Lower coast gazette., 1914-10-17

THOMAS G. BARRETT, 5
lieutenant Governor and President OF the :,
Senate. +
Approved: July 8, 1914. !
L. Z. HALL, |
Governor OF the State of LOUISIANA. c
\ true copy: {
ALVIN Il. HEBERT, {
Secretary OF State. /
ACT NO. 2G2.
louise Bill No. 6l3. BY Mr. Generelly
AN ACT
Authorizing the board OF Directors OF the
fuDilc schools OF tue iarlsn OF ur-
leans to ISSUE lMo Allllou Uollars o.
bonds Tor the purpose OF acquiring
school SITES, constructing School Dullu'
ings and their appurlenances III the Clty
OF New Orleans: 10 PROVIDE tile terms
and conditions under which SAID bonds
shall be ISSUED and, sold, ana Tue secu-
rlty tor the payment or the principal
and interest lneIeOt; to delne the uu-
ties OF the Board OF %Llquluallon, Clty
Debt. in connection WIN the issuance
and sale OF sad bOnds,. the payment
OF the principal ana interest thereon,
and the retirement thereof 10 prescribe
the duties ana OUllSatlOnS OF the Clly
of New Orleans III connection WIN lhe
reimbursement OF the Board OF Dlrec-
tors or the Pubic Schools tor the iarlsn
OF orleans by certain annual payments;
and TO uenne the meI4lod ana lnannei
in which tue proceeds Of SAID bonds
cno1l no omninNnn nnu HlSi1l1IStn.
Section l. be 1t enacted by tue Gen,
eral Assembly OF the State or Louisiana,
,wo-thuus or all the members elected ~
each house cOncurrlng; mat subject "
Tue ratlncatlOn OF the people OF the state
ut Louisiana, by an amendment to tue
CONSTITUTION OF the State, hereinafter
submitted to, them, the Board OF Dlrec-
lors OF the Public Schools tor the PARISH
or orleans, OF the State OF LOUISIANA, Is
hereby authorized and empowered 10 issue
uonus not to exceed tWW .n.lillOn dollars
TO-, wv, VUUUU) IN amount, TO be dated
january l., 1915, bearing five per cent
,oZo) per annum interest, payable seinl-
annually. the PRINCIPAL OF winch snail be
payable in forty 'C4U) annual INSTALL
ments OF fifty. thousand dollars \qoO,-
wv each, payable on. the ,tlrst day 81
January in eacn OF the years 1915 TO anu
,nclGdlng 1900, respectively, as herel1'
after set forth.
SAID bonds shall be made payable tc
bearer, and snail be- styled Public School,
bonds, City Of New orleans and PARISH
OF Urleans.'
SAID bonds shall be of the denomlna
ton of one thousand dollars each, except
r,ot OF tho pntlnn nf any NiCnfhr- m M
indicated in and as apart OF his BID
ponds Of the denominations .ot-hve hun
dred dollars may be issued to such bldde'
It successful. .
The principal and interest of said bond
shall be payable IN gold COIN OF the Unlte'
States equal to the present standard o
!, weight and tineness, or sam may be ex
= pressed in pounds sterling or IN franc
and at such arbitrary rate. OF exchange
as said Board Of Liquidation, City Deb
> > may determine.
:, Said bonds shall be signed by the pres
dent and secretary, respectively, OF tn
Board vi directors Of the Pubic School
, tor the Parish Of Orleans and shall
countersigned by the PRESIDENT, or on
!, of the Vlce-presldenls, and the secretar
of the Board of Liquidation, City Deb
The interest on SAID bonds, shall
evidenced by interest coupons attache
/, thereto bearing the fac-simile signature
e Of the secretary of the Board Of director
of the Public Schools for the Parish
b orleans and the Secretary, OF. the Boar
of Liquidation, City DEBT, respecuyel
y and shall be payable on the first days
July and January, respectively. IN eat
year; said interest shall be payable
,e the City of New, Orleans and in SUI
other cities as the Board Of LiQuidatio
re City Debt, may determine, upon sure
D. der and cancellation of the said respe
is tive interest coupons, provided, hoWeve
e. that such cities shall be designated by t
Is Board Of Liquidation, City Debt, and a
ne nounced in the advertisement calling
ne competitive bids; and provided, furth'
that the principal Of said bonds shall
payable only in the City of New {
ch leans, State of Louisiana.
y, Said bonds may be registered n !
IS leased from registry under such rules a
o. regulations. as the Board of Liquidatit
Ill City Debt, nay determine; shall be
he empt from taxation. State, parish a
al municipal, shall. be a legal >investme
nd for the tutors of minors and curatt
all of interdicts !. and shall be received
by security for public deposits Of the st!
he of Louisiana or: any political subdlVlsl
.er thereof.
ity Section 2. Be it further enacted, e
lid That as soon as constitutional author
Ids for the issuanceiof said bonds shall hi
DIS, been obtained, the Board Of Direct
'ay of the Public Schools for the Parish
Jro Orleans shall, by resolution adopted
a majority Of the members thereof
ten regular or special meeting called tor t
H. purpose, call upon the Board of Liqui
ons ton, City Debt, to advertise for the s
of said bonds. When so called upon
to-, shall be the duty. of the Board OF Liz
gh- dalton, City Debt; to advertise said DO
ans for sale in the official journal of the [
lall of New Orleans and in such other ne
Ids, papers in financial centers as the Be-
ac- of Liquidation, City Debt, may determ
ent Said advertisement shall appear In G
we of said newspapers for thirty COY d
the Immediately preceding the date fixed
tied the receipt of sealed bids or proposals
any the highest bidder who shall have {
lion piled with the terms and conditions
lue- out by the Board of Liquiation, 4
lder Debt, in the advertisement for said boz
sim- provided that no sale of said bonds S
the be made unless all of said issue be
rea- and unless the average price obtained
t of the different maturities shall at
t to equal par and accrued interest for
que. entire issue. The Board of LiQuida1
City Debt, shall have the right to n
etc., any and all bids a.,
his Section g.. BE it further enacted,
tar That when the said bonds shall have