The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1908-10-31

Act. No. ~ OF 1906 AMI tne C.nstitu-
tiOnal Amendment ratifying 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 adOp-
ton Of Act. No. 10 of the Acts of
1905, the $8.0oO,0OO.0O 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 pay
ment 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 l. Be it enacted by the
Louisiana, That the Board of Liqui-
dation of the City Debt, which is
charged by Section 2 of Act No. 10
Of the Acts of 1905, with the duty
of selling the $S.OO0,O0O.00 of New
Public improvement Bonds of the
City of New Orleans. shall have pow
er in selling the first four millions
of said bonds to allow to the pur-
chasers thereof a commission or de-
duction not to exceed six per cent.
the amount of said commission Or
deduction to be a part of the bid OF
the purchasers for said bonds, and
the bonds to be adjudicated to the
best bidder in price, not however.
below par and accrued interest, cou-
pied with the least commission; and
provided that the second four mill
lions of said bonds cannot be sold
as above provided with allowance of
the said commission or deduction ex-
cept with the consent of the City
Council. expressed by an ordinance
adopted by vote of twO-thirds OF
its members, and also with the con-
sent of the Board of Liquidation of
the City Debt, expressed by a resolu-
ton of said Board.
Section 2. Be it further enacted,
ETC., That in order to make clear and
indisputable 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 $8.00O,000.00 of
New Public improvement Bonds Of
the City Of New Orleans, authorized
to be issued under said Act No. 10
Of the Acts Of 1905, 1t Is hereby de-
clared 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 payment of the
$12,OOO.000.0O of Public Improve
ment Bonds of the City of New Or
leans issued and sold under the pro-
visions of Act No. 6 of the Extra SEES
sion of 1899, and that all that re-
mains of the surplus of said one
per cent. debt tax and of said two
mill special tax since January LIST,
1907. after providing for the pay
ment Of all sums on said Public Inn
provement 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 Inn
provement Bonds. provided nothing
herein contained. shall in any manner
one per cent. debt tax after July LIST.
IL
ment Bonds issued under Act s Of
1899, and second. to said New Pub
lie improvement Bonds issued under
Act 10 Of 1906, as now provided by
existing laws and Constitutional
Amendment.
Section 8. Be it further enacted,
etc.. That no bonds shall hereafter
be issued by the City of New Or
leans, payable out Of said taxes.
which shall interfere with this order
or rank of payment. or which shall
compete with these two series Of
bonds for payment out of said funds.
provided that nothing herein shall
be- construed as affecting the use or
distribution of any surplus of said
taxes remaining after providing for
the payment of the principal and in
terest of said New Public Improve
ment Bonds pa provided T., cr"''"-
6 of said Act No. 10 of the Acts Of
1906.
Section 4. Be it further enacted,
ETC., That at the congressional cleo
ton to be held in this State on
Tuesday. the third day of Novem-
Der, 1908, 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 provi-
sions Of Act No. 10 Of the Acts of
1905, which Act was ratified by Con-
stitutional Amendment, adopted No.
vember 6, 1906, by the provisions of
Act No. 116 of the Acts of 1908. are
hereby ratified and approved. and all
provisions OF the present Constitu-
ton Of the State In conflict with the
provisions of said Act of 1908. and
with this amendment, are to that ex-
tent and for that purpose only re-
pealed.'