The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1906-09-22

elected To each House concurring,-
That, subject to the ratification oil
the people of the State OF LOUISIANA,
bv the adoption of an amendment TO
tie Constitution of the State, herein
after submitted to them, the City OF
New Orleans shall have power to is
sue. and it shall be it's duty to issue
bonds aggrpgating eight million dol
lars, dated January 1, 1907, bearing
four per cent per annum interest, pay
able semi-annually, the principal OF
which shall be payable at the option
of the city at any time between Jan
nary 1, 1928, and January l, l942.
Said bonds shall be styled ''New pub
lie improvement bonds of the City OF
New Orleans" They shall be of the
denomination of one Thousand dol
lars each, payable in lawful money OF
the United States, with semi-annual
interest coupons annexed, payable
July and January They shall be
signed by the Mayor and Coniptroller
of the City of New Orleans. and couii-
tersigned by the President or Vice
President ard Secretary of the Board
of Liquidation of the City Debt. They
may be registered and released from
registry under the rules and regula-
tions prescribed by said Board OF
Liquidation, and no registered
bond shall he negotiable. Like
other city bonds, they shall be
exempt from all taxation, State, par
ish and municipal, and the tutors OF
minors ana curatOrs OF interdicts
shall he authorized to invest the funds
in their hands in such bonds. :
Section 2. Be it further enacted.
etc, That as soon as constitutional
authority for the issuance of said
bonds shall have been obtained, it
shall he the duty of the Bonrd of
Liquidation of the City Debt, at the
expense of the special tax fund in
their possession, to cause said bonds
to be engraved and executed, and to
hold same subject TO the requisition
of the Sewerage and Water Board OF
New Orleans. From time to time as
directed by said Sewerage and Water
Board, said Board of Liquidation
shall sell said bonds, in such amounts
as it may be requested so to do, by
sealed proposals, to the highest bid
der, for not less tbanparand accrued
interest, after thirty days advertise
ment of such sales in one newspaper
published in each of The cities of New
York, Chicago and New Orleans.
Section 8. Be it further enacted,
ETC., That the proceeds of all such
sales be held by the Board of Liqui-
,lntion and paid over on the warrant.
of the Sewerage and Water Board in
the manner and under the conditions
provided in said Act No, 6 of the ex-,
ira session of 1899, and the amend
ments thereof.
Section. 4. Be it further enacted,
ETC., That the proceeds Of said bonds
shall be used exclusively for the com-
pletion OF the existing sewerage,
water and drainage system Of the
City of New Orleans, withsthese ex-
ceptioBs only:
(a) That if the said systems do
not require the expenditure for their
completion of the whole OF said pro-
ceeds, the balance thereof shall be
held by the Board OF Liquidation to
the credit of the City of New Orleans,
to be expended by it for paving
purposes, only:
(b) Tint when the water and Rew-
ernge systems are completed and
their operation il begun, the expen-
SEES of the operation of said systems
for not more than the first twenty
four months thereof, may be suppli-
ed, in whole or in part. out of said
funds, after applying to said not
more than twenty-fuur months OPP
GRAFTON any surplus that may exist
OF the taxes dedicated to pay the in
terest on said bonds, which surplus
NAV aud must I've SD used before any
draft is made for such purpose on the
principal of said fund.
Section 5. BE it further enacted,
etc, That the proceeds OF snid bonds
shall be applied in such proportionas
MAY be required to the completion
of, said sewerage, water and drainage
systems, the preference being given
to the sewerage and water systems,si f
necessary.
Section 6. Be it further enacted,
etc, That there shah be dedicated to
the payment Of the principal and in
terest of the bonds, herein authoriz-
ed. all surplus, arising after January
1st, 1907. from the one-half of one
per cent debt tax levied by the City
of New Orleans by virtue OF Article
314 of the Constitutional Louisiana,
and from the special tax of two uills
voted by the property taxpayers Of
the City of New Orleans on the sixth
day of June, 1899, said surplus be-
ing here defined to be all residue in
each year, until january 1st, 1912,
remaining after paying the interest
on the twelve millions OF Public I'm
provement Bonds of the City Of New
Orleans, heretofore issued under the
provisions of said Act No. 6 of the
extra session of 1899, and the half
years interest reserve fund therein
provided for, which said two mill tax
shall be levied and collected only I'M
til January LIST, 1912, as providedin
Act No 6 of the extra session OF S99.