St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1908-09-26
ACT NO. l1s.

Senate Bill No. 116. BY AF' '0eslAe+
AN ACT
o, .r,ord the provisions of Act No. 10 OF 1905
- as TO authorize the allowance TO tne puf
go ~ the city of New Orleans OF COM
;Ssiop or deduction not to exceed SIX per
cont: 80 as to define the order OF rang vi
payment Of said bonds out OF tne tIAes ue .t
100 +o that purpose; and TO prompt tne
Srth.r Iszue Of bonds interfering or com
notinq in order or rank with said bonds ano
tNn public Improvement BONDS issued uno e
Act No. of the Extra Session VI io 20
I'D To provide for the submission 10 the
. o." of the State of Louisiana OF Con
stitutional Amendment, ratifying me mo1i-
Fcetions and changes herein PROVIDED 10 ne
made in said Act NO ~ ro 81 io said Act
xrySersss due notice Of this Act mas Deeh
nnbIished in the City Of New Orleans 1or
more than thirty days prior to It's lntrouuc-
tIon into the General Assembly, and Que EVIL
danee thereof has been exhiblted IN the uen
eral Assembly, ana ~ l., 49, ro+as
whereas owing to the increase IN tne f1S
oF interest since the adoption OF ACT NO.
20 ~ The Acts of 1905, the $SO0O,oOO.Oo OF
horS. NJ the City of New Orleans authorized
to he issued by that Act cannot be SOLD as pro-
vided in said Act, ana .
whereas, some Misunderstanding mus atisen
az 70 the order Of payment OF the principal
aud interest of said bonds out of the sur
Dlum of the one per cent dept TAX anu tne
two mill special tax. 49,,
L
AsSsnahlv of the State of Louisiana, That the
board Of Liquidation Of the City Debt, which
ia charged by Section of Act NO: III OF tne
Acts of 1905 with the duty Of selling $SQoo-
400 IN of New Public Improvement Bonds OF
che 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,
+bn amount of said commission or deduction TO
he a part of the bid Of the purchasers for said
bonds and the bonds to be adjudicated TO the
best bidder in price, not however oeIo" par
ana accrued interest, coupled with rne Ieast
commission; and provided that the second four
rni1lions of said bonds cannot be sold as above
provided with allowance Of the SAID commits
oion or deduction except with the consent OF
the City Council expressed by an ordnance
bers and also with the consent OF the Board
Of Liquidation of the city debt, expressed
hy a resolution of said Board.
Section 2 Be it further enacted. etc; Inat
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 S., 900, 100000 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 1905, 1t Is hereby
declared that the surplus OF the one per cent
debt tax and the two mill special tax up tc
July list, 1912, are first dedicated to the pay
ment OF the $12, 900 10000 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 pei
OF the Extra Session OF 1899, and that al
cent debt tax and of said two mill specia
tax since January LIST. 1907, after providing
for the payment Of all sums said Public
| improvement Bonds now required by law to b.
20 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 afrec
| the dedication Of the entire one per cent. deb
Istaxs after July LIST, 1912. First to said Pub
| lie Improvement Bonds issued under Act 9 O
1902 and Second, to said New Public Improve
| aenf Bonds issued under Act 10 Of 1905, a
| now provided by existing laws and Constitu
| tIona1 Amendment.
| no bonds shall hereafter be issued by the Cit!
| OF New Orleans. payable out OF said taxes
| which shall interfere with this order ranl
| Of payment, or which shall compete with thes
two series OF bonds for payment out of sat
| funds, provided that nothing herein shall b
| construed as affecting the distribution
| of any surplus Of said taxes remaining afte
| providing for the payment of the principal an
1 interest Of said New Public Improvement Bond
4 as provided in Section OF said Act No. /
| of the Acts Of 1906
! Section L. Be it further enacted, etc. Tha
/ Mt the congressional election to be held i
this state on Tuesday, the third day Of Noyen
! ber 1905 the following amendment to tn
Constitution of the State of Louisiana shall b
| submitted to the electors of the State, to-wit
1.-THE modification and changes sought t
| be affected in the provisions of Act No.
| of the Acts of 1906 which Act was rattle
| by Constitutional Amendment adopted Noven
| her g. 1906 by the provisions of Act No. II
| OF the Acts of 1908, are hereby ratified an
/ approved and all provisions OF the present Coz
J stitution Of the State in conflict with me pt'