The true Democrat., 1908-09-19
ACT No, 116.
Senate Bill No. l16. By Mr.. VOegtle.
AN ACT


allowance to the purchasers or
the New Public Improvement
Bonds of the City of New Orleans
of a commission or reduction not
to exceed six per cent; so as 10
define the order or rank OF pay
ment 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
andthe Public Improvement Bonds
issued under Act No. & of the EX-
ira Session of 1899; and to provide
for the submissionto the people OF
the State of Louisiana of a Con-
stitutionat Amendment, ratifying
the notifications and changes
herein provided to be made in said
Act No. 10, of 1906, and the Con-
stitutional Amendment ratitying
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 introduction into the
General Assembly, and due evil
dence 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 1906,
the $4,000, 100000 of bonds OF the
City of New Orleans authorized to
be issued by that Act cannot be
sold as provided 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.
Spctionl. Be it enacted by the Cen
eral Assembly of the State OF LOulSl.
ana, That the Board of Liquidation OF
the City Debt, which is charged by
Section , of Act - of the Acts of 1905,
with the duty of selling the $4,000, 600
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 pur-
chasers thereof commission or de-
duction not to exceed six per cent, the
am )unt of said commission or deduc-
tiOn to be a part of the bid of the pur-
chaSsrs for said bonds, and the bonds
to be adjudicated to the best bidder in
price. not however below par and ac-
crued 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 commission or
deduction except with the consent OF
the City Council expressed by an ordi.
nance adopted by vote of two-thirds
Of it's members, and also with the con.
sent of the Board of Liquidation OF
the city debt, expressed by a resolu'
tion of said Board.
Section 2. Be it further enacted
ETC., That in order to make clear and
indisputable the order or rank of pay
ment out of the surplus of the one pei
cent. debt tax and out of the two mil
special tax, of the principal and in
terest of the S., 000, 000. 90 of New Pub
lie Improvement Bonds of the City o.
New Orleans, authorized to be ISSUED
under said Act No. 10 of the Acts O
1906, it is hereby declared that tht
surplus of the one per cent debt tal
and the two mill special tax up tC
July ist, 1912, are first dedicated tt
the payment of the $l2,000, ,000.00 0
Public Improvement Bonds of tht
City OF New Orleans issued and solo
under the provisions of Act No. 6 0
the Extra Session of 1899, and tina
all that remains of the surplus of sai(
one per cent. debt tax and of said two
mill special tax since January 1st
1907, after providing for the paymen
of all sums on said Public Improve
ment Bonds now required by law tt
be so paid, shall be dedicated to tn,
payment of the principal and interes
of the said New Public Improvement
Bonds, provided nothing herein con
tanned shall in any manner affect thC
dedication of the entire one per cen
debt tax after July lst, 1912. First
to said Public Improvement Bond.
issued under Act 6 of 1899, and Sec
ond, to said New Public Improvement
Bonds issued under Act 10 of 1906, a.
now provided by existing laws ant
Constitutional Amendment.