The Lafayette advertiser. [volume] (Vermilionville [i.e. Lafayette], La.) 1865-19??, 1906-10-10

thereof, may DC supplied in whole or
in part, out of said funds, after apply
ing 10 said not more than twenty-four
months operation any surplus that
may exist of the taxes dedicated To
pay the interest on said bonds, which
surplus may and must be so used be-
fore any draft is made for such pur-
pose ON the principal oi said fund.
Section ;. BE it further enacted.
etc, That the proceeds of said bonds
shall be applied in such proportion IA
NAV be required To- the completion of
said sewerage. water and drainage
systems, the preference being given To
the sewerage and water systems, il
necessary.
Section g. BE il further enacted,
etc, That there shall be dedicated to
the payment of the principal and in
terest of the bonds, herein authorized,
all surplus, arising after January LIST,
1907, from the one-half of one per cent
debt tax levied by the City of New Or
leans by virtue of Article 81 of the
Constitution of Louisiana, and from
the special tax of two mills voted by
the property taxpayers 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 lst, 1912, remaining after
paying the interest on the twelve mil
lions of Public Improvement Bonds of
the City of New Orleans, heretofore
issued under the provisions Of said
Act No. q of the extra session of 1899,
and the half-year's interest reserve
fund therein provided for, which said
two mills tax shall be levied and col
lected only until January LIST, 1912, as
provided in Act No. q of the extra ses-
sion of 1899.
If, after paying the annual interest
on the bonds provided for in this Act,
and, after January 1st, 1928, paying
their sinking fund hereinafter provid-
ed for. there shall be in any year. any
further surplus of said tax. said fur
Their surplus shall be used for extend
ing the said public systems of sewer
age, water and drainage. 10 respond
to the growth and extension of the
City OF New Orleans, and il such fur
Their surplus shall be more than suffi-
cient for such purpose, the same shall
be held by the Board of Liquidation
to the credit of the City of New Or
leans to be expended only in perua-
nent public improvements. such as
paving, public buildings. bridges, etc.
Section I. BE il further enacted.
ETC., That after January LIST. 1923, the
Board OF Liquidation 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 a sinking fund suffi-
cient in amount TO retire the whole OF
said eight millions of bonds on or be-
fore Jan /, 1912, and shall from time
to time, and at least once every three
months. a said fund a~ccumulates. Sc
lect by lot. the numbers of the bonds
to be retired at par and accrued inter-
est, and shall advertise for ten days
in a 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 adj
vertisement) and al the expiration of
said date. said bonds shall cease to
bear interest.
Section 8. BE It further enacted.
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 *
of the hereby dedicated
TO the payment of the annual interest
thereon. and 20 defer such sales. n
until the assessed values of
the City OF New Orleans will assr:edly
provide the funds To meet the interest
charges thereon.
Section O.. Be further enacted. etc,
That il, by any mischance, the growth
and progress of the City of New Or
leans should be arrested. so that her
assessed values should not be sufii-
cient to provide a sinking fund to re-
tire said bonds by January lst. 1912.
all OF said bonds so remaining unpaid
shall be ipso facto, extended at the
same rate OF inter est and with the
of call. as herein provided. I'M
ill January LIST. 1862, and the said one
per cent debt shall he levied and coll
Iected until that date or until the prin-
,ipal and interest of said bonds are
Tully and finally paid, and the pro-
leeds thereof. after July LIST, 1850.
shall be applied by preference to the
payment OF the principal and interest
II said bonds, except In so far as any
of the proceeds of said tax
nay have to be applied, after that
late, to the payment Of the principal
and interest of the said twelve millions
Of "Public Improvement Bonds due
July lst, 1850. issued under said Act
Of 1899. II it should become necessa-
nv, after January LIST, 1912, TO provide
Tor the payment of the interest on any
part of said eight million dollars of
New Public Improvement Bonds"
until the said twelve millions of Pub
lie Improvement Bonds" are retired,
and the proceeds of said n per cent.
debt tax cannot be used without in
fringement upon the established plan
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