The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1906-10-13

anu 70 pruNlUe Tor the SUbHllSSloH W
the people Of The State Of Louisiana
OF constitutional amendment, au-
thorzing the Issue Of said bonds and
confirming the provisions of this Act.
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 Assem-.
bly,, and due evidence thereof has been
exhibited in the General Assembly;
and
Whereas. the bonds authorized to be H.
sued BY the City of New Orleans IN
der the provisions of Act No Of the
extra session of 1899. ratified by 3
constitutional amendment, adopted at
the general election of 1900, have not
proved adequate to he completion Of
the sewerage. water and drainage sys-
tens of the City of New Orleans AMI
the General Assembly is advised that
1t will probably require eight mil
hon dollars additional to complete said
systems; and
Whereas, by the increase of assessments
in the City of New Orleans, present
and prospective, the one half of the
surplus or the one per cent debt tax,
levied by virtue of Article 3l4 of the
Constitution of the State of Louisiana
OF 1898, and the special tax of two
mills, voted by the taxpayers of tho
City of New Orleans on the 9Th iay
of June 1899. are and will be more
than sufficient to pay the interest on
the twelve million dollars of bonds
issued under said Act No.
q of the extra session of 1899,
and actually produce large surplus
dedicated by said act to the purposes
thereof. which is ana will be sufficient
to permit the capitalization thereof
by the issuance of eight million dol
lars of bonds, and the retirement there
Of prior to January /, 1912; and
hereaS, II IS Of the greatest impor-
tancc 10 the City of New Orleans, and
the people of the whole State that
the-e great public works shall be
speedily completed. and tita+ their com
p!etlon should not be deferred through
long series of wears by the gradual
application to that end of the said
surplus, as it aecrues year by year:
Section ]. Be It enacted by the Gen.
raj Assembly of the State Of Louis
ana, two-thirds Of all the members elect.
4 to each House concurring, That sub
act to the ratification of the people Of
re state OF Louisiana, by the adoption
I an amendment to the Constitution of
1e State, hereinafter submitted to them.
lie city OF New Orleans shall have powe,
issue, and it shall be its duty to ISSUE
onds aggregating eight million dollars
ated }, uuarv /. 1907, bearing four pei
mt per annum interest, payable semi
the principal of which shah
payable, at the option of the city, at
ny time between January l, 1929, and
anuary l, 1912. Said bonds shall b.
yled "New public Improvement bond,
the City of New Orleans - They shall
OF the denomination OF one thousand
'llars each, payable in lawful money
the United States with semi annual
terest coupons annexed, payable July
and January /. They shall be signed
the Mayor and Comptroller of the
tv of New Orleans and corntcrsigned
the President or Vice President and
rfe'arv Of the Board Of Liquidation Of
9 City Debt. They may be registered
4 r"leased from registry under tn.
les and regulations prescribed by said
'ard Of Liquidation, and no register.
bond shall be negotiable. Like Other
y bonds, they sLall be exempt from all
iatlon, Stat". parish and municipal Il
i the tuJae, Of miners and curators
lnter'iet7 SAal b5 authorized to in.
4 tAe funds ia their bands in such
aGv.
Seton >. l2e i further enacted, etc.
At as soon as constitutional authori.
for The issuance of said bonds shall
,c been o5tainad it shall be the duty
the Board of Liquidation Of the City
1T, a the expense of the special tau
nj in their possession. to cause said
ids to be engraved and executed and
hob, same subject to the requisition
the Sewerage and Water Board OF
W Orleans. From time to time, a,
ectei ny Sald beverage ana water
ard, said Board of Liquidation shall
said bonds in such amounts as il
Y be requested so to do, by sealed pro-
als to the highest bidder, For not less
IN par and accrued interest, after
rty days advertisement of such salei
one newspaper published in each Of
cities Of New York, Chicago and New
cans.
section 3, Be it further enacted, ETC.,
Il the proceeds of all such sales BE-
! by the Board of Liquidation and
q over on the warrant Of the Sew.
re and Water Board in the manner
under the conditions provided 10
! Act No. G of the extra session u
9, and the amendments thereof.