The Bossier banner. [volume] (Bellevue, Bossier Parish, La.) 1859-1952, 1908-09-17
ACT No. 116.
ACT No. 116.
Senate Bill No. ZIG. BY Mr.. Voegtle.
AN ACT

Senate Bill No. ZIG. BY Mr. Voegtle
AN ACT
To amend the provisions of Act No. 10
OF 1906, SO as to authorize the allow
ance to the purchasers of the New
Public Improvement Bonds of the
City of New Orleans of Il commission
or deduction not to exceed six per
cent; 50 as to define the order or rank
of payment of said bonds out of the
taxes dedicated to that purpose: and
to prohibit the further issue of bonds
interfering or competing in order or
rank with said bonds and the Public
Improvement Bonds issued under Act
No of the Extra Session IF 1899;
and to provide for the submission to
e. the people of the State of Louisiana
of II Constitutional Amendment rat
flying the notifications and changes
herein provided to be made i'm said
Act No ~ of 1906 and the Constitu-
tonat Amendment ratifying said Act.
" hereaS, due notice of this Act has
been published in the City of New Or
leans for more than thirty days prior
to its Introduction into the General
Assembly. and due evidence thereof
has been exhibited in the General
Assembly. and
Whereas, owing to the increase in the
rates of interest since the adoption
of Act No. 10 of the Acts of 1905 the
sS.Ooo, 0oo.oo of bonds of the City of
New Orleans authorized to be issued
by that Act cannot be sold as provid-
ed 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 surplus of the one
per cent debt tax and the two mill
special tax.
eral Assembly of the State of Louisiana,
That the Board of Liquidation of the
City Debt, which is charged by Section
2 of Act. No. 10 of the .Acts of 1906, with
the duty of selling tse $4,000. 10000 of
New Public Improvement Bonds of the
City of New Orleans, shall have power
in selling the first fot.r millions of said
bonds to allow to the purchasers there
of Il commission or de iuction not to ex-
eesd six per cent, thy amount of said
commission or deducaon to be a part
OF the bid of the purchasers for said
bonds. ana the bondsHo be adjudicated
to the best bidder in price not. howey-
or below par and accrued interest cou-
pied 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
commission or deduction except with
the consent of the City Council express
sd by an ordinance adopted by vote
~ tWo-thirds of it's members. and also
with the consent of the Board of Liaui-
datinn of the city debt. expressed by
n resolution of said Board
Section .. Be it further enacted, etc.
That in order to make clear and indis-
putable the order or rank of payment
out of the surplus Of the one per cent
debt tax and out of the two mill spe-
cial tax, Of the principal and interest
of the $4,000 600 90 of New Public Inn
provement Bonds of the City of New
Orleans. authorized to be issued under
said Act. No 10 of the Acts of 1906. 1t
is hereby declared that the surplus Of
the one per cent. debt tax and the two
mill special tax up to July 1st 1912, are
FIRST dedicated to the payment of the
sl2.h0e.0a0.0o of Public Improvement
Bonds of the City of New Orleans is
sued and sold under the provisions Of
Act. No. of the Extra Session of 1899.
and that all that remains of the sur
Plus of said one per cent. debt tax and
OF said two mill spesial tax since jan
uary lst, 1907, after providing for the
payment Of all sums on said Public I'm.
provemcnt 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 con-
tanned shall in any manner affect the
dedication of the entire one per cent
debt tax after July LIST, 1912 First, to
said Public Improvement Bonds issued
under Act. of 1899. and Second, to
said New Public Improvement Bonds
issued under Act. 10 of 1906, as now