The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1908-10-17

Act. No. 10 Of 1906 ana the Constitu-
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,O0O,00O.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
General Assembly of the State of
Louisiana. That the Board of Liqui-
dalton of the City Debt, which is
charged by Section of Act No. 10
Of the Acts of 1905, with the duty
of selling the $S.OOO,OOO.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 q 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
! cept with the consent of the City
! adopted by a vote of two-thirds OF
sent of the Board Of Liquidation OF
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 tho
one per cent. debt tar and out of the
two mill special tax, Of the principal
and interest Of the $S.000,000.00 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, 1941, are
first dedicated to the payment of the
$l2, of Public Improve
ment Bonds of the City Of New Or
leans issued and sold under the pro-
visions Of Act No. 8 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 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 I'm
} provement Bonds. provided nothing
herein contained shall in any manner
J affect the dedication of the entire
one per cent. debt tax after July LIST
1912. First, to said Public Improve
meat Bonds issued under Act 6 o.
1899, and second. to said New Pub
lie Improvement Bonds issued under
Act 10 of 1906. as now provided b.
existing laws and Constitutions
| Amendment.
Section :. Be 1t 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 ordel
> or rank of payment, or which shall
compete with these two series o
bonds for payment out of said funds
J provided that nothing herein shall
be construed a. affecting the use O.
distribution Of any surplus of salt
taxes remaining after providing TO
the payment Of the principal and In
: tereSt of said New Public Improve
+, ment Bonds. as provided IN ec"+i"'
6 Of said Act No. ~ Of the Acts .
1905.
Section 1. Be 1t further enacted
etc., That at the congressional cleo
!, ton to be held In this state Of
Tuesday, the third day OF Novem
Der. 1908, the following amendmen
to the Constitution Of the State Q
Louisiana shall be submitted to tn
. electors Of the State. to-wit:
1.-THE modification and change
. sought to be affected In the PROV
- sions Of Act No. 10 Of the Acts o
1905, which Act was ratified by Cor
: stitutional Amendment, adopted Nc
vember 8. 1906. by the provisions Q
Act No. 116 Of the Acts Of 1908. ar
hereby ratified and approved. and 81
provisions Of the present Constitu
ton of the State in conflict with tn
= provisions Of said Act Of 1908, An
with this amendment, are to that e1
tent and for that purpose only re
pealed."