St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1908-10-10
Art NO, 1l6,

SENATE Bill No. ZIG. BY Mf' vogue
AN ACT
20 amend the provisions of Act No. IL OF 19oo
90 "a to authorize the allowance to the pur-
chasers of the New Puolle lmo Of aoz,
roission or deduction not to exceed SIX per
cent: so as to define the order or RANK OF
novnent of said bonds out OF the taxes dedl-
Gated to that purpose ana 70 pronaD 10 o ene
na+fD0 In order or rank with said bonds and
he Public Improvement Bonds issued under
Act No of the Extra Session OF 1879;
~ 70 nroyide for the submission to the
naonle of the State of Louisiana of Con-
st,tntional Amendment, ratifying the modi-
Scations and changes herein provided to be
made in said Act No. ID OF !Soo ana tne
Cnnatitutional Amendment ratifying said Act
s.rSoross dine notice of this Act has been
published in the City Of New Orleans Tor
more than thirty days prior to It's lntroduc-
ton into the General Assembly ana que evl-
dence thereof has been exhlolted IN the Seh-
eral Assembly, ana
whereas owing to the increase IN tne raIes
NJ interest since the adoption OF Act No
20 If fhe Acts of 1906, the SS,OO0,OO0.oO OF
bonds OF the City of New Orleans authorized
To he issued by that Act cannot be sold as pro-
yided in said Act. and
Whereas, some Misunderstanding mas arisen
az to the order of payment of the principal
and interest of said bonds out OF the sur
pIna of the one per cent debt tax and the
two mill special tax.
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 1906 with the duty of selling S. :
oo0 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 Thereon conmis-
sion or deduction not to exceed SIX per cent
tho amount of said commission or deduction to
he a mart 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, coupled with the Ieast
comuission: and provided that the second four
millions of said bonds cannot be sold az above
provfded with allowance Of the said commits
sion or deduction except with the consent OF
the City Council expressed by an ordnance
hers. and also with the consent of the Board
of Liquidation Of the city debt, expressed
hy a resolution of said Board.
Section q Be 1t further enacted ETC., Tnat
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 ana
interest of the $1,000, 100000 of New Public
Iunrovement Bonds Of the City of New Or
leans authorized to be issued under said Act
No. 10 of the Acts OF 1906 1t Is hefepy
declared that the surplus of the one per cent.
debt tax and the two mill special tax up 70
July lst 1892 are first dedicated to the pay
ment of the $12, 900. OO0.00 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 1885, 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
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 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 6 OF
1899 and Second, to said New Public Improve
paen1 Bonds issued under Act 10 of 1906. as
now provided by existing laws and Constitu-
tional Amendment.
Section g. Be it further enacted, ETC., Thai
no bonds shall hereafter be issued by the City
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 saio
funds provided that nothing herein shall be
construed as affecting the use or distributor
of any surplus of said taxes remaining a1tel
providing for the payment Of the principal and
interest Of said New Public Improvement Bonds
as provided in Section OF said ACT no. II
of the Acts of 1905.
Section A. Be it further enacted, ETC., Thai
Mt the congressional election 20 be held II
this State on Tuesday, the third day OF NoVem
Der, 1905 the following amendment to the
Constitution OF the State OF Louisiana shall %
submitted to the electors of the State, to-wlt
ssThe modification and changes sought q
be affected in the provisions OF Act NO. Me- =
Of the Acts Of 1906, which Act was rafihee
by Constitutional Amendment. adopted NoFem
Der g. 1906, by the provisions OF ACT NO. III
of the Acts of 1908. hereby ratihed ans
approved and all provisions OF the present Con
stitution of the State In cvnnict with Ene pro