The weekly messenger., 1906-10-06

be supplied, in whole or in part, our Vi
said funds, after applying to SAID not
more than twenty four months operation
any surplus that may exist OF the tax,
q dedicated to pay the interest on saiu
bonds. which surplus may and must De
40 used before any draft is made for
such purpose on the principal Of said
fund.
Section s. Be it further enacted, etc.,
That the proceeds Of said bonds shall oe
applied in such proportion as may De
required to the completion Of said sew
.rape, water and drainage system, the
preference being given to the sewerage
and water system, IL necessary.
Section 8. Be it further enacted, etc.,
That there shall be dedicated to the pay.
ment Of the principal and interest OF
the bonds, herein authorized, all sur
plus, arising after January lst, 1907,
from the one half of one per cent debt
tax levied by the City Of New Orleans
by virtue Of Article S14 Of the Consti.
tuition Of Louisiana, and from the special
tax Two mills voted by the property tax
PAYERS of the City Of New Orleans on
The si1th day Of june, 1899, said surplus
bsine here defined to be all residue In
each year, until January 1st, 1912, re-
manning after paying the interest on the
twelve millions Of Public Improvement
Bonds Of the City Of New Orleans mere,
tofore issued under the provisions OF
paid Act No. 6 Of the extra session OF
1899. and the half-year's interest re-
serve fund therein provided for, WHICH
said two mill tax shall be levied and col
Iected only until January LIST, 1912, as
provided in Act No. 6 of the extra ses-
sion Of 1899.
If, after paying the annual interest
N the bonds provided for In this Act,
and, after January 1st, 1928, paying
heir sinking fund hereinafter provided
Tor, there shall be any year, any further
surplus Of said tax, said further surplus
shall be used for extending the said
public systems of sewerage, water and
drainage, to respond to the growth AMI
extension of the City of New Orleans
and II such further surplus shall %
more than sufficient for such purpose
the same shall be held by the Board OF
Liquidation to the credit of the City OF
New Orleans to be expended only in per
manent public improvements, such al
paving, public buildings, bridges, etc.
Section Z. Be it further enacted, etc.
That after January 1st, 1928, the Boar
Of Liquidation of the City Debt, shall
out of the surplus of said taxes hsreil
dedicated to the payment of the princi
pal and interest of said bonds, set asid
Q sinking fund sufficient in amount I
retire the whole of said eight million
Of bonds on or before January i, 1884,
and shall from time to time, and at leas
snce every three months, as said fun
accumulates, select by lot, the number
of the bonds to be retired at par an
accrued interest, and shall advertise 10
ten days in newspaper published
each Of the cities Of New York, ChIcag
and New Orleans, the numbers of sal
bonds and the date they will be pai
(which date shall be not more than thirt
days from the date of said advertise
nent) and at the expiration of said dat'
said bonds shall cease to bear interest.
Section 8. Be it further enacted, etc
That the Board Of Liquidation of Ii
City Debt, is hereby directed not to Sc
any Of said eight millions of New Publ
Improvement Bonds in excess of ii
revenues hereby dedicated to the pa,
ment of the annual interest thereon, an
70. defer such sales, if necessary, wit
the assessed values of the City of Ne
Orleans will assuredly provide the funC
to meet the interest charges thereon.
Section 9. Be it further enacted, et'
That il, by any mischance, the grow
and progress Of the City of New Orieal
should be arrested, so that her assess,
values should not be sufficient to pr
vide sinking fund to retire said bon
BY January 1st, 1912, all of said bon
% remaining unpaid shall be ipso fact
extended, at the same rate of intere
and with the right of call, as herein pr
vided, until January 1st, 1862. and t
said one per cent debt tax shall be
We'd and collected until that date
until the principal and interest of sa
bonds are fully and finally paid, and t
proceeds thereof, after July 1st, 10;
shall be applied by preference to {
payment Of the principal and inter-
Of said bonds, except in so far as a
portion Of the proceeds of said tax m
have to be applied, after that date,
the payment of the principal and inter-
Of tho said twelve millions Of Pub
Improvement Bonds" due July lst, 10
ias,,nd ,.udax sa;d Aaf AZ 1000 If