St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1908-10-24
ACT NO. lie.
By Mr.. voegtle,


Senate Bill No. 1f6. By Mr. Yoegtle.
To amend the provisions Of Act No. 10 of 1905.
- os to authorize the allowance to the pur-
cbasers of the New Public Improvement
pnnds of the City OF New Orleans of a COM
mission or deduction not to exceed SIX per
conf. so an to define the order rank Of
navu,ent of said bonds out of the taxes dedi-
Gated to that purpose; and to prohibit the
Frrther tRsue Of bonds interfering com
peting In order or rank with SAID bonds ana
the Public Improvement Bonds issued under
Act No of the Extra Session of 1899;
and to provide for the submission to the
people Of the State of Louisiana of Con-
stitlitional Amendment, Hatifying the modl-
ncations and changes herein provided to be
made In said Act No. 10 of 1906 and the
Constitutional Amendment ratifylng said Act
whereas, due notice of this Act has been
published In the City of New Orleans for
more than thirty days prior to its introduce
tion into the General Assembly, and due evil
dence thereof has been exhibited in the Cen
eral Assembly, and
of interest since the adoption of Act No
10 Of the Acts of 1905, the $1,000, 100000 OF
honds of the City of New Orleans authorized
to be issued by that Act cannot be sold as pro-
vided in said Act, and
whereas some misunderstanding has arisen
as to the order of payment Of the principal
and interest Of said bonds out of the
plus of the one per cent debt tax and the
two mill special tax.
section l. Be it enacted by the General
Assembly of the State OF Louisiana, That the
Board Of Liquidation of the City Debt, which
a charged by Section of Act No. 10 of the
Acts Of 19G6, with the duty Of selling s.. 000,
10000 Of New Public Improvement Bonds of
the City of New Orleans, shall have power In
selling the first four millions of said bonds
to allow to the purchasers thereof a commits
sion or deduction not to exceed six per cent.
the amount of said commission or deduction TO
be part of the bid Of the purchasers for said
bonds, and the bonds to be adjudiested to the
best bidder in price, not however below par
and accrued interest, coupled with the least
commission and provided that the second four
millions of said bonds cannot be sold as above
provided with allowance of the said commits
sion or deduction except with the consent of
the City Council expressed by an ordinance
adopted by vote of two-thirds of its mem
bers. and also with the consent of the Board
of Liquidation of the city debt, expressed
by a resolution OF said Board
Section 2. Be it further enacted. etc. That
in order to make clear and tndispntable the
order or rank of payment out of the surplus
OF the per cent. debt tax and out of
the two mill special tax, of the principal and
interest Of the IS, 600, 100000 of New Public
Improvement Bonds of the City of New Or
leans. authorized to be issued under said Act
No. 10 of the Acts of 1906. it is hereby
declared that the surplus Of the one per cent
debt tax and the two mill special tax up to
July list, 1912, are first dedicated to the pay
ment of the 81, o0O. 600 90 of Public Improve
and sold under the provisions of Act No.
that remains of the surplus of said per
of the Extra Session of 1899, and that all
cent. debt FAX and of said two mill special
tax since January LIST, 1907 after providing
for the payment of all said Public
Improvement Bonds now required by law to be
SO paid, shall be dedicated to the payment of
the principal and interest of the said New
Public Improvement Bonds, provided nothing
herein contained shall in any manner affect
the dedication of the entire one per cent debt
tax after July LIST, 1912. First, to said Pub
1899, and Second, to said New Public Improve
meat Bonds issued under Act 10 of 1906 as
now provided by existing laws and Gonstitu-
tional Amendment.
Section 3. Be It further enacted etc. That
no bonds shall hereafter be issued by the City
Of New Orleans, payable out Of said taxes,
which shall interfere with this order or rank
two series of bonds for payment out of said
funds provided that nothing herein shall be
affecting the distribution
of any surplus Of said taxes remaining after
providing for the payment of the principal and
interest of said New Public Improvement Bonds
as provided in Section Of said Act No. 10
Of the Acts of 1903.
Section 4. Be 1t further enacted etc, Tint
at the congressional election 20 be held in
this State On Tuesday, the third DAY of Noyem-
ber 1905 the following amendment to the
Constitution Of the State OF Louisiana shall be
submitted to the electors of the state, to-wit:
''The modification and changes sought to
be affected in the provisions Of Act No. 10
Of the Acts Of 1906, which Act was ratified
By Constitutional Amendment adopted NoFem-
Der @, 1906, by the provisions of Act Me- lie |
Df the Acts Of 1908. are hereby ratified ara
approved. aud all provisions OF the present Con-
Et1tution Of the State IN coanict with ahe pro