herein
after submitted to them the City o
4 New Orleans shall have power to is
sue, and it shall he its duty to ISSUE
bonds. not to exceed two hundred
thousand dollars 5000, 00O.O0) il
amount, dated January list, 1907
bearing 4 per cent per annum inter
est payable senii-annunlly, the prin
cipal of which shall be payable at tn
: option of the city, ut any time lie
tween january 1st, 1917, and Janu
ary 1st, 1927. Said bonds shall b
, STYLED "School teachers salary bond
of the City of New Orleans" The.
shall be of the denomination of on
, thousand dollars each, payable j
lawful money of the United States
with semi-annual interest coupon
annexed payable July 1st and Janr
airy LIST. They shall be signed by til
Mayor and Comptroller of the Cit
Y of New Orleans, and cOuntersigne
] by the President or Vice Presiden
I and Secretary of the Board OF Liqu
> dation of the City Debt. They ma
be registered and released from req
istry under the rules and regulation
prescribed by said board OF Liquidi
0 ton. and no registered bond shall |
h negotiable. Like other city bond
s they shall beeyempt from alftaxatio
s State, parish and municipal, and Il
a tutors of minors and curntors OF i
n terdicts shall be authorized to inve
Z the funds in their hands in SUI
! bonds.
Section 2. Be it further enacte
etc., That as soon as constitution
y authority for the issuance OF sa
# bonds shall have been obtained,
d shall be the duty of the Board OF LII
IS uidation of the City Debt, at the e
e pense of the one-balf of the one p
g cent debt tax, devoted to schootpu
= poses, and apportioned by sa
y Board, to cause said bonds to be e
e graved and executed, and to sell {
/ same at not less than par and accr
y ed interest. by sealed proposals,
n the highest bidder, after thirty da
Is advertisement in two papers publis
rs ed in the City of New Orleans.
~ Section 3. Be it further enacte
N etc, That the Board of Liquidati'
10 shall, with the proceeds of said bon
:. take up and pay the certificates iss
- ed by the City of New Orleans for t
salaries of school teachers -and~pt
D. tresses of the public schools for t
lie years 1885, 1886 and 1887, und
c. the provisions of Ordinance No. 30
OIL New Council Series, approved Oct
re Der 1st, 1908, with four per &c