New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1916-10-28
ACT no 4.

blouse Bill No. 4. BY Mr.. ByYn<
A JOINT RESOLUTION
proposing AN amendment to the Consti
tuition of the State of Louisiana pro
viding for: The funding of certai,
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 an,
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
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
OK 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
ID 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, OK its successor -
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 il hereby
$4,000, 000) Of bonds, to be styled "City
Of New Orleans Serial Gold Bonds" and
to bear such rate of interest ~ the
Board of Liquidation, City Debt, may
6x from time to time - each installment
Of said bonds IL offered fer sale ~ here
matter provided.
Section z Three Million Dollars
O., 000, 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 spilled exclusive
" to the following purposes and in the
following order:
(s) The payment Of the outstanding
and unpaid School Teachers Salary
Bonds Of the City of New Orleans" is
ssed under Act No. 2 Of the General As
ssmbly Of the State Of Louisiana for the
year 1906, which bonds shall be called |
for payment and paid - soon - pEac- |
sicabls;
o. The payment Of the principal of
The floating indebtedness of the Board
Of Directors Of the Public Schools, Par
III Of Orleans, evidenced BY note or
notes outstanding At the time Of the
adoption Of this amendment to IN amount
not exceeding Six Hundred and Fifty
Thousand Dollars ($650,00O; provided
shst, in the event that said indebtedness
q any part thereof shall have been paid
b. said Board out Of it, current revenues
previous to the adoption Of this amend
nsnt, the amount thus paid (not to ex-
Esd t650,O00, however,, shall be pad
pver in cash to said Board to be used
b. it for school purposes, - provided
y law;
(c) The payment Of the sum of Five
Hundred thousand Dollars ($s00,Oo0),
With interest thereon, borrowed by the
City Of New Orleans for storm emery
,ncy purposes in the year 1915;
(d) The payment Of the overdraft or
,ther indebtedness due by the City OF
Sew Orleans to ito fiscal agents or 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 j, principal and interest the sum Of
)ne Million Three Hundred and Fifty
Thousand Dollars 81 ,3s0,000; and
(e) The balance Of said proceeds
hall be used and employed by the
board Of Liquidation, City Debt, for the
,avment Of Public improvement Certif-
-ates of the City Of New Orleans, as
- forth in Section of this amendment.
Section 3. The remainder Of the bonds
uthorised by Section Of this amend
TENT. or 90 much thereof - may be .
acesssry. shall be sold, from time to
me. in such amounts - the Board Of I
City Debt, may determine, c
ID the proceeds Of the sale thereof shall t
: applied by said Board to the payment t
( Public Improvement Certificates su- Q
lorised BY Act No. S. of the General .
esembly Of the State Of Louisiana for >
q wear 1908, and acts amendatory II
lereof, and presently outstanding or il 7
ned 1t any time in payment Of any Z
attract made before this amendment u
d. effect, ct their respective MATURE .
= or whom said maturitiss can be an p
cipatsd upon terms satisfactory to said .
Gard
ssid Act No. IS Of 1908 and al amend t.
ants thereof, - well - al statutes o
son The same subject, and % much OF d
- No. 12S and No. 40 Of the General ~
ueembly Of the State Of Louisiana for p
: year 1910, and other statutes on the d
me subject matter, - may affect, ap- n
, or pertain to the City Of New Or n
ans. b and the same are hereby re- q
aled: nsverthsless Public Improve Il
ent Certificates may BE- issued in the Il
auner provided BY said Act No. s. Of It
o.. and amendments thereof, in pay v
mt Of any contract made before this g
aendment takes effect. b
Section 4. The City Of New OElsans q
- also Issue and negotiate it, bonds a
zen authorised By vote Of majority O
aumber and amount Of The property q
-