The Bossier banner. [volume] (Bellevue, Bossier Parish, La.) 1859-1952, 1908-09-24
ACT No. 116.
ACT No. ZIG.
Senate Biil No. l16 BY Mr. Voegtle.


AN ACT
To almond the provisions of Act No. 10
of 1906. So as TO authorize the allow
ance 70 the purchasers of the New
Public Improvement Bonds of the
City of New Orleans of a commission
CIR deduction not to exceed six per
cent; SO as 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 6 of the Extra Session of 1899;
and To provide for the submission to
the people of the State of Louisiana
of Constitutional Amendment. rat
ffyinE The notifications and changes
herein provided to be made in said
Act 10, - OF 1906 and the Constitu-
tional Amendment ratifying said Act
Whereas dine 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
Assemble. 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.oot,oeo.t0 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 l. Be it enacted by the Cen
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 uf selling the SIS, 600 900 90 of
ant ofx hn
City of New orleans, shall have power
In selling the first four millions of said
bonds TO allow to the purchasers there
OF a commission or deduction not to ex-
coed SIN per cent, the amount of said
commission or deduction to be part
of the bid af 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 THAI 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
Of two-thir&s OF It's members and also
with the consent of the Board of Liqui-
datinn Of the city debt. expressed by
resolution OF said Board
Section . Be it further enacted, etc,
Thai in order 10 make clear and indis-
putabie tue order or rank of payment
out or the surplus of the one per cent.
debt tax and out of the two mill spe-
cial tax, Of the principal and interest
of the SS.0Ha 300 90 Of New Public I'M
proyemCnt Bonds of the City of New
Orleans. authorized to be issued under
said Act No. 10 of the Acts of 1905, 1t
Is hereby declared that the surplus of
the one per cent. debt tax and the two
mill special TAX lp 70 July LIST. 1912. are
first dedicated To- the payment OF The
$4,000. 6p of Public Improvement
Bonds OF the city CT New Orleans is
sued ana SOLD under tie provisions OF
Act No. 81 si!e Extra Session of 1899,
and that al rAdt remains of the sur
plus OF said 1na yer cent debt tax and
OF s AID JWe niiu spesial tex since jan
uarS lSt l@gI after providing for the
payment Of all sums on said Public I'm.
2rotemcnt Sends now required by law
to be so paid shall be dedicated TO the
payment Of the principal and interest
of he said New Public Improvement
Bonds. provided nothing herein con-
tanned shall IN any manner affect the
dedication of the Ca-ire one per cent
aebf tax after July ISt. 1912 First, to
said Public improvement Bonds issued
under Act. 6 of 1892. and Second TO
said New Public Improvement Bonds
issued under Act. 10 of 1906, as now