St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1908-10-31
ACT NO. 1G6.


Senate Bill No. 116 by Mh' S"eslte'
AN ACT
No amend the provisions of Act No. 10 Of 1905
Az as IA authorize the allowance to the pur-
S.ors of the New Public Improvement
ponds Of the City Of New Orleans OF COM
rnisaion or deduction not to exceed SIX per
cent: 40 as to define the order or rank OF
Dorrnant of said bonds out Of the taxes dedt-
800 +c that purpose; and to prohibit the
fnrther issue of bonds interfering or com
netting in order Or rank with SAID oonos anu
fhe public Improvement Bonds issued nnder
Ict No 6 of the Extra Session OF 1893;
~ 70 nrnyide for the submission to the
1aonla Of the State Of Louisiana of Con-
stitutional Amendment. ratlfymg the mool-
6cationS and changes herein PROVIDED 10 De
made in said Act No. 10 OF 1905 and the
Cnnstitutional Amendment ratifying said Act
kvbnreas due notice Of this Act has been
nrh1ished in the City of New Orleans for
more than thirty days prior to IT'S lntroauc-
tion into the General Assembly, and due evil
dence thereof has been exhibited In the Gen
eral Assembly, and
whereas. owing to the increase in the rates
OF interest since the ADOPTION o OF o act ~ NO
bonds of the City of New Orleans authorized
to be issued by that Act cannot be sold as pro-
vided 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 sur
illus Of the per cent debt tax ana the
two mill special tax
Section l., !
Assembly of the State of Louisiana, That the
Board of Liquidation Of the City Debt, which
il charged by Section of Act No. 10 Of the
Acts of 1905, with the duty OF selling %. OOo, :
600 90 of New Public Improvement Bonds OF
the city of New Orleans, shall have power in
selling the first four millions of said bonds
to allow to the purchasers thereof a commits
sion or deduction not to exceed SIX per cent
the amount of said commission or deduction to
he a part of the bid Of the purchasers for said
bonds and the bonds to be adjudfcoted to the
best bidder in price, not however below par
and accrued interest, coupled with the least
commission; and provided that the second four
millions of said bonds cannot be sold as above
provided with allowance Of the said commits
sion or deduction except with the consent OF
the City Council expressed by an ordinance
adopted by vote of two-thirds Of Its mem
bers, and also with the consent Of the Board
of Liquidation of the city debt, expressed
BY q resolution 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 the one per cent. debt tax and out of
the two mill special tax, of the principal and
interest of the IS, 000. 10000 of New Public
Improvement Bonds Of the City of New Or
leans, authorized to be issued under said Act
No. 10 of the Acts Of 1906, 1t Is hereby
declared that the surplus Of the one per cen6.
debt tax and the two mill special tax up to
July list, 1912, are first dedicated to the pay
ment of the $12. zoo. 100000 Of Public Improve
ment Bonds of the City of New Orleans issued
and sold under the provisions Of Act No.
that remains of the surplus of said one per
Of the Extra Session of 1909, and that all
cent. debt tax and of said two mill special
tax since January list, 1907, after providing
for the payment of all sums on said Public
Improvement Bonds required by law to be
80 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 affect
the dedication of the entire one per cent. debt
tax after July LIST, 1912. First, to said Pub
lie Improvement Bonds issued under Act of
$780, and Second to said Rev Public Improve
rnent Bonds issued under Act 10 of 1906. as
now provided by existing laws and Constitu-
tiona1 Amendment.
Section 8. Be it further enacted, ETC., That
no bonds shall hereafter be issued by the City
Of New Orleans, payable ont Of said taxes,
which shall interfere with this order rank
of pa yment, or which shall compete with these
two series of bonds for payment out of said
funds, provided that nothing herein shall be
construed as affecting the use distribution
Of any surplus Of said taxes remaining after
providing for the payment of the principal and
Interest of said New Public Improvement Bonds
as provided in Section 6 of said Act No. IS
of the Acts of 1905,
Section 4. Be it further enacted, etc, That
at the congressional election 70 be held in
this State on Tuesday, the third day of Novem-
ber 1905 the following amendment to the
Constitution of the State of Louisiana shall be
submitted to the electors of the State, to-Wft:
''The modification and changes sought to
be affected in the provisions of Act No. 10
of the Acts Of 1906. which Act was ratified
by Constitutional Amendment. adopted Novem-
Der O. 1906, by the provisions Of Act No, ll6
OF the Acts of 1905 are hereby ratified and
approved. ana all provisions OF the present Com
gtitution Of the State In cua6ict With The pro