New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1916-10-21

10 be voted on At the Congressional Election.
ACT NO A

A JOINT RESOLUTION
Proposing an amendment to the Consti
tuition of the State of Louisiana pro
viding for The funding of certain
debts of the City of New Orleans and
of the Board of Directors of the Pub
lie Schools, Parish of Orleans, re-
spectively; the issuance of serial
bonds by said city, the purpose for ant
the manner in which same may be is
sued and the duties and functions OF
the Board of Liquidation, City Debt
with reference thereto; and the levy
ing by the CITY of New Orleans and
the Board Of School Directors, Parish
of Orleans. respectively, of certain
taxes for general municipal and school
purposes; and providing for the sub
mission Of said amendment to the
electors of the State for their approval
or rejection.
Be it enacted by the General Assembly
Of the State Of Louisiana, two-thirds of
oil the members elected to each house
concurring, that subject 10 the ratification
and approval of the electors of the State,
the Constitution of the State be amend
cd by incorporating therein the following
provisions, to-wit:
Section l. The City of New Orleans,
BY . vote Of three fourths of all the
members of the Board of Liquidation
City Debt, approved by resolution of the
Commission Council, or its successor as
the governing body of said municipality,
adopted by vote of two thirds of all
the members of said council or govern
ing body, shall have power and is hereby
authorized to issue Nine Million Dollars
(e9,OOO,OOO) of bonds, to be styled CITY
Of New Orleans Serial Gold Bonds" and
to bear such rate of interest as the
Board of Liquidation, City Debt, may
fix from time to time as each installment
of said bonds il offered for sale as here
matter provided.
Section z Three Million Dollars
(e3,OOO,0OO), in par value, Of the bonds
authorized by Section of this amendment
shall forthwith be sold.
The proceeds of said three million dol
lars of bonds shall be applied exclusive |
~ to the following purposes and in the
following order:
(a) The payment Of the outstanding
and unpaid "School Teachers Salary
Bonds of the City of New Orleans" is
sued under Act No. 2 of the General As |
sembly Of the State of Louisiana for the |
year 1906, which bonds shall be called |
for payment and paid 40 soon a. pfac
ticable;
(b) The payment Of the principal of
che floating indebtedness of the Board
Of Directors Of the Public Schools, Par
ish of Orleans, evidenced by note or
notes outstanding At the time Of the
adoption of this amendment to an amount
not exceeding Six Hundred and Fifty
Thousand Dollars (t650,0O0); provided
that. in the event that said indebtedness
pr any part thereof shall have been paid
bv said Board out Of its current revenues
previous to the adoption of this amend
msnt, the amount thus paid mot to ex-
iced &65O,OOO, however,, shall be pad
pver in cash to said Board to be used
BY Il for school purposes, ~ provided
BY law;
(c) The payment Of the sum of Five
Hundred Thousand Dollars ($50O,OOO),
With interest thereon, borrowed by the
-itv of New Orleans for storm emery
,ncy purposes In the year 1915;
(d) The payment of the overdfaft or
,ther Indebtedness due by the City Of
Jew Orleans to its fiscal agents OF other
,anks representing loans or advances
made by them to said city, other than
hose referred to in paragraph (c) Of
his section, to IN amount not exceed
M In principal and interest the sum OF
)ne Million Three Hundred and Fifty
Thousand Dollars ($i,35O,0O0; and
(e) The balance of said proceeds
hail be used and employed by the
Ioard of Liquidation, City Debt, for the
ayment Of Public improvement Certif-
rates of the City Of New Orleans, as
q forth in Section Of this amendment.
Section 3. The remainder Of the bonds :
authorized BY Section Of this amend
,ent. or 20 much thereof ~ may be
scessary, shall be sold, from time to
lme. In such amounts ~ the Board of
ia uidation, City Debt, may determine, {
nd the proceeds Of the sale thereof shall !
! applied BY said Board to the payment
I Public Improvement Certificates au- 9
borired BIZ Act NO. s. Of the General a
s.emblv Of the State Of Louisiana for .
10 year 1905, and acts amendatofy 4
hereof. and presently outstanding or Is
ned st any time In payment Of any I
,ntrsct made before this amendment 7
he effect, ct their respective maturi- .
e. or when said natufitiss can be an ?
cipsted upon terms satisfactory to said =
card. le
ssid Act No. IS Of 1908 and oil amend 4
ents thereof, ~ well - oil statutes .
BON the same subject, ahd % much Of
cts No. l7s and No. 270 Of the General y
asembly Of the State of Louisiana for
8 year 1910, and other statutes on the .
me subject matter, ~ may affect, ap- r
i Or pertain to the City Of New Or n
ans. b and the same are hereby re- q
,aled; nevertheless Public Improve q
ent Certificates may b issued in the q
amer provided BY said Act No. So of II
Oh. and amendments thereof, in pay y
emit Of any contract made before this 8
! endmsnt takes effect. b.
Section 4. The City Of New Orleans d
~ also issus and negotiate it, bonds Al
hen authorised BY vote Of majority a
number and amount Of the property a
- nAAft kav~ 49, aaaaaaod II