The Madison journal. (Tallulah, Madison Parish, La.) 1888-current, 1914-10-31
Act No. 262
House Bill No. 619. BY Mr. Genere,Iv
AN ACT

tne fupllc SCHOOLS or the Parish of
Orleans to issue Two Million Dollars
of bonds for the purpose OF acc,,ir
ing school sites. constructing school
buildings and their appurtenances in
the City Of New Orleans; to nroy-iJe
the terms and conditions under which
said bonds shall be issued and sol5
and the security for the pavmert of
the principal and interest thereof. N
define the duties of the Po3rd NJ
LIQUIDATION. City Debt. in connection
with the issuance and sale Of saiI
bonds. the payment of the princinaI
and interest thereon. and the retire
ment thereof: to prescribe the d,Jties
and obligations of the CITY OF Nov
orleans In connection with the re-
endorsement of TIE Board Of Direc-
tors OF the Public Schools for tho
Parish of Orleans by certain annual
payments; and to define the method
and manner in which the proceeds OF
said bonds Shall be employed and
diSburSed.
Section l. BE II enacted by tho Cen
eral Assembly of the State of Iouis-
idna, two-thirds of all the members
elected to each house concurring That.
subject TO ratification of the people of
the state OF Louisiana, by an amend
ment TO the Constitution of the State
hereinafter submitted to them, the
Board OF Directors of the Public Schools
for the Parish of Orleans, of the State
OF Louisiana, is hereby authorized and
empowered to issue bonds not to ey-
coed two million dollars (S2.OOO. OOOD
in amount. to be dated January l.
dsl5, bearing five per cent IS per
semi-annually. the principal OF which
snail be payable in forty (40) annual
lnstallments of fifty thousand dollars
100000 each, payable on the first day
or January in each OF the years 1916
to and including 1855. respectively. as
hereinafter set forth.
Said bonds shall be made payable to
bearer. and shall be styled Public
school Bonds. City of New Orleans and
Parish of Orleans"
Said bonds shall be OF the demon
nation of one thousand dollars each
except that at the option OF any bid
der, to be indicated in and as part
or his bid, bonds OF the denomination
or five hundred dollars may be Issued
to such bidder II successful.
The principal and interest OF said
the United States equal TO the present
standard OF weight and fineness, OF
same may be expressed in pounds ster-
ling or in franc. and at such arbitrary
rate OF exchange. as said Board of Liz
uidation. City, Debt, may determine.
Said bonds shall be signed by the
president and secretary, respectively.
or the Board Of Directors of the Public
Schools for the Parish of Orleans, ana
shall be countersigned by the presl-
dent, or one of the vice presidents. and
the secretary of the Board of Liquida-
ton. City Debt.
The interest on said bonds shall be
evinced by interest coupons attached
thereto bearing the fac-simile sigma
lures OF the secretary of the Board OF
Parish of Orleans and the Secretary
OF the Board OF Liquidation. City Debt
respectively. and shall be payable on
the first DAYS of July and January. re-
spectively. in each year; said interest
shall be payable in the City of New
Orleans and in such other cities as the
Board of Liquidation, City Debt. may
determine upon surrender and cancella-
ton OF the said respective interest cou-
cities shall be designated by the Board
of Liquidation. City Debt. and announc-
ed in the advertisement calling for
competitive bids; and provided. furth-
er. that the principal Of said bonds
New Orleans, State of Louisiana
Said bonds may be registered and
released from registry under such
rules and regulations as the Board of
Liquidation. City Debt. may deter
ton. state. parish and municipal
shall be a legal investment for the tu-
tors OF minors and curators Of inter
diets: and shall be received as secur-
ity for public deposits Of the state Of
thereof.
Section 2. Be II further enacted. etc.
That as soon as constitutional euthori-
ty for the issuance Of said bonds shall
have been obtained, the Board Of Direc-
tors of the Public Schools for the Par
ish OF Orleans shall. by resolution
adopted by a majority Of the members
thereof in regular or special meeting
called for that purpose. call upon the
Board of Liquidation. CITY Debt, to ad-
far he 10 Of
so called upon. II shall be the duty Of
the Board OF Liquidation. City Debt
to advertise said bonds for sale In the
official journal Of the City Of New Or
leans and in such other newspapers in
financial centers as the Board Of Liuui-
dalton. City Debt, may determine
Said advertisement shall appear in
each OF said newspapers for thirty 600
fixed for the receipt Of bids; and the
said bonds shall he adjudicated and
sold. under sealed bids or proposals to
the highest bidder who shall have rom-
piled with the terms and conditions set
out by the Board Of Liquidation. Citv
Debt, in the advertisement for said
bids; provided that no sale of said
bonds shall be made unless all OF said
issue be sold and unless the average
price obtained for the different matur-
tiles shall at least equal par and &C.
crued interest for the entire issue
The Board Of Liquidation. City Debt
shall have the right to reject any and
all bids.
Section 3. Be II further enacted. etc.
That when the said bonds shall have
been adjudicated. as hereinafter set
forth. II shall be the duty OF the Board
OF Liquidation. City Debt to immedi-
ately cause said bonds to be engraved
and executed in such denominations
and payable in the currency of such
country or countries as the successful
bidder or bidders may have indicated
or the Board Of Liquidation. City Debt.
determined. as the case may be.
The Board of Liquidation. City Debt
shall have the right TO prescribe the
amount of the deposit that shall accom-
pany each bid the conditions under
which same shall become forfeited the
time within which the bonds shall he
delivered after the adjudication, and
generally. all terms and conditions ap-
ton not otherwise provided for by this
act.
Section T. Be II further enacted.
ETC. That the Board Of Liuuidation
CITY Debt. shall deposit the proceeds
of the sale of said bonds in such local
bank or banks as NAV become the sue
cessful bidder or bidders for said bonds
respective bids. upon furnishing secur-
ity satisfactory to the Poard OF Liqui-
dation City Debt. and at such rate Of
interest as the Board Of Liquidation,
City Debt may fix and announce in the
advertisement calling for bids. In the
event that the successful bidder or bid
ders for all or any part of the said
corporation other than a local bank.
then the proceeds OF the sale OF the
bonds awarded to said successor bid
der or bidders shall be deposited in