St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1908-09-19
ACT NO. 116.

Senate Bill 10. no oS NA'
AN ACT
To amend the provisions of Act NO. ~ OF l9oo
AZ a. IN authorize the allowance to the pur-
Irs of the New Public Improvement
ponds Of the City Of New Orleans or a com
mission or deduction not TO exceed SIX per
cent; so as to define the ofder OF railS :. ui
navmont of said bonds out OF Inc taxes ueGl-
800 IN that purpose; and to proh1b1t the
snrther issue of bonds interfering or CON,
ne+inp in order or rank with said bonds anu
the Public Improvement Bonus lssuea 1 1eoe
I'D 10 provide for the submission to the
neople of the State of Louisiana OF Con
stttutional Amendment, ratify1ng the modl-
Scations and changes herein provided to De
80 A said Act No. 10 Of 1905 and the
Constitutional Amendment ratifying said Act
whereas due notice OF this ACT mas peei'
published in the City OF New orleans Lor
more than thirty days prior to its introduc-
+Jnr info the General Assembly, and due evil
dence thereof has been exhibited in the Gen
eral Assembly, ana
Whereas, owing to the increase IN INC FH Nc
~ interest since the adoption of Act NO.
40 of the Acts Of 1906, the $S,oO0.0OO or
bonds of the City of New Orleans authorized
To he issued by that Act cannot be SOLD as pro-
vided in said Act, and
as to the order of payment OF the prlnclpal
and interest of said bonds out OF the sur
plus Of the one per cent debt TAX ana tne
two mill special tax.
Assembly of the State of Louisiana, Ihat the
Board Of Liquidation of the City Dept Whlcn
is charged by Section of Act No: ~ OF the
Acts of 1906 with the duty OF selling $S.oOo,-
200 90 of New Public Improvement Bonds OF
fhe City of New Orleans, shall have power In
selling the first four millions OF SAID oonds
to allow to the purchasers thereot comnlS-
aion or deduction not to exceed six per cent,
the amount of said commission or deduction to
he part Of the bid of the purchasers for said
bonds and the bonds to be adjudicated TO the
Aar-a hnfn Fn1T
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 a 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 indsputable 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. 0o0. 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 1906 1t is hereby
declared that the surplus Of the one per cent.
debt tax and the two mill special tax up ia
July 1st 1892 are first dedicated to the pay
ment of the $12, 900, 10000 Of Public Improve
mpnt Bonds of the City of New Orleans issued
and sold under the provisions Of Act No. G
that remains of the surplus Of said one per
of the Extra Session of 1S99 and that all
cent debt tax and of said two mill special
tax since January 1st, 1907, after providing
for the payment of all sums said Public
Improvement Bonds required by law to be
90 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 per cent. debt
fax after July LIST, 1912. First, to said Pub
lie Improvement Bonds issued under Act OF
1899, and Second, to said New Public Improve
YnepS Bonds issued under Act 10 of 1906. as
now provided by existing laws and Consttu
tional Amendment.
Section g. Be it further enacted, etc, That
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 sale
funds provided that nothing herein shall be
construed as affecting the use or distributor
Of any surplus of said taxes remaining aftel
nroyiding for the payment of the principal ant
interest of said New Public Improvement BOND:
as proyided in Section of said Act No. il
of the Acts of 1906.
Section f. Be it further enacted, etc, Thai
at fine congressional election to be held II
fbis state on Tuesday, the third day of Noyem
her 1905 the following amendment to tht
Constitution of the State of Louisiana shall b'
submitted to the electors of the State, to-wtt
ss'Tha modification and changes sought t
he affected In the provisions Of Act No. j
~ the Acts of 1906. which Act was ratified
nv constitutional Amendment. adopted Noyem
her a 1906 by the provisions of Act Ne. III
az the Acts of 1908. are hereby ratified ant
approved, and all provisions of the present Con
gtttution OF the State In conflict with tne pro