The weekly messenger. [volume] (St. Martinsville [i.e. St. Martinville] La.) 1886-1948, 1906-10-20


more than twenty-four months operation
any surplus that may exist of the tax
o 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 oe
applied in such proportion as may DE
required to the completion Of said sew
srage, water and drainage system, the
preference being given to the sewerage
and water system, If necessary.
Section 8. Be it further enacted, etc.,
That thers shall be dedicated to the pay
ment Of the principal and interest OF
the bonds, herein authorized, all sur
plus, arising after January LIST, 1917,
from the one half Of one per cent debt
tax levied by the City Of New Orleans
BY virtue Of Article S14 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
ths sixth day Of June, 1899, said surplus
bsins here defined to be all residue In
each year, until January LIST, 1912, re-
naming after paying the interest on the
twelve millions Of Public improvement
Bonds Of the City of New Orleans, here
tofors issued under the provisions OF
vaid Act No. s 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. 8 Of the extra SEES
sion Of 1899.
If, after paying the annual interest
N the bonds provided for in this Act,
and, after January LIST, 1928, paying
heir sinking fund hereinafter provided
for, 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 and
extension of the City of New Orleans,
and If such further surplus shall Re
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 1st, 1928, the Board
Of Liquidation of the City Debt, shall,
out of the surplus of said taxes hsrein
dedicated to the payment of the prinei-
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 /, 1912.
And shall from time to time, and at least
snce every three months, as said fund
sccumulates, select by lot, the numbers
Of the bonds to be retired at par an,
accrued interest, and shall advertise fo-
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 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 safd eight millions of New Public
Improvement Bonds in excess of the
revenues hereby dedicated to the paw.
ment of the annual interest thereon, and
70 defer such sales, if necessary, until
the assessed values Of the City of New
Orleans viii assuredly provide the funds
to 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
20 remaining unpaid shall be ipso facto
extended, at the same rate of iuteres,
and with the right of call, as herein pro
vided, until January LIST, 1862, and tn,
said one per cent debt tax shall be lie
We'd and collected until that date ol
until the principal and interest of sal,
bonds are fully and finally paid, and the
proceeds thereof. after July 1st, 1850
shall BE- applied by preference to thu
payment of the principal and interes
o. nd acuds, except in 20 far as IN,
portion Of the-pN,cee0s Of said tax may
have to be applied, -ai..~. that date. e
the payment of the principal and interes,
Of the said twelve millions Of Public
Improvement Bonds" due July LIST, 1850
issued under said Act Of 1899. If i
should become necessary, after Januar!