The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1906-09-15
Continued from page 2.

published in each of the cities of New
York, Chicago and New Orleans, the
number OF said bonds and the date
they will he paid (which date shall he
not more than thirty days from the
date OF such ADVERTISEMENT and at
the expiration of said date, said
bonds shall cease to bear interest.
Section 8. Be IL further enacted.
ETC., That the Board of Liquidation
Of the City Debt is hereby directed
not TO sell any Of said eight millions
ofNew Public Improvement Bonds in
excess of the revenues hereby dedicat-
eel to the payment of the annual in
tercst thereon. and tn defer such sales
II necessary. until the assessed value
of the city of New Orleans will as
suredly provide the funds to meet
the interest charges thereon.
Section g.. BE it further enacted.
etc, That II. by any mischance.
the growth and progress OF the City
ST New Orleans should be arrested,
so that her assessed values should
not be sufficient tn provide Il sinking
fund to retire said bonds by Janua-
ry LIST, 1912. all said bonds so remain
ing unpaid shall he ipso facto, ex-
tended 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
he levied and collected until that
date or until the principal and inter-
est Of said bonds are fully and finally
paid, and the proceeds thereof. after
July lat, 1859. shall lie applied by
preference to the payment Of the
principal and interest of said bonds.
except In so far as any portion of the
proceeds Cf said tax may have to- be
applied. after that date to- the pay
lnent of the principal and interest of
the said twelve millions of Public
Improvement Bonds due July lst.
1870. issued under said Act of 1899.
II IL should become necessary. after
Janunry LIST. 1912. to provide for the
payment Of the interest on any part
of the said eight million dollars q:
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 es-
tablislIcd plan of retiring the whole
0f sud twelve millions of bonds I'm
tile Interval between January LIST.
1912. and July LIST. 1850, i. shall he
the duty Of the City of New Orleans.
to I've enforced hy mandamus. II nee
essary, either by the Board of Liqni-
dation or by any bondhOlier, tn levy
In each year special tax sufficient
tn pay the interest on raid bonds.
said special tax TO I've levied and col
lectetl and paid To the Board of Liq-
r,f.1 nft In To- q
one per cent debt tax shall he avail
terrst and principal Of said bonds.
Section 10. Be 1t further enacted.
etc, That the holders of bonds issu-
e,l under this Act shall have all the
rights and guarantees provided i'm
snid Act No. 6 uf the extra session of
1893. In behalf of the holders III bonds
isxnetl under that Act. and all the
Sul,stanflaI provisions Of this Act
shall constitute a contract between
the holders of bonds issued herpun-
der. the State of Louisiana, and the
City uf New Orleaus
section IL. BE it further enacted.
and resolved, etc, That ut the con-
gressionul election TO he held in this
State on Tuesday, the 9th day of No
venber. l9txi. the following amend
nient to the ConstitHtion Uf the State
OF Lbuisiaha shall he submitted to
fhe electors of the State, to-wit:
1.-The City OF New Orleans shall
have power to issue eight million
dollars of i,onds. known as New
Public Improvement Bonds" fur the
purposes and under THE provisions
and conditions set forth in the Spe-
cial Act of the Legislature adopted
to that end and FOR that purpose. at
the regular session Of 1906, which
xsiid Act is hereby ratified anti APP
proved; anil nh provisions Of the
present Constitution of the State in
conflict with the provisions of said
Act. aud With this amendment. are
to that extent, and for that purpose
only, repealed"
Section IL. BE 1t further enacted.
ahd'ivs,lved, etc. That on the Oiii-
cial bnllots To he used at said cleo
ton. shall l,e placed the words:
.Eor the City Of New Orleans New
Public Improvement Bond Amend
inent."
And the words:
against the City Of New Orleans
New Public improvement Bond
Amendment
And each elcctor shall Indicate his
vote on the proposed amendment. ms
provided IN the general election laws
of this State.
J. Y. SANDERS.
Lieut. Gov. and Prest. Of the Senate.
j. ". HYAMS,
Speakero of House of Representatives..
Approved Juue 18th, 1906.
NEWTON G. BLANCHARD,
Gov. uf the State of Louisiana.
A fv.ss