The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1908-09-26
ACT No. ll6.
Senate Bill No. ZIG. BY Mr.. Voegtle'
AN ACT

allowance to the purchasers ol u
the New Public Improvement p
Bonds of the City of New Orleans o
, of commission or reduction ho' v
to exceed six per cent; so as 10
define the order or rank OF pa!
ment 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
andthe Public Improvement Bonds
issued under Act No. OF the EX-
ira Session of 1899; and to provide
for the submissiOntO the people OF
the State of Louisiana OF Con-
stitutional Amendment, ratlfymg
the notifications and changes
herein provided to be made in SAID
Act No. 10, of 1906, and the Con-
stitutiOnal Amendment rattylng
said Act
Whereas, due notice of this Act has
been published in the City OF Ne"
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 Adoption
of Act No. 10 of the Acts OF 1906,
the $4,000, 10000 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 mas
arisen as to the order OF payment
of the principal andinterest OF SAID
bonds out of the surplus OF the
one per cent. debt tax and the two
mill special tax.
Section /. Be it enacted by the Cen
eral Assembly of the State OF Loulsi'
ana, That the Board of Liquidation o.
the CITY Debt. which is charged by
Section , of Act 10 of the Acts OF 1906
with the duty of selling the $o,OOo,OV
of New Public Improvement Bonds O
the City of New Orleans, shall have
, power in selling the first four millions
of said bonds to allow to the pu"
. chasers thereof commission or de
+ duction not to exceed six per cent, tn
, am )unt of said commission or deduc
, ton to be part of the bid OF the pul
chassrs for said bonds, and the bond
p to be adjudicated to the best bidder
price, not however below par and ac
crued interest, coupled with the leas
commission; and provided that tn
second four millions OF said bond
cannot be sold as above provided wit
# allowance of the SAID commission O
deduction except with the consent
the City Council expressed by an ord
nance adopted by vote of tWo-thlrc
of its members, and also with the COZ
sent Of the Board of Liquidation {
the city debt, expressed by resoI'
ton of said Board.
Section .. Be it further enacte
ETC., That in order to make clear al
|. indisputable the order Or rank OF pa
ment out of the surplus of the one p
n cent. debt tax and out of the two m
a, special tax, of the principal and
m terest of the SO, 900, 10000 of New Pa
IL lie Improvement Bonds of the City
t. New Orleans. authorized TO be iSsu
es under said Act No. ~ of the Acts
ms 1906, it is hereby declared that
es surplus of the one per cent. debt t
he and the two mill special tax up
by July lst, 1912, are first dedicated
* the payment of the $4,000, 10000
les Public Improvement Bonds of
ng City of New Orleans issued and 81
under the provisions of Act No. q
U.s. the Extra Session of 1899, and II
GO- all that remains of the surplus OF 81
to one per cent. debt tax and of said
lat mill special tax since January
IN 1907, after providing for the paym
be of all sums on said Public Impro
tie, ment Bonds now required by law
hts be so paid, shall be dedicated to
&C. payment of the principal and inter
ext of the said New Public Improvem
on Bonds, provided nothing herein C
er, tanned shall in any manner affect
dedication of the entire one per c
ex- debt tax after July lst, 1912. FL
ing to said Public Improvement Bo
ON issued under Act E of 1899, and
'ity ond, 10 said New Public ImprOven
ate Bonds issued under Act 10 of 1906
the now provided by existing laws
aid Constitutional Amendment.