New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1916-09-16
ACT NO 4

Proposing an amendment ~ the IONS
tuition of the State of Louisiana ~
viding for: The funding of ce,ta
debts of the City Of New Orleans az
of the Board of Directors Of the Pu|
lie Schools, Parish Of Orleans, =
spectively, the issuance Of SER
bonds by said city, the purpose for al
the manner in which same may be il
sued and the duties and functions
the Board of Liquidation. City Deb
with reference thereto, and the levy
ing by the Citv Of New Orleans an
the Board of School Directors. Paris
of Orleans, respectively, Of certal
taxes for general municipal and schoc
purposes; and providing for the sub
mission of said amendment to til
electors of the State for their app,ovs
or rejection.
Be it enacted by the General Assembl
of the State of Louisiana. two-thirds o
all the members elected to each hous
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 1. The City of New Orleans
BY a 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
~
($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 installment
Of said bonds is offered for sale as here
matter provided.
Section z. Three Million Dollars
(@3,OOO,OOO), 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
ly to the following purposes and in the
following order:
(al 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
ticahle;
H. 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 ($650,0O0); 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- I
ICED $6sO.OOO, however), shall be pad {
,ver in cash to said Board to be usel
~ II for school purposes, a. provided
" law;
(c) The payment Of the sum of Five
Hundred Thousand Dollars ($5O0,OOO), O
nth interest thereon, borrowed by the a
lily of New Orleans for storm emery a
ncy purposes In the year 1915;
ID The payment of the overdraft or b
ther indebtedness due by the City Of d
lew Orleans to its fiscal agents or other i.
anks representing loans or advances o
lads by them to said city, other than c,
lose referred to in paragraph (c) of ri
iis section, to an amount not exceed II
Y In principal and interest the sum Of n
ne Million Three Hundred and Fifty s,
thousand Dollars (Sl,35O,OO0; and fl
(e) The balance Of said proceeds W
lall be used and employed by the al
oard Of Liquidation, City Debt, for the &C
lyment of Public improvement Certif- le
ates Of the City of New Orleans, as pc
I forth in Section of this amendment. tn
Section 3. The remainder of the bonds as
lthorised by Section Of this amend
emit, or 90 much thereof as may be all
shall be sold, from time to tic
ne, in such amounts as the Board of tn
quotation, City Debt may determine, ce
d the proceeds of the sale thereof shall tn,
applied by said Board to the payment tn,
Public Improvement Certificates au- of
,rised by Act No. Sc of the General au
sembly of the State of Louisiana for sh,
! year 1908, and acts amendatory ms
'reof, and presently outstanding or is tai
ID At any time in payment of any the
,tract made before this amendment tax
,es effect, at their respective maturi- apl
, or when said maturities can be an pa,
pated upon terms satisfactory to said an,
lYd. cha
laid Act No. Sc of 1908 and all amend tor
nts thereof, as we'll as all statutes of
N the same subject. and 50 much of ded
. No. 12S and No. 27O Of the General use
emily of the State of Louisiana for pri,
year 1910. and other statutes on the sue
e subject matter. a. may affect. ap- resi-
or pertain 70 the City of New Or me,
H. be and the same are hereby re- any
led; nevertheless Public Improve this
4 Certificates may be issued in the the
ner provided BY said Act No. Sc of il
/ and amendments thereof. in pay whe
I of any contract made before this gait
ndment takes effect. be
.cticu 4. The City of New Orleans shat
also issue and negotiate its bonds and,
a authorized by a vote of q majority and
lumber and amount Of the property and.
ayers. who shall have been assessed issu,
property in said city Is shown by prov