SUN MUT. INS. C0. v. BOARD OF LIQUIDATION. 9
So that amount reduced in 1885 would be · · $180,000 00
In 1886, ---·-- r 190,000 00
In 1887, - — . ··-- 202,000 00
In 1888, ·-·---- 227,263 00
In 1889, · · - · , - i - 240,898 00
In 1890, - e ··--- 255,351 00
In 1891, - . _ _ _ _ . 270,672 00
In 1892, ---·--- 286,914 00
Total, --·--—- $2,068,818 00
So that prior to January 1, 1893, which is the day of the maturity of the
coupon certilicates, they would be paid and wholly withdrawn. There would
be left thereafter the entire net proceeds of the five-mill tax, 21. e., $460,00u,,
to be applied annually, in the first place to the payment of the interest of the
extended bonds, and secondly to the payment of the extended bonds.
Net amount of tax, deducting 20 per cent. for shrinkage, · $460,000
In 1893—First year’s interest on extended bonds, · - 161,7-36
Balance for payment of extended bonds, - ‘ $298,264
In 1894, ------·· 316,259
In 1895, ·~-· · - 335,133
In 1896, ---· - · — , 355,243
In 1897, _ ·-·- · · - 376,558
In 1898, ·--- - · - 399,151
In 1899, - · ----·- 427,100_
Total, ·-·, - - - - , $1,507,710
So that prior to January 1, 1899, just 23 years before the extended bonds
are compulsorily due, both the extended bonds and the coupon certificates
would be wholly paid and withdrawn.
(Extracts from Act No. 58 of the Legislature of Louisiana of 1882, Above
· Referred to.)
Section 1. Be it enacted by the general assembly of the state of Louisiana,
that the city of New Orleans, acting through the board of liquidation of the
city debt, or other duly-authorized oilicers, be, and she is hereby, authorized
and empowered to extend the bonded indebtedness of said city, other than
premium bonds outstanding at the passage and promulgation of this act, for
the period of forty years, from January 1, 1883, at a rate of interest not ex-
ceeding six per cent., provided the city shall have the right to call in said
bonds, so renewed or extended, for payment at par after the year 1895, upon
giving notice to that effect during a period of three months.
Sec. 2. Be it further enacted, etc., that the provisions of the foregoing
section be, and they are hereby, extended to all bonded obligations of the city,
except premium bonds, whether due or to become due, including such as may
have been merged into judgments, but for which no tax, special or otherwise,
has yet been levied: provided, nothing in this act shall be considered as a
waiver of prescription which may have accrued or may accrue on such bonds
in favor of the city.
u: =•= ne - ae ne in in ae ·•=
Sec. 6. Be it further enacted, etc., that all funds now, or that may be at
the time of the passage of this act, in the hands of the board of liquidation of »
the city debt, under existing laws, shall be deposited with the fiscal agent of