The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1906-09-15

otiobel ISL, 1910, Win louI pef cen
! per annum on the principal of said cert
ficates from said October 1st, 1908. pro
vided, that for the purposes Of this Ac1
no interest on said certificates shall b
J allowed after January 1st 1907. Sucl
| payment must be made only to the per
| sons named in such certificates, or tc
their heirs or legatees, or to their duly
authorized counsel; upon surrender Of
tie original certificates Of indebtedness
Section f. BE it further enacted, etc.
That the principal and interest of said
bonds shall be paid by preference out
Of that oneha,f o. the surplus of the
one per cent debt tax levied by the City
Of New Orleans by virtue of Article 314
Of the Constitution Of louisiana which
is dedicated for public school purposes !;
and in making in each year apportion-
ment OF the surplus of said tax, the
Board of Liquidation shall from the one
half apportioned to the public schools of
New Orleans, withhold, by preference, a
sum sufficient to pay the semi
interest on said bonds, and the sinking
fund hereinafter provided for.
Section 5. Be it further enacted. etc.
That after January 1st, 1917, the said
Board of Liquidation shall, out Of the
said one-half surplus Of said tax appor-
toned to school purposes set aside a sink
ing fund sufficient in amount to retire
the whole Of said issue Of bonds. on or
before January LIST, 1927, 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 and New Orleans, the num-
bers 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 at the expiration
of said date said bonds shall cease to
bear interest.
Section 6. Be it further enacted. etc,
That all the substantial provisions of
this Act shall constitute a contract be-
tween the holders Of bonds issued here
under, the State of Louisiana and the
City of New Orleans.
Section Z. Be it further enacted. etc.
That at the congressional election to be
held in this State on the first Tuesday
following the first Monday of November
1906, the following amendment to the
Of the State of Louisiana.
shall be submitted to the electors of the
State, to-wit:
1.-The City of New Orleans shall have
power and it shall be its duty to issue
two hundred thousand dollars of bonds |
known as "ochool teachers salary
oonds,' for the purposes and under the |
provisions and conditions set forth in |
he special act of the Legislature adopted |
g that end and for that purpose, at the |
ocular session of 1906, which said act s
hereby ratified and approved; and all !
provisions of the present Constitution of
he State in conflict with the provisions
II said act, and with his amendment are,
Q that extent, and for that purpose oniv,
epealed.
Section s. Be it further enacted. and
esolved, etc, That on the official ballots
. be used at said election shall be placed
he words: "For the City Of New Or
cans school teachers salary bond amend
lent;' and the words: "Against the
ity of New Orleans school teachers
llary bond amendments and each cleo
'r shall indicate his vote on the pro- .
osed amendment as provided in the
eneral election laws of this State.
J. W. HYAMS,
peaker of the House of Representa-
tives.
j. Y. SANDERS,
lieutenant Governor and President Of 9
the Senate. q
pproved June II, 1906. c
NEWTON C. BLANCHARD. t
overnor of the State of Louisiana. b
A true copy:
JOHN T. MICHEL, ic
,cretary of State. o
ACT NO. 3.
q Mr. pcopoo |