St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1908-10-17
ACT NO. 116.
n.,.. Rm No. 116. By Mr.. voegtl'
AN ACT

Senate Bill No. ZIG. BY MF' S0ee'ie'
AN ACT
NJ .rnend the provisions of Act No. ID OF 1906
.o "a to authorize the allowance TO the pur-
ebasors of the New Public Improvement
GonIS NJ the City of New Orleans OF com
1ir ~ deduction not to exceed six per
cont. 40 as to define the order or rank or
navment of said bonds out OF the taxes deal
Gated to that purpose; and TO prohlblt the
Trrtber issue of bonds interfering or com
4t- en- order or rank with said bonds and
g. Public Improvement Bonds issued under
Act No of the Extra Session OF 1893;
ana to provide for the submission 10 the
ooonlo NJ the State of Louisiana or Con"
tI+rtIonal Amendment ratifying the modi-
6cstiops and changes herein provided TO be
wade in said Act No. 10 OF 1903 ana the
CONSTITUTIONAL Amendment ratifying sad Act.
svhoress due notice of this Act has been
nublished in the City Of New orleans ror
more than thirty days prior to Its introduc-
zion into the General Assembly, and due evil
dence thereof has been exnlDlted IN tne zen
eral Assembly, and a..
whereas. owing to the increase In the rates
az interest since the adoption or act NO:
10 of the Acts Of 1906. the $S,oOO'OoO OF
bonds Of the City Of New orleans antnorlzeo
to be issued by that Act cannot De soio as pro-
yided in said Act, and
whereas some Misunderstanding mas arisen
as 20 the order of payment OF the principal
and interest of said bonds out OF tne sur.
plus of the one per cent dept tax anu Ine
two mill special tax.
section /. Be it enacted by the General
Assembly of the State Of Louisiana, That the
Board of Liquidation Of the City Debt which
IA charged by Section of Act No. 10 of the
Acts of 1906. with the duty Of selling $1,000
oOO. 90 of New Public Improvement Bonds OF
the city Of New Orleans. shall have power In
selling the first four millions OF saio Donas
to allow to the purchasers thereof commits
sion or deduction not to exceed six per cent.
the amount Of said commission or deduction to
he a mart of the bid Of the purchasers for said
b. dfNrdt atanf to ~
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 sald commits, :;
sion or deduction except with the consent OF
the CITY Council expressed by an ordinance
adopted by a vote Of two-thirds of its mem.
bers. and also with the consent Of the Board
of Liquidation of the city debt, expressed
hy RESOLUTION Of said Board.
Section g. Be 1t further enacted, ETC., That
in order to make clear and fndisputable the
order or rank of payment out OF the surplus
Of the one per cent. debt tax and out OF
the two mill special tax. of the principal and
interest of the $1,000, 10000 of New Public
Improvement Bonds Of the City OF New Or.
leans authorized to be issued under said Ac'
No 10 of the Acts of 1905, It Is hereby
declared that the surplus of the one per ceD
debt tax and the two mill special tax up tc
July LIST 1912, are first dedicated to the pay
ment Of the $12. 000. 10000 OF Public Improve
and sold under the provisions of Act No.
that remains of the surplus of said one pei
OF the Extra Session of $780, and that al
cent debt tax and of said two mill special
tax since January 1st. 1907, after providing
for the payment OF all sums on said Public
Improvement Bonds now required by law to be
no 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
tar after July let, 1912. First, to said Pub
lie Improvement Bonds issued under Act 8 Of
$780, and Second, to said Kew Public Improve
Fncnt Bonds issued under Act 10 Of 1905, al
now provided by existing laws and Constitu
tional Amendment.
Section 8. Be 1t further enacted, etc, Thai
no bonds shall hereafter be issued by the City
Of New Orleans payable out Of said taxes
which shall interfere with thiS order or ranl
of payment or which shall compete with these
two series o: bonds for payment out Of sait
funds provided that nothing herein shall bt
construed as affecting the use or distributor
of any surplus of said taxes remaining aftel
providing for the payment Of the principal anc
interest Of said New Public Improvement Bond:
as provided in Section OF SAID ACT NO. Ia
Of the Acts Of 1906
Section T. Be 1t further enacted, etc. Thar
at the congressional election 70 be held II
this State on Tuesday, the third day OF NoVem
ber 1908. the following amendment TO ths
Constitution OF the State OF Louisiana shaH o.
submitted to the electors of the State, TOWN.
'"The modification and changes sought .
be affected in the provisions OF Act no. u
of the Acts of 1906 which Act was ratlnet
by Constitutional Amendment, adopted Novem
her 6, 1906 by the provisions of Act No 1T
of the Acts of $685. are hereby ratlhed ahf
approved, and all provisions of the present Con
rtttution pf the State In cuznict with me PRO