The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1908-10-17
ACN No. ll6.
Senate Bill No. ll6. BY Mr.. NoegtIe'
AN ACT


the New Public Improvements p
Ronds of the City Of New Orleans .
of commission Or reduction not y
10 exceed six per cent: so a. 10 II
dotina tl,p order or rank OF pay i
ment of said bonds out OF tlI'
tovps dedicated to that purpose d
and to prohibit the further issue
nf bonds interfering or competing
in order or rank with said bonds
and the Public improvement Bonus
ISSUED under Act No. OF the IN
fra Session of 1899: and to provide
for fine submissiOnto the people 81
tine State of Louisiana Of Con
StitutiOnal Amendment, ralllElhG
the notifications and changes
herein provided to be made IN Saio
Act No. -. of 1906. and the Con-
stitutional Amendment ratltyn%
said Act
Whereas. due notice Of this Act has
been published in the City OF Ne"
Orleans for more than thirty days
prior to its introduction INTO the
General Assembly, and due evil
dcnce thereof has been exhibited in
the General Assembly, and
Whereas, OWING to the increase in the
rates of interest since the adoption
Of Act No, 10 OF the Acts of 1906,
the 5000. 000.00 of bonds OF the
CITY of New Orleans authorized TO
he issued by that Act cannot be
sold as provided in said Act, ana
Whereas. some misunderstanding mas
arisen as to the order OF payment
of the principal andintereSt OF SAID
bonds out of the surplus OF the
one per cent. debt tax and the two
mill special tax.
Section /. Be it enacted by the Cen
eraI Assembly of the State of LouiSl-
ana. That the Board of Liquidation OF
the CITY Debt, which is charged by
Section , of Act 10 of the Acts of 1906,
with the duty of selling the $4,000, O0
of New Public Improvement Bonds O
the CITY Of New Orleans, shall have
power in selling the first four millions
of said bends to allow to the pu"
=, chascrs thereof d commission or de
E durtion not to exceed six per cent, TN
am llint of said commission or deduc
, ton to be a part of the bid OF the pul
chassrs for said bonds, and the bond
:. to be adiudicated to the best bidder Il
price. not however below par and &C
crued interest, coupled with the leas
commission: and provided that tn
second four millions Of said bond
cannot be sold as above provided wit
4 allowance of the said commission o
deduction except with the consents
j the City council expressed 6S-dn ord
nance adopted by vote of two-thirt
of its members, and also with the con
sent of the Board of Liquidation
the city debt, expressed by a resol'
ton of said Board.
Section ?. BE it further enacte
etc, That in order to make clear al
i. indisputable the order or rank OF pa
ment out OF the surplus of the one p
n cent. debt tax and out OF the two III
a, special tax, of the principal and
IN terest of the IS, 900, 100000 Of New Pa
Ii lie Improvement Bonds OF the City
rt- New Orleans. authorized to be issu
les under said Act No. 10 Of the Acts
rs 1906, it is hereby declared that
les surplus of the one per cent. debt
he and the two mill special tax up
by july lst. 1912, are first dedicated
Tx the payment of the $l2, 600, 10000
ties Public Improvement Bonds OF
nc CITY Of New Orleans issued and st
under the provisions of Act No. Il
As the Extra Session of 1899, and 4
yO- all that remains Of the surplus of S
to one per cent. debt tax and Of said
hat mill special tax since January
on 1907, after providing for the pawn
be of all sums on said Public lmpro
lte, ment Bonds now required by law
nts be so paid, shall be dedicated to
lee payment of the principal and intcl
ext of the said New Public lmprOveM
on Bonds, provided nothing herein c
,er, tanned shall in any manner affect
dedication Of the entire one per
eX- debt tax after July lst, 1912. Fl
ing to said Public Improvement 30
'om issued under Act & of 1899, and
rity Ond, to said New Public lmproVen
tate Bonds issued under Act 10 OF 1906
the now provided by existing laws
aid Constitutional Amendment.
.hef Section 3. Be it further enac
Ill 10