The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1906-09-08

e. dedlcated 10 pay the INTEREST Oh sdih
bonds, which surplus may and must be
20 used before any draft is made for
such purpose on the principal Of said
fund.
Section 5. 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
erage, water and drainage system, the
preference being given to the sewerage
and water system, if necessary.
Section 6. Be it further enacted, etc,
That there shall be dedicated to the pay
ment Of tho principal and interest of
the bonds, herein authorized, all sur
plus, arising after January LIST, 1907,
from the one-half Of one per cent debt
tax levied by the City of New Orleans
~ virtue Of Article 3l4 of the Consti
tufior Of Louisiana, and from the special
TAX t"o 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 1st. 1942, re-
naming after paying the interest on the
twelve millions Of Public Improvement
Bonds Of the City Of New Orleans here
tofore issued under the provisions OF
said Act No. s Of the extra session Of
1899, and the half-ye interest re-
serve fund therein provided for, which
said two mill tax shall be levied and col
Iected only until January LIST, 1912, as
provided in Act No. 6 Of the extra ses
zion of 1899.
If, after paying the annual interest
IN the bonds provided for in this Act
and, after January 1st, 1923, paying
:heir sinking fund hereinafter provided
Tor, there shall be any year, any further
surplus of said tax, said further surplus
shall be used for extending the said
public systems Of sewerage, water and
drainage, to respond to the growth an
extension Of the City Of New Orleans.
and if such further surplus shall te
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 lst, 1923, the Boar.l |
Of Liquidation of the City Debt, shall. |
out of the surplus of said taxes herein |
dedicated to the payment Of the princi
pal and interest of said bonds. set aside |
. sinking fund sufficient in amount ~
retire the whole Of said eight millions
Of bonds on or before January /, 1912.
and shall from time to time. and at least
once every three months, as said fun
accumulates, select by lot. the numbers
Of the bonds to be retired at par an
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 pail
(Which date shall be not more than thirty
days from the date Of said advertise
ment) and at 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 pay
ment of the annual interest thereon. and
to defer such sales, if necessary until
the assessed values Of the City of New
Orleans will assuredly provide the funds
70 meet the interest charges thereon.
Section 9. Be it 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 pro
vide sinking fund to retire said bonds
BY January LIST, 1912, all Of said bonds
10 remaining unpaid shall be ipso facto,
extended, at the same rate Of Interest
md with the right Of call, as herein bro,
vlded, until January 1st, 1862, and the
'aid one per cent debt tax shall be lie
We'd and collected until that date or
until the principal and interest Of salt,
bonds are fully and finally paid, and the
proceeds thereof, after July 1st, 1850
shall be applied BY preference to the
payment OF the principal and interest
II said bonds, except in SO far as anv
portion Of the proceeds of said tax NAV
ave to be applied, after that date, to
ne payment Of the principal and interest
= the said twelve millions of Public
Improvement Bonds" due July 1st, 1850,
ssued under said Act Of 1899. If i'll
hould become necessary, after January 4
st, 1912, to provide for the payment
t the interest on any part Of said eight P
million dollars Of "New Public Improve
nent Bonds" until the said twelve mil
ions Of "Publ, Improvement Bonds
re retired, and the proceeds of said one
er cent. debt tax cannot be used with >,
ut infringement upon the established Il
Ian Of retiring the whole said twelve a