The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1916-09-23

Vi Tie DOdTU OF directors OF the TuDuc
schools, Parish of Orleans. respective
ly, the issuance of serial bonds by said
city The purpose for and the manner
IN which same may be issued and the
duties and functions of the Board of
Liquidation, City Debt, with reference
thereto, and the leyying by the City
school Directors, Parish of Orleans.
respectively, of certain taxes for gen.
erh municipal and school purposes;
ana providing for the submission of
said amendment to the electors of the
state Tor their approval or rejection.
BE IL enacted by the General Assembly
oi me state OF louisiana, thirds OF
all the members elected TO each House
;oncurring, that subject to the ratifica-
non anu approval OF the electors OF tae
state, the Constitution OF the State be
amended by Incorporating therein the fol-
lowing provisions, TO wit:
oecJion 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
lody OF SAID municipality, adopted by a
cole OF two-thirds OF all members of said
council or governing body. shall have
power ana is hereby authorized to issue
%me Milton Dollars ss.OOO,OO0) of bonds;
% be styled City of New Orleans Serial
Colo BONDS, and to bear such rate of
interest as The Board OF Liquidation, City
Debt may NIX from time to time as each
sale as hereinafter provided.
section z. Three Million Dollars ($3,-
voO.O0O). in par value, of the bonds au-
Ihorlzed by section l OF this amendment
shall forthwith be sold.
The proceeds of said three million
dollars OF bonds shall be applied eXclu
slNely 10 the following purposes and in
the following order:
(a) The payment of the outstanding and
unpaid school Teachers Salary Bonds of
the CRY 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
"A a : nYun
90 The payment of the principal of the
noating 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 ex-
eeeding Six Hundred and Fifty Thousand
Dollars (S65O,0 0O); 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-
Ylous 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;
tc) The payment of the sum of Five
Hundred Thousand Dollars ($5O0, 000), with
interest thereon. borrowed by the City of
New Orleans for storm emergency pur-
poses in the year 1915;
td) 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-
ierred 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
tel. $685. 0O); and
te) The balance of saio proceeds shall
be used ana 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 l Of this amend
InerS--or SO much thereof as may be
necessary shall be sold. from time to
ume, IN such ztffaounts as the Board of
I.iquidation, City Debt, may determine.
ana the proceeds of the SAFE -thereof shall
be applied by said Board to the payment
of Public Improvement Certificates au-
thorized by Act No. IS of the General
Assembly of the state Of Louisiana for
the year 1913, and acts amendatory there,
Of and presently outstanding or issued
at any time in payment of any contract
made before this amendment takes effect,
said maturities can be anticipated upon
terms satisfactory TO said Board.
said Act No. So of 1905 and all amend
ments thereto, as well as all statutes upon
the same subject, and so much of Acts
No. l2S and No. go of the General As
sembly of the state of Louisiana for the
year 1910 and other statutes on the same
subject matter as may affect, apply or
pertain TO the City of New Orleans, be
and the same are hereby repealed; never
,heless Public Improvement Certificates
may be issued in the manner provided by
said Act No. Sc of 1908, and amendments
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
when authorized by vote OF a majority
in number and amount of the property
taNpay ers. who shall have been assessed
Tor property in said city as shown by the
last assessment made prior TO the submis-
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
10y ordinance adopted by vote of two
thirds OF all the members of the Commits
sion Council, or its successor az the gov
erning body of said City of New Orleans,
ana which ordinance before any such
election is ordered shall be also adopted
by vote of three-fourths of all the MEM
beers of the Board of Liquidation. City
Debt. Due notice of said election shall be
published for thirty days in the official
journal of said city -four weekly insertions
of said notice constituting 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 i'm the SUBJ
mission of the proposition to said tax
payers.
Section .. In case of fire, flood. pesti-
ience. storm or other public calamity. the
city OF New Orleans shall have power.
by a two-thirds vote of all the members
OF the Commission Council. or its sue
csssor as the governing body of said city,
concurred in by a three-fourths vote of
all the members of the Board of Liquida-
ton, City Debt. to borrow mCney and
issue and negotiate bonds in such sum,
not exceeding Five Hundred Thousand
Dollars (s500.000). as shall be necessary
in any one such emergency.
Section s. For the purpose of refunding
all or any part OF the bonded Indebtedness
OF the City OF New Orleans existing at the
time OF the adoption of this amendment,
bonds may from time to time be issued
and negotiated. When any OF the issues
of the bonds OF said city outstanding at
the time of the adoption of this amend
ment shall become callable according TO
their terms or the statutes under which
they are respectively issued. or when the
consent of all the holders of any such
issue O! bonds can be secured, the Board
81 I.innidafion- City Debt. shall have the