The Era-leader. [volume] (Franklinton, La.) 1910-current, 1916-09-28
CONSTITUTIONAL AMENDMENTS
ACT NO. q.

n,iulhs ior: Inc funding Of certain
debts Of the City Of New Orleans aut
Of the Board Of Directors of the Publi
schools, Parish Of Orleans, respective
~ the ISSUANCE Of serial bonds by sai(
clty, the purpose for and the name
III winch same may be issued and tn,
duties and functions Of the Board O
LlQuldaton City Debt, with reference
tnereto; and the levying by the Cit,
OF New Orleans and the Board o
Scnool DIRECTORS, Parish Of Orleans
respectively, Of certain taxes for gen
eral municipal and school purposes
anu providing for the submission o.
sac amendment to the electors OF the
y, state Tor their approval or rejection
be IL enacted by the General Assembly
OF me State OF Louisiana, two thirds OF
All the members elected to each House
Hohcurrlng. that subject to the ratilica.
!on ana approval of the electors OF tho
s.ate, me Constitution of the State be
lowing provisions, to wit:
Section |. The City OF New Orleans, by
vote OF three -fourths of all the members
ol tAe Board OF Liquidation, City Debt
approved by resolution Of the Commission
Council, or its successor as the governing
pouy or said municipality. adopted by a
vote or Two thirds OF I'LL members of said
council or governing body, shall have
Nine Million Dollars ($3,0V0, oooj OF bo t1HS
to be styled city of New Orleans Serial
COD bonds, and to bear such rate of
interest ,te, t as the board Of Liquidation City
i Dent may Tx from time to time as each
saie as hereinafter provided.
Section = Three Million Dollars ($3,-
voo.Voo), IN par value, Of the bonds ;lu-
thorlzed ~ Section l OF this amendment
shall forthwith be sold
The proceeds of said three million
dollars OF bonds shall be applied cxclu-
slvely to the following PURPOSES and in
the following order:
4 rhn I,
unpaid School Teachers Salary Bonds Of
the City OF New Orleans" issued under
Act NO. Of the General Assembly of the
STATE OF Louisiana for the year 1906, which
bonds shall be called for payment and
Uald as soon as practicabc;
q %? Inc payment Of the principal of the
floating Indebtedness OF the Board of d.
rectors OF the Public Schools, Parish of
Orleans, evidenced by note or notes out
standing ut the time of the adoption of
lhls amendment to an amount not ex-
Ceeding Six Hundred and Fifty Thousand
Dollars ($G50,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-
vlous to the adoption Of this amendment,
the amount thus paid mot to exceed $780,
oOO' 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, 0O0), with
interest thereon, borrowed by the City of
New Orleans for storm emergency puc-
(d) The payment OF the ovcrdraft or
other indebtedness due by the City of New
Orleans to its fiscal agents or other banks
representing loans or advances made by
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
($1,350,000); and
(e) The balance of saio proceeds shall
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 ). The remainder of the bonds |
authorized, by Section of this amend
ment, or SO much thereof as may be /
necessary, shall be sold, from time to
time. in such amounts as the Board of
Li4uiddation, City Debt' may determine;
he 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
Of. and presently outstanding or issued
at any time In payment Of any contract
made before this amendment takes effect,
ut their respective maturties Or when
said maturities can be anticipated upon
Said Act No. IS Of 1905 and all amend
ments thereto, as we'll as all statutes upon
the same subject, and so much of Acts
No. 1928 and No. 270 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
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 T. The City of New, Orleans
may also issue and negotiate its bonds
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
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
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 all the men,
hers Of the BEARD d. Of Of; Li9uia;aton City
published for thirty days in the official
journal Of said city (four weekly insertions
OF said notice constituting a publication
for thirty days, providing thirty days in
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.
lence storm or other public calamity, the
City of New Orleans shall have power,
by two-t thirds vote OF all the members
Of the Commission Council, or its sue
cessor as the governing body of said city,
concurred in by a three-fourths vote of
ton. City Debt. to borrow money and
issue and negotiate bonds in such sum.
not exceeding Five Hundred Thousand
Dollars ($500,0O0) as shall be necessary
in any one such emergency.
Section C. For the purpose Of refunding
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
their terms or the statutes under which
they are respectively issued or when the
consent Of all the holders of any such
issue of bonds can be secured, the Board
of Liquidation. City Debt, shall have the
right in it's discretion to call and pay any
shall be authorized by resolution duly
adopted to issue and negotiate bonds to
provide the funds necessary for that
purpose; providing, however, that in no
event shall the par value of the bonds so
sold and negotiated exceed the par value
Of the bonded Indebtedness thereby to be
refunded.
Section z. The full faith and credit of |