New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1916-11-04
ACT NO 4.

A JOINT RESOLUTION
Proposing an amendment to the Consti
tuition of the State of Louisiana pro
viding for: The funding of certain
debts of the City of New Orleans anc
of the Board of Directors of the Pub
lie Schools, Parish of Orleans, re-
spectively; the issuance of se1ia
bonds by said city, the purpose for ant
the manner in which same may be is
sued and the duties and functions Of
the Board of Liquidation, City Debt
with reference thereto; and the levy
ing by the Citv of New Orleans and
the Board Of School Directors, Parish
of Orleans, respectively, Of certain
taxes fox general municipal and school
purposes; and providing for the sub
mission Of said amendment to the
electors Of the State for their approval
OF rejection.
Be it enacted by the General Assembly
Of the State of Louisiana, two-thirds OF
all the members elected to each house
concur1ing, 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 three-fourths Of all the
members Of the Board of Liquidation
City Debt, approved by resolution of the
Commission Council, OF its successor IS
the governing body Of said municipality,
adopted by vote Of two-thisds of all
the members Of said council Or govern
ing body, shall have power and is hereby
authorized to issue Nine Million Dollars
($9,O00, O00) Of bonds, to be styled "City
of New Orleans Serial Gold Bonds" and
to beax such rate of interest As the
Board of Liquidation, City Debt, may
fix from time to time Is each installmen1
of said bonds is offered for sale IS here
matter provided.
Section z Three Million Dollars
($3, 000, 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
" 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. 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 a. prac-
ticable; !
% 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 OF
notes outstanding. At the time Of the
adoption Of this amendment to an amount
not exceeding Six Hundred and FIFTY
Thousand Dollars ($650,000); provided
that, in the event that said indebtedness
or any part thereof shall have been paid
hv said Board out Of its current revenues
previous to the adoption Of this amend
ment. the amount thus paid mot to ex-
ceed $650000, however,, shall be pad
ever in cash to said Board to be used
by it for school purposes, - provided
BY law.
lei The payment Of the sum Of Five
Hundred Thousand Dollars ($500,OOO),
with interest thereon, borrowed by the
City Of New Orleans for storm emery
eney purposes in the year 1915;
(d) The payment Of the overdraft OF
pther indebtedness due by the City OF
New Orleans to ito fiscal agents or other
banks representing loans or advances
made by them to said city, other than
those referreds to in paragraph (c) OF
this section, to an amount not exceed
;na j., principal and interest the sum OF
One Million Three Hundred and Fifty
Thousand Dollars ($1,350,OOO; and
(e) The balance OF said proceeds
hall be used and employed by the
Board of Liquidation, City Debt, for the
Of Public improvement Certit-
Gates of the City of New Orleans, ~
,et forth in Section 2 Of this amendment.
Section 3. The remainder Of the bonds
authorised BY Section of this amend
ment. or 10 much thereof - may be
aecessary, shall be sold, from time to
lime. in such amounts - the Board OF
City Debt, may determine,
md the proceeds Of the sale thereof shall
y applied by said Board to the payment
4 Public Improvement Certificates au-
:horised By Act No. s. Of the General
Aa.emblv Of the State Of Louisiana for
he year 1908, and acts amendatofy
hereof, and presently outstanding OF is
ned ct any time in payment OF any
contract made before this amendment
akes effect, at their respective MATURE
ies or when said maturities can be an
ieipatsd upon terms satisfactory to said
beard.
Said Act No. Sc Of 1908 and all amend
.ents thereof, - well - all statutes
Ipon the same subject, and 20 much OF
lcts No. l2S and No. 40 Of the General
assembly Of the State Of Louisiana for
he year 1910, and other statutes on the
ame subject matter, ~ may affect, ap-
" or pertain to the City Of New Or
ANS. Be- and the same are hereby re-
salsd; nevertheless Public Improve
aent Certificates may be issued in the
hammer provided by said Act No. 50 OF
COS. and amendments thereof, IN pay
lent Of any contract made before this
mendment takes effect.
Section 4. The City Of New Orleans
say also issue and negotiate it, bonds
hen authorised BY . vote Of majority
q ~ ~NAH 7