The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1914-08-29
Bonds, City. of New Orleans and Parish

of Orleans"
; Said bonds shall be of the denorninatio
J of one thousand dollars each, except tn:
, at the option Of any bidder, to be ind
Gated IN and as part OF his bid, bono
| OF the denomination of i've hundred do
lars may be issued to such bidder if sue
ceSSfui.
! The principal and interest of said bond
shall be payable in gold coin of the Unite
states equal to the present standard {
weight and fineness, or same may be ex
pressed in pounds sterling or in franc an
at such arbitrary rate of exchange a
determine.
Said bonds shall be signed by the pres
ldent and secretary, respectively, of tn
Board OF Directors of the Public School
for the Parish of Orleans, and shall b
countersigned by the president. or one o
the vice-presidents, and the secretary O
the Board of Liquidation, City Debt.
The interest on said bonds shall be evi
denced by interest coupons attached there
the secretary of the Board of Directors o
the Public Schools for the Parish of Or
leans and the Secretary of the Board O
Liquidation. City Debt, respectively. ant
and January. respectively, in each year
said interest shall be payable in the Cit,
OF New Orleans and in such other cities
as the Board of Liquidation, City Debt
may determine upon surrender and cancel
iation or the said respective interest cou-
pons; provided, however, that such cities
shall be designated by the Board OF Liqui-
dation. City Debt, and announced in the ad-
yertisement calling for competitive bids
and provided, further, that the principal OF
said bonds shall be payable only in the
City OF New Orleans. State OF louisiana.
Said bonds may be registered and re-
leased from registry under such rules and
regulations as the Board of Liquidation,
City Debt, may determine; shall be ex-
empt from taxation State. parish and
municipal. shall be legal investment for
the tutors of minors and curators of in
terdicts; and shall be received as security
for public deposits of the State of Louisf-
ana or any political subdivision thereof.
Section 2. Be it further enacted, ETC.,
That as soon as constitutional authority
Tor the issuance of said bonds shall have
been obtained. the Board of Directors of
leans shall: by resolution adopted by a
majority of the members thereof in reg
ular or special meeting called for that
ton, City Debt, to advertise for the sale
OF said bonds. When so called upon, it
shall be the duty of the Board of Liquida-
ton, City Debt, to advertise said bonds for
New Orleans and in such other news
papers in financial centers as the Board
OF Liquidation, City Debt, may determine
saS shall in each
Immediately preceding the date fixed for
the receipt OF bids; and the said bonds
SHAH be adjudicated and sold, under seal
who shall have complied with the terms
and conditions set out by the Board of
LIQUIDATION. City Debt. in the advertise
Of said bonds shall be made unless SO ali i' Of
SAID issue be sold and unless the average
price obtained for the different maturities
shall shall. at least equal par and accrued in.
Liquidation, City Debt, shall have the
righZ to reject any and all bids.
Section 3. Be It further enacted. etc.
That when the said bonds shall have been
adJudicated, as hereinafter set forth. it
shall be the duty of the Board of Liqui-
dation. City. Debt, to Immediately cause
SAID bonds to be engraved and executed
IN such denominations and payable in the
currency of such country or countries as
indicated or the Board of LIQUIDATION
city DEBT, determine. as the case may be.
shall have the right to prescribe the
amount Of the deposit that shall accom-
pany each bid. the conditions under which
sane shall become forfeited, the time
within which the bonds shall be delivered
after the adjudication, and, generally, all
terms and conditions appertaining to the
DDS and adjudication not otherwise pro-
Section T. Be it further enacted, etc,
fhat the Board of Liquidation. City Debt,
;hall deposit the proceeds of the sale of
aid bonds in such local bank or banks as
nay become the successful bidder or bid
ierS for said bonds in proportion to the
nPunt of their respective bids, upon fur
lis'ling security satisfactory to the Board
u Liquidation. City Debt. and at such
ate of interest as the Board of Liquida-
ion. City Debt, may fix and announce in
ne advertisement calling for bids. In the
vent that the successful bidder or bid
lers for all or any part of the said bonds
man pc some person. firm or corporation
'ther than local bank, then the proceeds
= the sale Of the bonds awarded to said !
uccessful bidder or bidders shall be de-
'osted in such local bank or banks and |
4 such rate OF interest as the Board of |
liquidation, City Debt, may determine.
ectors of the Public Schools for the Par
sh of Orleans shall be made in the form |
4 warrants or drafts on the Board of Lii !
nidation, City Debt. setting forth the
bic and the purpose for which the pay !
nent Is made; and the Board of Liuuida- 1
ION. City Debt, is hereby charged with |
r improper or unlawful payments are |
1ade out of said funds.
Section 5. Be il further enacted. etc
NAT the annual installment of principal |
mounting TO fifty thousand dollars ESQ.,
00) and the interest on said bonds shall |
e payable out Of the one-half of the sur /
lus OF the one per cent. debt tax levied
.rticle 81 Of the Constitution of d'o the he
tate Of Louisiana, adopted in the wear /
s13, and dedicated for the use of the I
ubiIc schools Of the Parish of Orleans,
crest on the one hundred and seventy H
,ur thousand. six hundred and sixty-two |,
ollars s174,662),. in principal sum, of |,
onds known as School Teachers Salary
onds of the City of New Orleans, au-
lorszed by Act No. of the General AS
emily Of the State of louisiana session
1906. and subsequently adopted as an D
mendment to the Constitution OF this
tate; and the said one-half of the sur
us OF the one per cent debt tax, subject
the exceptions specified and herein
Doye Immediately set forth, Is hereby
and pledged to the payment of
principal and interest; and the Board
Liquidation, City Debt, is hereby d. {
'cted to employ said fund to the extent
scessary to carry out the purpose OF this !
4; provided that nothing herein contain
shall otherwise change, affect or i'm
lir. the provisions of Article 81 of the ]
institution of this State II
Section 6. Be it further enacted etc. q
hat the Board of Liquidation, CITY Debt IL
AL, on the first day of January, 1916, q
I'd annually thereafter pay and redeem y
tythousand dollars ($5o.o0o). in princi- I
\ sum of said bonds. The plan and t
hedule of redemption shall be determined \
the Board of Liquidation. CITY Debt q
I'd announced by it in detail in the adj r
ruSement calling for sealed bids. 8