The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1906-09-29
ACT NO. 2.
BY Mr.. Dupre. House Bill No. 80
AN ACT

AN All
To authorize and require the City OF
New Orleans, through the Board OF
Liquidation of the City Debt, to is
sue and sell bonds, which shall be
exemptfrom taxation, for the pay
ment of the debt due for salaries OF
school teachers and portresses Tor
the years 1885. 1886 and 1887; to
provide for the payment OF the
principle and interest Of said bonds;
and tn submit to the people an
amendment of the Constitution au-
thorizlng the issuance of said bonds.
and ratifying the provisions OF TINS
Act.
Whereas, the City of New Orleans,
has for many years, been indebted
9 to her school teachers and por-
tresses, q meritorious body of her
citizens, for personal service rem
dered under contract with the
Board of Directors of her public
schools; and
Whereas, the people of this State, by
the provisions of Article 3f5, BIG
and 317 Of theCOnstitutiOn of 1898
required the City of New Orleans
to examine into and assume the
payment of these debts, and pro-
vided therein for their payment in
a manner then believed to be suffi-
Gent and efficacious; and
Whereas, under said constitutional
directions, the city did examine
and assume this debt, but the pro-
vision made in the Constitution for
the payment thereof was sufficient
only to liquidate the assumed in
debtedness for the years 1882,
1888 and 1884. lea wing unpaid thr
assumed indebtedness for the years
1885, 1885 and 1887; and
Whereas. theCityof New Orleans did.
by Ordinance No. 2044, New Coun-
Gil Series, approved October LIST
1903, assume the indebtedness re-
ported by its Finance Committee
as due by the School Board of said
city to teachers for salaries oi
school teachers and portresses for
the years 1885, 1885 and 1887,
and did issue certificates Of indebt-
edness therefor, amounting in the
aggregate to one hundred and sey.
enty-four thousand, six hundred
and sixty-two ($174 ,662.00) dol.
lars; and
Whereas due notice OF this Act has
been published in the City Of New
| Orleans for more than thirty days
prior to its introduction into the
| General Assembly, and due evi
dence thereof has been exhibited II
the General Assembly:
Section /. Be it enacted by TIT
General Assembly of the State OF Lou
isiana, two-thirds of all the member
elected to each House concurring
That, subject to the ratification o
the people of the State of Louisiana
by the adoption af an amendment Il
the Constitution OF the State herein
after submit ted to them the City q
New Orleans shall have power to Is
sue, and it shall he it's duty to issu
, bonds. not to- exceed two hundred
thousand dollars 5000, 000.0O) il
lamount, dated january 1st, 1907
! bearing 4 per cent per annum inter
est payable semi-annually, the prir
cipnl of which shall be payableat tn
, option OF the city, Mt any time III
, tween january LIST, 1917, and Janr
ary 1st, 1927. Said bonds shall b
! STYLED "School teachers salary bond
5 Of the City of New Orleans." The
a shall be of the denomination of on
, thousand dollars each, payable j
lawful money of the United States
D with semi-annual interest coupon
/. Innnexed payable July 1st and Jan,
airy LIST. They shall be signed by I'll
: Mayor and Comptroller of the Cit
: of New Orleans, and countersigne
4 by the President or Vice Presider
land Secretary of the Board of Liqu
dation of the City Debt. They ma
he registered and released from re;
l. istry under the rules and regulation
prescribed by said board OF Liquids
70 ton, and no registered bond shall
! negotiable. Like other city bond
. they shall he exempt from all taxatit
y State, parish and municipal, and Il
tutors of>minors and curators OF !
4 terdicts shall be authorized to inve
is the funds in their hands in SUI
j. bonds.
lie Section 2. Be it further enacte
etc., That as soon as constitution
. authority for the issuance OF sa
J. bonds shall have been obtained,
10 shall be the duty of the Board OF LII
10 uidation of the City Debt, at the G
. pense of the one-half of the one p
B. cent debt tax, devoted to school pr
Is poses, and apportioned by 81,
r Board, to cause said bonds to be G
graved and executed, and to sell I
II sa me at not less than par and accr
lr ell interest, by sealed proposals,
h the highest bidder, after thirty da
advertisement in two papers publie
ed in the City of New Orleans.
a.. Section 3. Be it further enactt
ca etc., That the Board of Liquidati
T." shall, with the proceeds of said bon
Is, take up and pay the certificates Isl
!, IN ed by the City of New Orleans for
% salaries of school teachers and p'
tresses of the public schools for I
10 years 1885, 1886 and 1887, unf
the provisions of Ordinance No. 20
DO New Council Series. approved Oct
81 Der LIST, 1908, with four per c.