The Bossier banner. [volume] (Bellevue, Bossier Parish, La.) 1859-1952, 1908-10-29
ACT No. 11s
Senate Bill No. 116. 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 commission
or deduction not to exceed six per
cent; SO us 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 of 1899;
and to provide for the submission to
the people of the State of Louisiana
of a 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. 10 of the Acts of 1906, the
SS.eu0,o00.00 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.
Section i. 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
the duty of selling the $4,000, 10000 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 purchasers there
of y commission or deduction not to ex-
coed 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. hOwev-
err 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
I'd, by an ordinance adopted by a vote
IF two-thirds of it's members. and also
with the consent of the Board of Liaui-
dation of the city debt, expressed by
a resolution Of said Board.
Section 2. Be it further enacted, etc.
That in order to make clear and fndis-
putable the order or rank of payment
pUI OF the surplus VI tic uHe per cen l.
debt tax and out of the two mill spe-
cial tax, of the principal and interest
of the $4,000, 900 90 of New Public I'M
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 60 July 1st. 1912. are
first dedicated to the payment of the
$4,000. o090o of Public Improvement
Bonds of the City of New Orleans is
sued and sold under the provisions of
Act. No. 6 of The LXtrs: 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
uar5' lst, 1907, after providing for the
payment of all sums on said Public I'm.
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 Improvement
Bonds. provided nothing herein con-
tanned shall in any manner affect the
ded!G2tion of the en- ire one per cent
hebi tav after July Is5. 1912, First, to
said lHbIic improvement Bonds issued
und ar Act. of 1889. and Second, to
said New Public Improvement Bonds
issued under Act. 10 of 1906, as now