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

oe supplied, In WnOIe or IL PdI =, W. -
said funds, after applying to said not
more than twenty-four months operation
any surplus that may exist Of the tax
% dedicated to pay the interest on said
bonds, which surplus may and must be
- used before any draft is made for
such purpose on the principal Of said
fund.
Section S. 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 sew
GRACE, water and drainage system, the
preference being given to the sewerage
and water system, if necessary.
Section 8. Be it further enacted, etc.,
That there shall be dedicated to the pay
ment Of the principal and interest OF
the bonds, herein authorized, all sur
plus, 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 Consti-
tuition Of Louisiana, and from the special
tax two mills voted BY the property tax
payers 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 LIST, 1912, re-
manning after paying the interest on the
twelve millions Of Public Improvement
Bends Of the City Of New Orleans, here
>ofors issued under the provisions Of
Said Act No. 6 Of the extra session Of
1899, and the half-year's interest re-
serve fund therein provided for, which
said two mill tax shall be levied and col
lected only until January LIST, 1912, as
provided in Act No. 6 Of the extra SEES
ion Of 1899.
If, after paying the annual interest
sn the bonds provided for in this Act,
md, after January LIST, 1923, paying
Aeir sinking fund hereinafter provided
foy, there shall be any year, any further
surplus Of said tax, said further surplus
hail be used for extending the said
public systems Of sewerage, water and
drainage, to respond to the growth and
extension Of the City Of New Orleans,
and il such further surplus shall be
more than sufficient for such purpose,
the same shall be held by the Board of
Liquidation to the credit of the City Of
New Orleans to be expended only in per-
manent public Improvements, such as
paving, public buildings, bridges etc.
Section z. 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 AsRein |
dedicated to the payment of the princi |
pal and interest Of said bonds, set aside |
. sinking fund sufficient in amount ia |
retire the whole of said eight millions
Of bonds on or before January I, 1912.
And shall from time to time, and at least |
eacs every three months, as said fund
aecumulatss, select by lot, the numbers
Of the bonds to be retired at par ant!
accrued interest, and shall advertise for
ten days in newspaper published in
zach Of tho cities Of New York, Chicago
md New Orleans, the numbers of said
bonds and tho date they will be paid
(which date shall be not more than thirty
lays from tho date of said advertise
nent) and at the expiration Of said date,
Mid bonds shall cease to bear interest.
Section 8. Be it further enacted, etc.,
That the Board Of Liquidation Of the
Hty Debt, is hereby directed not to sell
ny OF said eight millions Of New Public
Improvement Bonds in excess of the
revenues hereby dedicated to the pay
nent OF the annual interest thereon, and
. defer such sales, if necessary, until
he assessed values Of the City Of New
orleans will assuredly provide the funds
, meet the interest charges thereon.
section 9. Be it further enacted, etc.,
mat Il. By any mischance, the growth
nd progress Of the City Of New Orleans
Aould be arrested, so that her assessed
'alses should not be sufficient to pro-
ode sinking fund to retire said bonds
= January LIST, 1912, all Of said bonds |
, ssmaining unpaid shall be ipso facto,
neended, at the same rate Of interest |
nd with the right of call, as herein pro-
lded, until January LIST, 1862, and the
nd one per cent debt tax shall be le-
led and collected until that date or
atil the principal and interest of said
onds are fully and finally paid, and the
roceeds thereof, after July LIST, 1850,
aall 30 applied BY preference to the
ayment Of the principal and interest
said bonds, except in so far as any
ortion Of the proceeds Of said tax NAV =
lve to be applied, after that date, to
. payment of the principal and interest
the said twelve millions Of public
Improvement Bonds" due July LIST, 1850,
sued under said Act Of 1899. IF i'll
'ould become necessary, after January Z
t. 1912, to provide for the payment
the interest on any part Of said eight r
illion dollars of "New Public Improve
emit Bonds" until the said twelve mil.
'ns Of "Public Improvement Bonds,