St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1908-09-05
ACT NO. ZIG.
ACT NO. 1l6.
So. nil, No. 116. By Mr.. voegtle.
AN ACT
I'm T. mitchell.
Secretary Of State.

senate Bill No. 116. BY Mr. N0es'ie'
NJ ornard the provisions of Act No. 10 of 1906
so as to authorize the allowance to the pur-
Lsors of the New Public Improvement
BONDS of the City OF New orleans OIL q coln-
mission or deduction not to exceed SIX per
an+. ca as TO define the order or rank OF
navment of said bonds out OF the taxes oeol-
cafed to that purpose; and TO prohlDIt the
further issue Of bonds interfering OF eolh
ttns In order or rank with said bonds and
H. PubIic improvement Bonds issued under
Act No. Of the Extra Session OF 1923
ard to provide for the submission TO the
noopIe of the State Of Louisiana OF Ooi-
ptstptiona1 Amendment. ratifying the modi-
6cations and changes herein PROVIDED 10 De
made in said Act No. 10 or lSUo ana Ilie
constitutional Amendment ratifylng sala As.,
y.yhpreos due notice of this Act mas peeh
n,,hIished in the City Of New Orleans Tor
more than thirty days prior TO Its 1ntroonc
tion into the General Assembly, ana que evil
dence thereof has been exhibited In the Ten
vrharaos owing to the increase in the rates
of interest since the adoption OF Act no
10 Of the Acts of 1906, the $S,oOo'ooo.ou VI
bonds of the City of New Orleans authorized
TO be issued by that Act cannot De sou As pho-
vided in said Act, ana ,.o,
whereas, some misunderstanding mas arisen
as TO the order of payment OF the prlhclpai
and interest of said bonds out OF the sur
nlus Of the one per cent debt tax ana the
Two mill special tax.
section 1, Be it enacted by the General
Assembly of the State of Louisiana. Ihat the
uoord NJ Humiliation of the City Debt, when
e. charqed by Section of Act No. 10 OF the
Acts of 1906 with the duty OF selling Se;ooo,.
0oo. 90 Of New Public improvement bonos Oh
fhe City of New Orleans. shall nave power ~
ceiling the first four millions OF said oonas
"a allow to the purchasers thereof commis-
sion or deduction not to exceed SIX per cent,
tbo amount Of said commission OF deoactioh ~
be part of the bid of the purchasers hoE s sao
dc fn he n6iuOicated
host bidder in price, not however below par
and accrued interest. coupled win Tue LeasI
commission; and provided that the secoho iouL
millions of said bonds cannot De soiu us 49,
nrovided with allowance of the said comms
sion ar deduction except with the consent OF
the City Council expressed by an oralnahce
adonted by a vote of two-thirds OF It's mem
hers and also with the consent OF the boaFG
Of Liquidation of the CITY oept' eApA'"'eN
by resolution of said Board
Section 2. Be it further enacted etc, ina
in order to make clear and indispntable tht
| order or rank of payment out OF the suFpIu'
| of the one per cent. debt tax and out o.
| the two mill special tax, of the principal an'
| interest of the $S00000o00 of New PuDn'
Improvement Bonds Of the CITY OF new vt
leans authorized to be issued under said &C
| No 10 of the Acts of 1906, it is hereb!
| declared that the surplus of the one per cent
| debt tax and the two mill special tax up Z
| July 1st 1912, are first dedicated to the pay
| mcnt Of the S12. 900, 10000 Of Public Improve
| ment Bonds of the City of New orleans issue
and sold under the provisions of Act No.
that remains of the surplus of said one pc
| of the Extra Session of 1899. and that al
cent. debt tax and of said two mill specia
i tax since January list. 1907, after .providln
8 for the payment of all sums on said Publ
Improvement Bonds now required by law to b
. paid shall be dedicated to the payment O
be principal and interest of the said Ne'
lblic Improvement Bonds. provided nothin
rein contained shall in any manner affee
b dedication of the entire one per cent. der
after July 1st, 1912. First. to said Pull
MaSovement Bonds issued under Act {
IAcond. to said New Public Improve
Asued under Act 10 of 1906,
existing laws and Constit'
Their enacted. etc, Thu
sbe issued by the Cit
out of said take
sAis order ran