New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1916-09-09
ACT NO 4.


House Bill No. 4. BY Mr.. Byrn,
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 an,
Of the Board of Directors of the Pub
lie Schools, Parish Of Orleans, re
spectively; the issuance of seria
bonds by said city, the purpose for ant
the manner in which same may be is
sued and the duties and functions o
the Board of Liquidation, City Debt
with reference thereto; and the levy
the Board of School Directors, Parish
of Orleans, respectively, of certain
taxes for general municipal and schoo
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
all the members elected to each house
concurring, that subject to the ratification
and approval Of the electors of the State,
the Constitution of the State be amend
ed by Incorporating therein the following
provisions, to-wit:
Section I. 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 a 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
80 ZOO, 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 is offered for sale as here
matter provided.
Section 2 Three Million Dollars
($3,OOO,000), 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
1y to the following purposes and in the
following order:
Ia The payment of the outstanding
and unpaid "School Teachers Salary
Bonds Of the City Of New Orleans" is
sued under Act No. Q of the General As
sembly of the State Of Louisiana for the
year 1906, which bonds shall be called
for payment and paid - soon ~ prac-
ticable;
o. The payment Of the principal of
the 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 ($650,O00) provided
that, in the event that said indebtedness |
or any part thereof shall have been paid |
by said Board out of its current revenues
previous to the adoption Of this amend
ment, the amount thus paid mot to ex- !,
coed $650,O00, however), shall be pad
over in cash to said Board to be used
by it for school purposes, - provided
by law;
(c) The payment Of the sum of Five
Hundred Thousand Dollars (s5OO,OOO,
with interest thereon, borrowed by the
City of New Orleans for storm emery
ency purposes in the year 1915;
I'D The payment of the overdraft OK
other indebtedness due by the City of
New Orleans to its fiscal agents or other
banks representing loans or advances
made by them to said city, other than
hose referred to in paragraph (c) of
his section, to an amount not exceed
ng in principal and interest the sum of
One Million Three Hundred and Fifty .
Thousand Dollars Isl ,35O,OOO; and
(e) The balance of said proceeds u,
hall be used and employed by the 8
3oard of Liquidation, City Debt, for the 6
payment Of Public improvement Certif- |
Gates of the City of New Orleans, as :
ct forth in Section of this amendment :
Section 3. The remainder of the bonds .
aent, or SO much thereof as may be a
ccessary, shall be sold, from time to +
me, in such amounts as the Board of =
liquidation, City Debt, may determine, c.
nd the proceeds Of the sale thereof shall II
E applied by said Board to the payment II
Public Improvement Certificates au- o
,orized by Act No. S. of the General a
ssembly of the State of Louisiana for :,
,e year 1908, and acts amendatory -
'ereof. and presently outstanding or is !,
led at any time in payment of any n
'ntract made before this amendment =,
kes effect, At their respective maturi- a,
Is or when said maturities can be an n.
,ipated upon terms satisfactory to said a,
oard. -
Said Act No. IS of 1908 and all amend %
ents thereof, as well As all statutes AZ
ION the same subject and so much of A.
Is No. 128 and No. 27O Of the General n.
'sembly Of the State of Louisiana for ~
E year 1870 and other statutes on the .r
me subject matter, as may affect, ap- -,
= or pertain to the City of New Or m,
ms. be and the same are hereby re- an
aled: nevertheless Public Improve ~
mt Certificates may be issued in the n,
inner provided by said Act No. S. of =
". and amendments thereof, in pay ~,
mt Of any contract made before this o..
endment takes effect. +.
Section 4. The City of New Orleans az,
y also issue and negotiate its bonds an,