The Bossier banner. [volume] (Bellevue, Bossier Parish, La.) 1859-1952, 1916-10-12
CONSTITUTIONAL AMENDMENTS.
ACT NO. 4.
House Bill No. by Mr.. Byrne.
JOINT RESOLUTION
ACT NO. 4

Prop 3ofin5 of the State of Louisiana pro-
vidng for: The funding of certain
aahfS of the City of New Orleans and |
~ the Board of Directors of the Public |
Cchools, Parish of Orleans, respective
~. the issuance of serial bonds by said |
;ty the purpose for and the manner |
IN which same may be issued and the |
duties and functions of the Board of !
| IinrIidaton. City Debt, with reference
thereto; and the levyings by the City
| Of New Orleans and the Board of
| School Directors, Parish of Orleans, |
respectively, Of certain taxes for gen
erqi municipal and school purposes;
and providing for the submission of
| said amendment to the electors of the
State for their approval or rejection.
/ Re it enacted by the General Assembly
:, the State of Louisiana, two thirds of
q oil t the members elected to each House
enneurring, that subject to the ratifica
tinn and approval of the electors of the
state. the Constitution of the State be
amended by Incorporating therein the fol-
fowing provisions, to wit:
section /. The City of New Orleans, by
q vote of three fourths of all the members
If The Board of Liquidation, City Debt,
approved by resolution of the Commission
Tnnncil or its successor as the governing
body of said municipality, adopted by a
vote of two thirds of all members of said
mower and is hereby authorized to issue
| Nine Million Dollars ($9,00O,000) 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 hereinafter provided.
Section 2 Three Million Dollars 49,
$40. OO0) in par value, of the bonds au-
iborized by Section / 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
3 the following order:
(a) The payment of the outstanding and
"A .har Co HS Of
the City of New Orleans" issued under
Act No 2 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,
(b) 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 eX-
ceeding Six Hundred and Fifty Thousand
Dollars $3.50, 000); 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-
vous to the adoption of this amendment,
the amount thus paid mot to exceed $780,
900, 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-
(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 Co of this section,
to an amount not exceeding in principal
and interest the sum of One Million Three
Hundred and Fifty Thousand Dollars
t$1, $50, 000); and
(e) 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 g., The remainder Of the bonds
authorized by Section l of this amend
ment, or SO much thereof as may be
necessary, shall be sold, from time tc
time, in such amounts as the Board OF
Liquidation. city Debt, may. determine
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 fol
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
said maturties can be anticipated upon
terms satisfactory to said Board.
Said Act No. Sc of 1908 and all amend
ments thereto, as well as all statutes upor
No. 12S and No, 27O of the General As.
sembly of the State of Louisiana for the
year 1910 and other statutes on the same
pertain to the City of New Orleans, be
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
thereof. in payment of any contract made
before this amendment takes effect.
Section 4. The City of New Orlean:
may also. issue and negotiate its bond:
when authorized by a vote of majority
in number and amount of the propert,
taxpayers. who shall have been assessed
for property in said city as shown by thu
last assessment made prior to the submits
sion of the proposition to the said propert!
taxpayers and who are otherwise qualified
TO vote under the Constitution and law:
of this State, voting at an election called
by ordinance adopted by 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
election is ordered shall be also adopted
by a vote of three-fourths of all the mem
bers of the Board of Liquidation. Cit.
Debt. Due notice of said election shall b.
published for thirty days in the officia
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 frs
insertion and the date of said electlon).
NO bonds shall be issued under thi
section for any other purpose or for an.
mission of the proposition to said tax
payers.
Section 5. In case of fire, flood, pest
fence, storm or other public calamity, TIL
Slty Of New Orleans shall have power
py a tW0-thirdS vote of all the member
81 the Commission Council, or its sue
cessor as the governing body of said city
cohcurred in by three-fourthS vote o
ali the members of the Board of Liquida
tien, City Debt to borrow money AM
issue and negotiate bonds in such sum
dollars (s500 000), as shall be necessar.
IN any one such emergency.
Section 6. For the purpose of refundini
an or any part of the bonded Indebtedness
F. OF The City of New Orleans existing at tn
,ime of the adoption of this amendment
bohds may from time to time be issue
ana negotiated. When any of the issue
oi the bonds of said city outstanding a
the time of the adoption of this amend
t nlent shall become callable according t
uelf terms or the statutes under which
they are respectively issued. or when tn
consent of all the holders of any sucl
issue OF bonds can be secured, the Boar,
OF Liquidation, City Debt shall have TIL
right in its discretion to call and pay an,
one or more of said issues of bonds, an
snail be authorized by resolution dull
ADOPTED to issue and negotiate bonds, t
provide the funds necessary for tina
purpose; providing, however. that in n
event shall the par value of the bonds s
SOLO and negotiated exceed the par valu
OF the bonded Indebtedness thereby to b
refunded
Section I. The full faith and credit o
.le city of New Orleans are pledged TO
tne payment of the principal and interes
Vi all bonds issued under this amendment