New Iberia enterprise and independent observer., 1916-10-07
ACT NO 4.

House Bill No. a. BY Mr. byfht
A JOINT RESOLUTION
Proposing an amendment to the Cons'i
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 selia
bonds by said city, the purpose tor an'
the manner in which same may be IS
sued and the duties and functions o
the Board of Liquidation, City Deb
with reference thereto; and the levy
ing by the CITY of New Orleans an(
the Board of School Directors, Parlsi
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 approya
or rejection.
Be it enacted by the General Assembly
of the State of Louisiana, two-thirds O.
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 /. The City Of New Orleans,
by vote of threefourths 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
($9,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 instailment
of said bonds is offered for sale as here
matter provided.
Section 2 Three Million Dollars
($3,OOOOOO), 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 as soon as prac-
ticable;
(b) The payment of the principal oi
the floating indebtedness of the Board
of Directors of the Public Schools, Par
ish of Orleans, evidenced by note OF
notes outstanding at the time of the
adoption of this amendment to an amount
not exceeding Six Hundred and Fifty
Thousand Dollars ($650,0OO); provided
that. in the event that said indebtedness
or any part thereof shall have been paid
bv said Board out of its current revenues
previous to the adoption of this amend
ment, the amount thus paid (not to ex-
ceed S65O,OOO, 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
Thousand Dollars ($5OO,OOO0, g
with interest thereon, borrowed by the a
City of New Orleans for storm emerg- q
ency purposes in the year 1915; =
(d) The payment of the overdraft OF b
pther indebtedness due by the City OF
New Orleans to its fiscal agents OF other il
banks representing loans or advances o
made by them to said city, other than c
hose referred to in paragraph (c) OF r
this section, to an amount not exceed Il
ing in principal and interest the sum OF u
0ne Million Three Hundred and Fifty 5,
Dollars ($l,350,0O0; and Fl
(e) The balance of said proceeds "
hall be used and employed by the a
Board of Liquidation, City Debt, for the Ct
payment of Public improvement Certif- le
Gates of the City of New Orleans, IS p
et forth in Section 2 of this amendment. 4
Section 3. The remainder Of the bonds Al
authorized by Section of this amend
nent, or so much thereof as may be al
necessary, shall be sold, from time to ii
ime, in such amounts ss the Board of ii
City Debt, may determine, oe
nd the proceeds Of the sale thereof shall th
. applied by said Board to the payment th
horized by Act No. 56 Of the General az
of the State of Louisiana for sh
be year 1908. and acts amendatory in
hereof, and presently outstanding or is IA
ned At any time in payment Of any tn
pntract made before this amendment IA
lkss effect, at their respective maturi ar
% or when said maturities can be an pa
cipated upon terms satisfactory to said an
card. ch
Said Act No. IS Of 1908 and all amend to-
snts thereof, % we'll - all statutes Of
pom the same subject, and SO much O. de
cts No. l2S and No. 270 Of the General US
ssembly Of the State of Louisiana for pr
e year 1910, and other statutes on the su
me subject matter, - may affect, ap- res
y or pertain to the City Of New Or me
Ans, b and Tie same are hereby re- an
aled; nevsztheless Public Improve thi
emit Certificates may be issued in the tn,
INNER provided BY said Act No. Sc Of it
OS, and amendments thereof, in pay VII
mt Of any contract made before this @,
leudneat takes effect. be
Section 4. The City Of New Orleans sh,
y also issue and negotiate its bonds ant
IN authorised by vote Of q majority ant
number and amount Of the property ant
,pavers. who shall have been assessed iss,