The Bossier banner. [volume] (Bellevue, Bossier Parish, La.) 1859-1952, 1908-08-27
tCT No. 116.
nc T NO. IIb.
Senate Bill No. 1l6. by Mr. NoeStl

Senate Bill No. ZIG. BY Mr.. Noegtle
AN act
To amend the provisions of Act. No. 10
OF 1906, so as to authorize the allow
auCe to tie purchasers of the New
Public Improvement Bonds Of the
Cit" of New Orleans of Il commission
or deduction not to exceed six per
cent; so as 10 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 "f 1899;
and To provide for the submission to
the people of the State of Louisiana
of II Constitutional Amendment rat
flying the notifications and changes
herein provided to be made in said
Act No. 10 of 1906 and the Constitu-
tional Amendment ratifying said Act
Whereas. 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. Is of the Acts of 1906 th.,
SS.eoe,a0o.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
w hcreaS. some misunderstanding has
arisen as 10 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.
Section /. Be it enacted by the GEN
eral Assembly of the State of Louisiana
That the Board of Liquidation of the
City Debt. which is charged by Section
: of Act No. 10 of the Acts of 1906 with
h. dat, Of II, 20 IA "A nnn M
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 there
Of Il commission or deduction not to ex-
Gee ct SIX per cent. the amount of said
commission or deduction to be Il part
OF tae bid of the purchasers for said
bonds, and the bonds to be adiudicated
to the best bidder in price. not. howev-
er below par and accrued interest cou-
Piled 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
,d by an ordinance adopted by /; vote
II t%o-thirds of its members. and also
with the consent of the Board of Liqui-
datipn of the city debt. expressed by
resolution of said Board
Section > BE it further enacted. etc.
Thai in order to make clear and ndis-
putable the order or rank of payment
out of the surplus of the one per cent.
dcbt tax and out of the two mill Spe-
ciat tax, of the principal and interest
of the SS,eA0,o 0o.A 90 of New Public I'M
prov ement Bonds of the City of New
Orleans. authorized to he issued under
said Act. No. 19 of the Acts of 1906. it
is hereby declared that the surplus of
the one per cent. debt tax and the two
nli special tax up 10 July LIST. 1912, are
mrs dedicated Ia the payment of the
*l".leN. 0aU.eH OF Public Improvement
Bonds of the City of New Orleans is
sued an5 solo under the provisions of
Act. No. i of the Extra Session of 1899.
ard that all that remains of the sur
Plus Of said one Per cent. debt tax and
OF sid TWO mill Spesial tax since jan
narI' ist 1907, after providing for the
payment of all sums on said Public I'M
prov eInent 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
EnniS. provided nothing herein CON
tanned shaft in any manner affect the
dedication Of the "n-irn one per cent
1ebi tax after July Is. t24.. First -
said Public Improvement Bonds issued
under Act. of 1889. and Second to
raid New Public Improvement Bonds
issued lader sAc,. - Of 1906, as now !