St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1908-09-12
ACT NO. lie.
ACT NO. 116.
Senate Bill No. 116. by mr. oes'ie'

AN ACT
, oDd the provisions Of Act No. ID OF l9oo
~ ae to authorize the allowance 10 the puF-
obasers of the New Public Improvement
ponds of the City OF New orleans u I'll ,n.
mission or deduction not to exceed SIX per
80. On az to define the order or rank OF
navment of said bonds out OF the taxes ueui-
Gated to that purpose; ana 20 prohInlI tne
fmrther issue of bonds interfering or com
IuL t tAe l., order nv rank with said bonds and
fubIic Improyement Bonds issued under
Act No of the Extra session ol 1881,
ond tn provide for the submission 10 Ine
aorIa If the state of Louisiana OF CON
Pe.ptIono1 amendment ratifying the modi-
soot,one and changes herein provided 10 De
made in said Act No. ID OF iSOo ana tne
constitutional Amendment ratifylng sala AeI,
rxSoraos dine notice of this Act has beeh
nnb1isbed in the City of New Orleans Tor
More than thirty days prior to Its introouc-
zion into the General Assembly, and que eVl-
dence thereof has been exhlDlted Al shS u'"
eraI Assembly, and 100.
whereas owing to the increase In the rates
of interest since the adoption OF Act NO:
10 of the Acts Of 1906 the $S,Ooo,0oO.uu y.
bopdq Of the City of New Orleans authorlzeo
to be issued by that Act cannot pe soi0 40 ~
yided in said Act, ana ,o
whereas some Misunderstanding mas arises
as to the order of payment OF the principal
and interest of said bonds out or the SUI
Give of the one per cent debt tax and the
two mill special tax cu.,
section l. Be it enacted by the 1eheIal
Assembly of the State Of Louisiana, Ihat tne
posrd Of Liquidation of the City Debt, Whlch
"a charged by Section 2 of Act No ~ OF the
Acts of 1906 with the duty of selling $e,uVo,.
ono 90 of New Public improvement bohus VI
the City of New Orleans, shall nave pow" 80 a.
calling the first four millions OF SAID Donds
N allow to the purchasers thereof commls-
sion or deduction not to exceed SIX per cent
tho amount of said commission or deduclion 10
he a part of the bid of the purchasers TOT saio
bonds. and the bonds to be adjudicated to the
host bidder in price, not however below par
and accrued interest. coupled WIN tne las els1
commission; and provided that the secono lour
millions of said bonds cannot be SOLD as ABOVE
rrovidad with allowance of the said commls-
sion or deduction except with the consent VI
the City Council expressed by an oruinan r
adopted by a vote OF two-thirds OF IT'S mem
hers and also with the consent of the BOARD
of Humiliation of the city debt, e1presseu
By resolution of said Board
Section 2. Be it further enacted ETC, 4naI
In order to make clear and indisputable the
order or rank of payment out Of the surplus
of the one per cent. debt tax ana OUT Oh
the two mill special tax, of the prlnclpal anu
interest of the $4,000, 100000 of New Puhlle
Improvement Bonds of the City OF new Ut
leans authorized to be issued under said Act
No 10 of the Acts of 1906, 1t Is hereoE
declared that the surplus OF the one per ceh ~
debt tax and the two mill speclal TAX up u
July LIST 1912, are first dedicated TO the pay
ment of the $12, 900. 90 of Public improve
ment Bonds Of the City of New Orleans issued
and sold under the provisions OF ACT NO.
that remains or the surplus oA SoAu r.
of the Extra Session of 1899, and that All
cent debt tax and of said two mill speclai
tax since January 1st 1907, AFTER proVlGlns
for the payment Of all sums on said Pubnc
Improvement Bonds required by law 10 De
so paid. shall be dedicated to the payment OF
the principal and interest of the SAID New
Public Improvement Bonds, provided nothing
herein contained shall in any manner anect
the dedication of the entire one per cent oeot
tax after July LIST, 1912. First. to said PUP.
lie Improvement Bonds issued under Act OF
1890. and Second. to said New Public Improve
ment Bonds issued under Act 10 OF 1905 as
now provided by existing laws ana Consntu-
tional Amendment.
Section g. Be it further enacted. etc, Ina'
no bonds shall hereafter be issued by the Clty
of New Orleans, 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 salo
funds. provided that nothing herein SHAH DC
construed as affecting the use or Distribution
of any surplus of said taxes remaining aIte,
providing for the payment of the principal and
interest of said New Public improvement Bonus
rs provided in Section of SAID Act NO. la
of the Acts of 1905.
Section 4. Be 1t further enacted, etc, Ihl'
at the congressional election to be held III
this State on Tuesday. the third day OF NoveM
ber 1905 the following amendment TO tnt
Constitution Of the State of Louisiana SHAH pe
submitted to the electors of the STATE, Town
''The modification and changes sought !.
be affected In the provisions of Act No. IL
| of the Acts of 1906. which Act was ratneI
| by Constitutional Amendment. adopted NoVeLn
her @, 1906 by the provisions OF Act NO. II,
of the Acts of 1908, are hereby rat1bed aht
approved and all provisions Of the present Con
stitution of the State in conflict with me pro