The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1908-09-05
A(T No. llG.
Senate BiIl No. 1l6. BY Mr.. Voegtle'
AN ACT

Il n
1oof 1oo6 so as to authorize the \
allowance to the purchasers OF u
the New Public Improvement =
Ronds of the City Of New Orleans q
of a commission or reduction not
tn exceed six per cent: so as 10
define the order or rank OF pay
mpnt of said bonds out or lhe
taxes dedicated to that purpose
and to prohibit the further Issue
IF honds interfering or competing
in order or rank with SAID bonus
andthe Public improvement BondS
issued under Act No. OF the EX-
fra Session of 1899: and to provide
for the submissionto the people OF
the State of Louisiana OF 'oh-
stimtional Amendment, ratlfyng
the notifications and changes
herein provided to be made in Sald
Act No. 10, of 1906, and the Con-
stitutional Amendment ratItylng
said Act.
Whereas. due notice of this Act Mas
been published in the City OF Ne"
Orleans for more than thirty days
prior to its introduction into the
General Assembly, and due evil
dencr 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 1900,
the 5000. 600. % of bonds OF the
CITY of New Orleans authorized 10
be issued by that Act cannot De
sold as provided in said Act ana
Whereas, some misunderstanding mas
arisen as to the order OF payment
of the principal andinterest OF Sald
bonds out of the surplus obthe
one per cent. debt tax and the two
mill special tax.
Section |. BE it enacted by the Gen
eral Assembly Of the State OF LoulSl-
ana, That the Board of Liquidation OF
the City Debt, which is charged d!
Section , of Act 10 of the Acts OF 1906
with the duty of selling the $4,000, OW
of New Public improvement Bonds o.
the CITY of New Orleans. shall have
mower in selling the first four millions
of said bends to allow to the put'
=, chasers thereof a commission or de
+ duction not to exceed six per cent, th'
am umt of said commission or deduc
ton to be a part of the bid OF the puf
chassrs for said bonds, and the bona
, to be adiudicated to the best bidder II
price. not however below par and &C
crued interest. coupled with the ieaS
commission: and provided that tn
second four millions Of said bond
cannot be sold as above provided W.T.
+ allowance of the said commission o
deduction except with the consent
the CITY Council expressed by an ord
nance adopted by vote OF two-thrd
of it's members, and also with the cor
sent of the Board of Liquidation c
the city debt, expressed by resoll
ton of said Board.
Section ,. BE it further enacted
etc. That in order to make clear an
!. indisputable the order or rank OF pa,
ment out of the surplus of the one pr
l. cent. debt tax and out of the two mi
A, special tax, of the principal and i
m terest of the $1,000, 600 90 Of New Pu
j. lie Improvement Bonds of the City
t. New Orleans, authorized to be issue
es under said Act No. 10 of the Acts
as 1906, it is hereby declared that t
es surplus of the one per cent. debt tt
he and the two mill special tax up
Dy July LIST, 1912, are first dedicated
k. the payment of the 81, 1000, 100000
es Public Improvement Bonds OF t
az City OF New Orleans issued and sc
under the provisions of Act No. +
IS the Extra Session of 1899, and tt
o. all that remains of the surplus OF sd
to one per cent. debt tax and of said t
at mill special tax since January
N 1907, after providing for the payne
be of all sums on said Public lmpro
te, ment Bonds now required by law
IT'S be so paid, shall be dedicated to
&C. payment of the principal and inter
Ext of the said New Public Improvem
m Bonds, provided nothing herein c.
er, tanned shall in any manner affect
dedication of the entire one per G
eX- debt tax after July LIST, 1912. Fiji
ng to said Public Improvement Boz
ON issued under Act of 1899, and S
ity ond. to said New Public lmproVem
ate Bonds issued under Act - of 1906,
the now provided by existing laws
aid Constitutional Amendment.