The southern sentinel. (Winnfield, La.) 1883-1910, 1906-10-26

ton 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 sinking fund sufficient in amount to
retire the whole OF said eight millions of bonds
on or before January /, 1872, and shall from
time to time, and at least once every three
months as said fund acCumulates select by
lot the numbers of the bonds to be retired at
par and accrued interest, and shall advertise
for ten days in 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 ADVERTISEMENT and ut the expiration of
said date, said bonds shall cease to bear
interest.
Section 8. 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
excess of the revenues hereby dedicated to the
payment of the annual interest thereon, and
TO defer such sales. if necessary, until the
sessed values of the City OF New Orleans will
assuredly provide the funds to meet the
interest charges thereon.
Section 3. BE ii further enacted, etc, That
if, by any mischance, the growth and progress
of the City of New Orleans should be arrested,
so that her assessed values should not be
sufficient to provide n sinking fund to retire
said bonds by January LIST, 1872, all of said
bonds remaining unpaid shall be ipSo factO,
extended, at the same rate of interest and with
the right of call, as herein provided, until
January LIST, 1852, and the said one per cent
debt tax shall be levied and collected until
that date or until the principal and interest of
said bonds are fully and finally paid, and the
proceeds thereof, after July LIST, 1885, shall be
applied by preference TO the payment of the
principal and interest of said bonds, except in
so far any portion of the proceeds of said
| tax may have to be applied, after that date, to
| the payment of the principal and interest of
| the said twelve millions of Public Improve
ment Bonds" due July list, 1850, issued under
said act of 1899. If il should become necessary,
after January LIST, 1912, to provide for the pay
ment of the interest on any part of said eight
million dollars of 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
established plan of retiring the whole OF said
twelve millions of bonds in the interval
between January LIST, 1912, and July LIST, 1850, it
shall be the duty OF the City of New Orleans,
| to be enforced by mandamns, if necessary.
either by the Board of Liquidation or by any
bondholder, to levy in each year n special tax
| sufficient to pay the interest on said bonds,
said special tax TO the Board of Liquidation,
until the proceeds of the one per cent. debt tax
shall be available towards the payment of the
| interest and principal of said bonds.
| Section 10. Be it further enacted, ETC., That
the holders of bonds issued under this Act
shall have all the rights and guarantees pro-
| vided in said Act No. of the extra session of
1885, in behalf of the holders of bonds issued
under that Act, and all the substantial pro-
visions of this Act shall constitute contract
| between all the holders of bonds issued, here
under, the State of Louisiana, and the City of
| New Orleans.
Section IL. Be it further enacted and re-
| solved, etc, That at the congressional election
! to be held in this State on Tuesday, the sixth
| day of November, 1906, the following amend
ment to the Constitution of the State Of Lou
4 isana shall be submitted to the electors of
! the State, to-wit:
/ 'sThe City OF New Orleans shall have power
| to issue eight million dollars of bonds, known
| as New Public Improvement Bonds for the
| purposes and under the provisions and cen
| ditons set forth in the Special Act of the Leg
| islature adopted to that end and for that pur-
pose, at the regular session of 1906, which said
| Act is hereby ratified and approved; and all
| provisions of the present Constitution of the
| State in conflict with the provisions of said
| Act and with this amendment, are to that
| extent, and for that purpose only, repealed
Section II. Be 1t further enacted and re-
/ solved, etc, That on the official ballots to be
used at said election shall be placed the words:
| For the City of New Orleans New Public
Improvement Bond Amendment"
| And the words:
| Against the City of New Orleans New
Public Improvement Bond Amendment"
And each elector shall indicate his vote on
the proposed amendment as provided in the
general election laws of this State.
j. Y. SANDERS,
Lieutenant Governor and President of Senate.
| ]. w. HYAMS,
/ Speaker of the House of Representatives.
| Approved June 25th 1906.
| NEWTON c. BLANCHARD.
| Governor of the State of Louisiana.
JOHN T. MICHEL,
| Secretary of State.