A 10 mnsnrn nnronrnn.
the board, to the credit of the account known as the city debt fund, which
fund shall be applied exclusively to the purchase, on the most favorable
‘ terms., not exceeding par, of face value of any of the outstanding bonds or
coupons, and the certificates therefor, of said city, which are extended to be
retired under the provision` of this act: provided that said city debt fund
shall be used first to provide for and pay the interest on the bonds and cer-
tificates contemplated herein. And it shall be the duty of the council, in its
annual budget, to make an appropriation to carry out the provisions of this
act. I i I O t t i i $ *
Sec. 10. Be it further enacted, etc., that this act, in all its parts, provisions.
terms, conditions, obligations, and limitations, is to be deemed and to con-
stitute a valid, binding contract between the state of Louisiana, the city of
New Orleans, its residents, citizens, and tax-payers, and the holders of the
bonds herein authorized to be extended, and the judicial process of the state
of Louisiana, now authorized by law, or in force at the creation of said
’ bonded debt as aforesaid, may be resorted to, and is to be recognized and ap-
plied to the judges thereof, for the enforcement of its provisions in favor of
any party having and showing just cause for complaint or injury, or a viola-
tion of any of the provisions thereof.
(Esctractfrom Act No. 67 of the Legislature of Louisiana of 1884, Above
Referred to.)
Section 1. Be it enacted by the general assembly of the state of Louisiana,
that section 2 of act No. 138, approved April 10, 1880, be amended and re-
enacted so as to read: That the commissioners of the consolidated debt, or the
city ofiicers, provided and named in section 1 of this act, and the syndicate
hereby created, shall constitute a board of liquidation of the city debt, and
the said board shall have exclusive control and direction of all matters relat-
ing to the judgment and bonded debt of the city of New Orleans. The board
of liquidation shall cause to be prepared bonds of the city of New Orleans,
which bonds shall only be used for the purpose of negotiation or exchange, as
hereinafter provided. The said bonds shall be signed by the mayor and treas-
urer of the city of New Orleans, and countersigned by the comptroller of said
city; they shall be dated J une 1, 1884, and be made payable in fifty years from
said date, or sooner at the option of the city, and bear interest at the rate of
five per cent. per annum from the date of said bonds, payable semi—annually
on _the first days of J une and December of each year; said interest to be rep-
resented by one hundred coupons annexed to each bond. The said bonds and
interest coupons annexed may be issued for such sums as may be deemed
most convenient by the board of liquidation, and be made payable at such
place or places as may be designated inthe bond; but the said bonds shall be
made payable, interest and principal, in lawful money of the United States. i
Sec. 2. Be it further enacted, etc., that section 3 of act No. 133, approved
April 10, 1880, be amended and re-enacted so as to read: That the said board
of liquidation of the city debt be, and it ishereby, authorized and required,
and it is made the duty of the said board, to retire and cancel the enti1·e debt
of the city of New Orleans now in the form of executory judgments and reg-
istered under the provisions of act N o. 5 of 1870, and that which hereafter
may become merged 1nto executory judgments and likewise registered, except
the fioating debt or claims created for and against the year 1879 and subse-
quent years; that it is the full intent and meaning of this act to apply solely
the privileges thereof to executory judgments at present rendered against
such city, and to such floating debt or claims against said city for 1878, and
previous years, merged and to be merged into executory judgments, whether