The Bossier banner. [volume] (Bellevue, Bossier Parish, La.) 1859-1952, 1916-09-28
CONSTITUTIONAL AMENDMENTS.
ACT NO. 4.
House Bill No. by Mr.. Byrne.
Joint RESOLUTION

oPP"tin6 of the state of Louisiana pro-
viding for: The funding of certain
6nhts of the CITY of New Orleans and
Of the Board of Directors of the Public
Schools. Parish Of Orleans, respective
": the issuance of serial bonds by said
civ the purpose for and the manner
n, which same may be issued and the
duties and functions of the Board of
foundation City Debt, with reference
thereto; and the leVylng by the CITY
of New Orleans and the Board of
School Directors Parish of Orleans,
respectively, of certain taxes for gen
erai municipal and school purposes:
and providing for the submission of
said amendment to the electors of the
State for their approval or rejection.
Be it enacted by the General Assembly
NJ the State of Louisiana, two-thirds of
all the members elected to each House
concurring, that subject to the ratlfica-
lion and approval OF the electors OF the
State, the Constitution of the state be
amended by incorporating therein the fol.
lowing provisions, to wit:
Section /. The City of New Orleans. b.
a vote of three-tourths of all the members
of the Board of Liquidation, City Debt,
approved by resolution of the Commission
Councl or it's successor as the governing
body of said municipality, adopted by a
vote of wO-thirds of all members of said
mower and is hereby authorized to issue
Nine Million Dollars ($9,000,000) 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 fix from time to time as each
installment Of said bonds is offered for
sale as hereinafter provided.
Section 2. Three Million Dollars 49,,
100000, in par value, of the bonds
thorized by Section l of this amendment
shall forthwith be sold.
The proceeds of said three million
dollars of bonds shall be applied exclu-
sively to the following purposes and in
the following order:
(a) The payment of the outstanding and
antnn SaJa of
the City of New Orleans issued under
Act No. of the General Assembly of the
State of Louisiana for the year 1906, which
bonds shall be called for payment and
paid as soon as practicable;
tb) The payment of the principal of the
floating Indebtedness of the Board of Di-
rectors of the Public Schools, Parish of
Orleans, evidenced by note or notes out
standing at the time of the adoption of
this amendment TO an amount not eN-
ceeding 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 pre-
vious to the adoption of this amendment,
the amount thus paid mot to exceed $780,
600, however,, shall be paid over in cash
TO said Board to be used by it for school
purposes, as provided by law;
(c) The payment of the sum of Five
Hundred Thousand Dollars ($500, 000), with
interest thereon, borrowed by the City of
New Orleans for storm emergency pur-
I'D The payment of the overdraft or
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 those re-
ferred to in paragraph (c) of this section,
to an amount not exceeding in principal
and interest the sum of One Million Three
Hundred and Fifty Thousand Dollars
Gs1, 1850. 000); and
fe) The balance of saio proceeds shall
be used and employed by the Board of
Liquidation, City Debt, for the payment
of Public Improvement Certificates of the
City of New Orleans, as set forth in
Section of this amendment.
Section 3. The remainder of the bonds
authorized by Section | of this amend
necessary, shall be sold, from time to
time, in such amounts as the Board of
Liquidation, City Debt, may determine.
and the proceeds of the sale thereof shall
be applied by said Board to the payment
of Public improvement Certificates au-
thoriZed by Act No. 46 of the General
Assembly of the State of Louisiana for
the year 1908, and acts amendatory there
of. and presently outstanding or issued
at any time in payment of any contract
made before this amendment takes effect,
at their respective maturities or when
terms satisfactory to said Board.
Said Act No. Sc of 1908 and all amend
ments thereto, as well as all statutes upon
the same same subject, and SO much of Acts
sembly of the State of Louisiana for the
year 1910 and other statutes on the same
subject matter, as may affect, apply OF
& pertain to the City of New Orleans, he
and the same are hereby repealed; never
theless Public Improvement Certificates
may be issued in the manner provided by
said Act No. Sc of 1908. and amendments
z thereof, in payment OF any contract made
before this amendment takes effect.
Section 4. The City of New Orleans
may also issue and negotiate its bonds
I when authorized by a vote of a majority
in number and amount of the property
taxpayers. who shall have been assessed
for property in said city as shown by the
last assessment made prior to the submits
sion of the proposition to the said property
taxpayers and who are otherwise qualified
to vote under the Constitution and laws
OF this State, voting at an election called
BY ordinance adopted by a vote of two
thirds of all the members of the Commits
sion Council, or its successor as the gov
erning body of said City of New Orleans
and which ordinance before any such
election is ordered shall be also adopted
by vote of three -fourths of ali the mem
bers of the Board of Liquidation. City
Debt. Due notice of said election shall be
published for, thirty. days in, the officia
OF said notice constituting a publication
for thirty days, providing thirty days in
terVene between the date of the first
insertion and the date of said election).
No bonds shall be issued under this
section for any other purpose or for any
greater amount than stated in the sub
mission of the proposition to said tax.
payers.
Section 5. In case of fire, flood. pesti-
fence, storm or other public calamity, thu
Slty OF New Orleans shall have power
by a two-thirds vote of all the members
OF the Commission Council. or it's sue
eessof as the governing body of said city
conenrred in by a three-fourths vote OF
an the members of the Board of Liquida
ton, City Debt. to borrow money ant
issue and negotiate bonds in such sum
not exceeding Five Hundred Thousand
Doliars tS500, 000), as shall be necessary
III any one such emergency.
u, Section 6. For the purpose of refundins
al or any part of the bonded Indebtedness
OF the city of New Orleans existing at the
.tthe OF the adoption of this amendment
bonus may from time to time be ISSUED
ana negotiated. When any of the issues
OF the bonds of said city outstanding al
we time OF the adoption of this amend.
nent shall become callable according tt
.taeir terms or the statutes under which
uleF are respectively issued, or when the
consent of all the holders of any such
asqe OF bonds can be secured. the BoarC
+ u Liquidation, City Debt shall have the
e,ght IN its discretion to call and pay any
one or more of said issues OF bonds, anG
alal De authorized by resolution duly
aaopted to issue and negotiate bonds tt
pioNlde the funds necessary for that
purpose; providing, however. that in nc
event shall the par value of the bonds sc
aeiu ana negotiated exceed the par value
! refunded. 0' e"' ~ ''
~, SECTION I. The full faith and credit OF
nae city of New Orleans ere pledged fol
we payment of the principal and interest
y. All ponds issued under this amendment
The principal and interest of all bonds
autherlzed and to be issued under this
lafat Cl,al Il