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

Act NO. Is Oh 1870 ana the IDnsfltu.
tlonal Amendment ratifying said
Act.
whereas, due notice of this Ac,
mas been published in the CITY OF
New Orleans for more than thirty
Gays prior to its introduction into
the General Assembly, and due eyi.
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
| 1906, the $8.OOO,OOO. of bonds ri
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 paw
ment or 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 bv the
General Assembly of the State of
Louisiana, That the Board of Lioui-
dalton of the City Debt, which Ia
charged by Section 2 of Act No. 10
of the Acts of 1906, with the duty
of selling the $4,000, 100000 of New
Public improvement Bonds of the
City of New Orleans. shall have DOW
er in selling the FIRST four millions
of said bonds to allow to the pur-
c0asers thereof a commission or de-
duction not to exceed six Der cent.
the amount of said commission or
deduction to be part of the bid of
the purchasers for said bonds, and
the bonds to be adjudicated to the
pest bidder In price, not however,
below par and accrued interest, cou-
pied with the least commission; and
provided that the second four mil
lions OF said bonds cannot be sold
as above provided with allowance of
the said commission or deduction ex::
cept with the consent of the City
council. expressed by an ordinance
adopted by vote of two-thirds of
Its members. and also with the con-
sent of the Board Of Liquidation of
the City Debt, expressed by a resolu-
ton of said Board.
Section 2. Be it further enacted.
ETC., That in order to make clear and
1ndtSputable the order or rank of
payment out of the surplus of the
one per cent. debt tax and out of the
two mill special tax, Of the principal
and interest of the $8,0OO,OOO.0O Of
New Public Improvement Bonds of
the City of New Orleans, authorized
to be issued under said Act No. 10
OF the Acts Of 1906, it is hereby de-
clared that the surplus of the one
per cent. debt tax and the two mill
special tax up to July LIST, 1912, are
first dedicated to the payment of the
$12,OOO,OOO.OO of Public Improve
ment Bonds Of the City OF New Or
leans issued and sold under the pro-
visions of Act No. 6 of the Extra Ses-
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 Inn
provement Bonds. provided nothing
herein contained shall in any manner
anect the dedication OF the entire |
one per cent. debt tax after July LIST,
1912. First, to said Public Improve
ment Bonds issued under Act OF
1899. and second. to said New Pub
lie improvement Bonds issued under
Act 10 Of 1906, as now provided by
existing laws and Constitutional
Section 3. Be 1t further enacted,
ETC., That no bonds shall hereaf ter
be issued by the City OF New Or
eans. payable out of said taxes,
which shall interfere with this order
or rank OF payment, or which shall
with these two series of
bonds for payment out of said funds,
provided that nothing herein shall
De construed as affecting the use or
of any surplus of said
axes remaining after providing for
he payment of the principal and in
crest Of said New Public Improve
nent Bonds. as provided IN c~"+io-
ls0e. !;
Section 4. Be 1t further enacted,
'tc.. That at the congressional cleo
ION to be held in this State on
Tuesday. the third day OF Novem- {
'er. 1908. the following amendment
o the Constitution Of the State of
louisiana shall be submitted to the ,
lectors OF the State, to-wit:
The modification and changes {
ought to be Affected in the provi-
ions Of Act No. 10 Of the Acts Of I
90S. which Act was ratified by Con-
titutional Amendment, adopted No.
embers 8. 1905, by the provisions Of
ct No. 116 Of the Acts Of 1908. are
ereby ratified and approved. and all {
rovisions Of the present Constitu- Z
lon OF the State in conflict with the
rovisions of said Act OF 1908, and 4
18th this amendment. are to that ex- 9
mt and for that purpose only re- !
called" !,