The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1906-10-20

elected to- each House concnrr'ng,-
That, subject TO the ratification o1
| the people of the State of Louisiana,
by the adoption Of an amendment to
tie Constitution of the State, hereiE-
after submitted tS,them, the City or
New Orleans shall have power to Is
sue, and it shall be its duty to Issue
bonds aG9yegating eight million dol
lars, dsted.Janunry 1, 1907, bearinS
fouv perce per annum interest, pay
able ssmi-annually, the principal OF
which shall be payable at the option
of the city at any time between Jan
uary l, 1928, and January l, 1912.
Said bonds shall be styled New pub
lie Improvement bonds of the City of
New Orleans" They shall be OF the
denomination OF one Thousand d0f-
lars each, payable in lawful money Of
the United Stutes, with semi-annual
interest coupons annexed, payable
fully 1 and january They sIn,ll be
Isigned by the Mayor and Comptroller
of the City OF New Orleans, and coun-
tersigned by the President or Vice
President and Secretary of the Board
OF Liquidation of the City Debt They
may be registered and released from
registry under the rules and regula-
tons prescribed by said Board of
Liquidation, and no registered
bond shall be negotiable. Like
other city bonds, they shall be
exempt from all taxation, State, par
ish and municipal, and the tutors of
minors and curators OF interdicts
shall be authorized to invest the funds
in their hands in such bonds.
Section 2. Be it further enacted.
etc, That rs soon as constitutional
authority for the issuance OF said
bonds shall have been obtained, it
shall be the duty of the Bonrd Of
Liquidation of the City Debt, ut the
fexpense of the special tax fund in
their possession, to cause said bonds
to be engraved and executed, and to
hold same subject to the requisition
i OF the Sewerage and Water Board of
New Orleans From time to time as
directed by said Sewerage and Water
| Board, said Board of Liquidation
shall sell said bonds, insuch amounts
/ as it may be requested SO to do, by
sealed proposals, TO the highest bid
der, for not less than parand accrued
interest, after thirty days advertise
ment of such sales in one newspaper
published in each of the cities of New
York, Chicago and New Orleans.
Section 3. Be it further enacted
ETC., That the proceeds OF all suclF
sales be held by the Board OF Ligui-
dation and paid over on the warrant
of the Sewerage and Water Boarf ia
the manner and under the conditions
provided in said Act No. 6 Of the ex-
ira session OF 1899, and the amend
ments thereof
Section. 4. BE it further enacted
etc, That the proceeds of said bonds
shall be used exclusively for the com
pletion of the existing sewerage,
water and drainage system OF. the
City of New Orleans, with these ex-
ceptions only:
fa) That if the said systems do
not require the expenditure for their
lcOmpletion of the whole OF said pro-
ceeds, the balance thereof shall be
held by the Board of Liquidation TO
the credit of the fifty OF New Orleans,
to be expended by it for paving
purposes, only:
th) Tint when the water and sew
eruge systems are completed and
their operation is begun, the expen-
ses of the operation of said systems
for not more than the first twenty
four months thereof, may be- suppl
ed, in whole or in part, out of said
funds, after applying to said not,
more than twenty-four months OPP
GRAFTON any surplus that may exist,
OF the taxes dedicated tppay the in
terest on said bonds, which surplus
may and must be So used before any
draft is made for such purpose on the
principal OF said fund.
Section 5. BE it further enactad,
etc, That the proceeds OF said bonds.
shall be applied in such proportionns
may be required to the completion
of said sewerage, water and drainage
systems, the preference being given
to the sewerage and water systems, if
necessary.
Section 6. BE it further enacted,
etc, That there SINH be Dedicated to
the payment Of the principal and d1-
tercst Of the bonds, herein nutboriz-
ed, all surplus, arising after January
LIST, 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 Constitution of Louisiana,
and from the special tax OF two mills
voted by the property Taxpayers of
the City of New Orleans or the sixth
day of June, 1859, said surplus be-
ing here defined to be all residue in
each year, unit! January 1st. 1912,
remaining after paying the interest.
on the twelve millions Of Public I'm
proyelnent Bonds OF the City of New
Orleans, heretofore issued under the
provisions of said Act No. OF the
extra session of 1899, and the half
years interest reserve fund therein
provided for, which said twomiIi tax
shall be levied and collected only IN
til January LIST, 1912, as providedin
Act Nh X Of the OK frs, session rf 800