The Lafayette advertiser. [volume] (Vermilionville [i.e. Lafayette], La.) 1865-19??, 1906-09-19

Tie "ODGfdllOu VI Suiu SsotcIHo III NV
more than the first twenty-four months
thereof, may be supplied in whole or
in part. out of said funds, after apply
ing to said not more than twenty-four
months operation any surplus that
may exist of the taxes dedicated to
pay the interest on said bonds, which
surplus may and must be so used be-
fore any draft is made for such pur-
pose on the principal OF said fund.
Section 5. Be it further enacted,
etc, That the proceeds of said bonds
shall be applied in such proportion as
may be required to the completion OF
said sewerage. water and drainage
systems. the preference being given to
the sewerage and water systems. If
necessary.
Section d. BE it further enacted,
etc, That there shall be dedicated to
the payment of the principal and in
terest Of the bonds, herein authorized,
all surplus. arising after January lst.
1907. from the One-half of one per cent
debt tax levied by the City of New Or
leans by virtue of Article 3l4 of the
Constitution of Louisiana, and from
the special tax of two mills voted by
the property taxpayers OF the City OF
New Orleans on the sixth day of June.
1899, said surplus being here. defined
to be all residue in each year, until
January 1st, 1912. remaining after
paying the interest on the twelve mil
lions of Public Improvement 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-year's interest reserve
fund therein provided for, which said
two mills tax shall be levied and col
lected only until January lst, 1912. as
provided in Act No. 6 of the extra ses-
sion of 1899.
If, after paying the annual interest
on the bonds provided for in this Act.
and, after January LIST. 1923, paying
their sinking fund hereinafter provid-
ed for, there shall be in any year. any
further surplus of said tax, said fur
Their surplus shall be used for extend
ing the said public systems of sewer
age, water and drainage, to respond
to the growth and extension of the
City of New Orleans, and if such fur
Their surplus shall be more than suffi-
cient for such purpose, the same shall
be held by the Board of Liquidation
to the credit of the City of New Or
leans to be expended only in perua-
nent public improvements. such as
paving, public buildings. bridges, etc.
Section :. Be it further enacted.
etc., That after January LIST, 1923, the
Board of Liquidation of the City
Debt, shall, out of the surplus of said
taxes herein dedicated to the payment
of the principal and interest of said
bonds, set aside a sinking fund suffi-
cient in amount to retire the whole OF
said eight millions of bonds on or be-
fore Jan /. 1912. and shall from time
to time, and at least once every three
months, as said fund accumulates. Sc
lect by lot. the numbers of the bonds
to be retired at par and accrued inter-
est. and shall advertise for ten days
in a newspaper published in each OF
the cities of New York, Chicago and
New Orleans, the numbers of said
bonds and the date they will be paid
(which date shall be not more than
thirty days from the date of said adj
vertisement) and at the expiration OF
said date. said bonds shall cease to
bear interest.
Section s. Be it further enacted.
ETC., That the Board of Liquidation
of the City Debt is hereby directed not
to sell any Of said eight millions of
New Public Improvement Bonds in ex-
cess of the revenues hereby dedicated
to the payment of the annual interest
thereon, and to defer such sales. 1t
necessary, until the assessed values of
the City of New Orleans will assuredly
provide the funds to meet the interest
charges thereon.
Section 9. Be further enacted. etc.
That if, by any mischance. the growth
and progress of the City of New Or
leans should be arrested. so that her
assessed values should not be sutfi-
cient to provide a sinking fund to re-
tire said bonds by January LIST. 1872,
all of said bonds so remaining unpaid
shall be ipso facto, extended at the
same rate of inter est and with the
right of call, as herein provided. un-
til January 1st, 1862, and the said one
per cent debt shall be levied and col
lected until that date OF until the prin-
| cipal and interest of said bonds are
fully and finally paid, and the pro-
ceeds thereof. after July LIST, 1880,
shall be applied by preference to the
payment of the principal and interest
of said bonds, except In so far as any
portion of the proceeds of said tax
may have to be applied, after thai
date, to the payment of the principal
and interest of the said twelve million.
of tPublic Improvement Bonds" due
july LIST. 1850, issued under said Ac'
of 1899. If it should become necessa'
ry, after January 1st. 1912, to provide
for the payment of the interest on any
part of said eight million dollars o
s'New Public Improvement Bonds
until the said twelve millions of Pub
lie Improvement Bonds" are retired
aal 4Lo nronnodc of mid one nei. cent