The true Democrat., 1914-10-24

OLneT llau a lOCdl Dd1k, tnen the pIOCSSuS
of the sale of the bonds awarded to said
successful bidder or bidders shall be de-
posted in such local bank or banks and
at such rate of interest as the Board of
Liquidation, City Debt may determine.
All payments made by the Board of Di-
rectors of the Public Schools for the Par
sh of Orleans shall be made in the form
of warrants or drafts on the Board of Lii
quidation, City Debt, setting forth the
amount thereof the person to whom pay
able. and the purpose for which the pay
ment is made; and the Board of Liquida-
ton, City Debt, is hereby charged with
the duty of taking care that no irregular
or improper or unlawful payments are
made out of said funds.
Section s. Be it further enacted, ETC.,
That the annual installnent of principal
amounting to fifty thousand dollars $780,
000) and the interest on said bonds shall
be payable out of the one-half of the sur
plus of the one per cent, debt tax levied
by the City of New Orleans by virtue of
Article 317 of the Constitution of the
State of Louisiana, adopted in the year
1910 duu uOulSdlSu lOT Tic USE VI tIlG
public schools of the Parish of Orleans,
after providing for the principal and in
terest on the one hundred and seventy
four thousand, six hundred and sixty two
dollars ($174,662), in principal sum, of
bonds known as School Teachers Salary
Bonds of the City of New Orleans, au-
thorized by Act No. Of the General AS
c hJy of tha Stoto nf o11ici
of 1906 and subsequently adopted as an
amendment to the Constitution of this
State; and the said one-half of the sur
plus of the one per cent debt tax, subject
to the exceptions specified and herein
above Immediately set forth, is hereby
dedicated and pledged to the payment of
the bonds hereby authorized to be issued,
| in principal and interest; GAd the Board
| of Liquidation, City Debt, is hereby di-
rected to employ said fund to the extent
necessary to carry out the purpose of this
act; provided that nothing herein contain
ed shall otherwise change, affect or i'm
pair, the provisions of Article 217 of the
Constitution of this State.
Section s. Be it further enacted, ete.,
| hCtI tiiS DOtbiu VI SlLy DGDJ,
shall, on the first day of January 1916,
and annually thereafter pay and redeem
| fifty thousand dollars ($500OO), in princi-
II pal sum of said bonds. The plan and
| schedule of redemption shall be determined
| by the Board of Liquidation, City Debt,
and announced by it in detail in the ad-
vertisement calling for sealed bids.
Section 7. Be it further enacted, ETC.,
| That in order to reimburse the Board of
Directors of the Public Schools for the
Parish of Orleans for the deductions and
payments which the Board of Liquidation.
City Debt, is herein authorized to make
out of said one-half of the surplus of the
one per cent, debt tax, the City of New
Orleans, shall, and it is hereby made it's
duty to pay over to the Board of Liquida-
ton, City Debt, beginning on or before
the first day of July, 1915, and annually
thereafter up to and including the year
! 1894, the sum of one hundred thousand
dollars ($l00,000) in cash, and beginning
on or before the first day of July, 1895,
and annually thereafter up to and includ-
ing the year 1854, the sum of fifty thous-
| anu NYoVpuUVt III Cotollp ttiiu ouCh
| further sum as may be necessary in each
year to pay the interest on the bonds here
in authorized and then outstanding To
enable the City of New Orleans to make
such annual payments, the said city is
authorized to issue and to sell so much
of the public improvement certificates au-
thorized to be issued under Act No. 56 of
the General Assembly of the State of Lou
| isiana, Session of 1908, or amendments
presently existing thereto, or that may be
hereafter made, as may be necessary for
| said purpose; and such certificates shall
| be sold by the City of New Orleans under
sealed proposals to the highest bidder, in
such amounts and under such, conditions
as the City of New Orleans may prescribe.
| The City of New Orleans shall be entitled
| to reject any aid all bids for such cer-
herein contained shall be construed to,
! in any manner, relieve the City of New
Orleans of the obligation to make the an
nual payments herein designated; and, in
the event that the City of New Orleans
should fail to make any payment when
same shall become due, it shall be the duty
of the Board of Liquidation, City Debt, to
compel, by mandamus or other appropri-
ate remedy, the City of New Orleans to
pay over to it the amount thus DUE When,
and as soon as the Board of Liquidation,
City Debt, shall have received from the
City of New Orleans any such annual pay
ment, the money so received shall be
forthwith paid over by the Board of Lii
quidation, City Debt, to the Board Of
Directors of the Public Schools for the
Parish of Orleans.
Section g. Be it further enacted, ETC.,
That the proceeds of the sale of two mill
lion dollars of bonds herein authorized to
be issued shall be expended solely for the
following purposes, to-wit:
For the acquisition in the lame of the
City of New Orleans either by purchase
or by appropriation proceedings to be in
stituted in the name of the City of New
Orleans, of such sites as may be neces-
sary for the erection, extension or en-
largement of school houses and their ap-
purtenances, or for the establishment of
Fairgrounds or stadia connected with the
public school system of the City of New
Orleans; and for the construction, or en-
largement,or or maintenance of school houses
and school buildings and other edifices
and appurtenances thereto.
Any and all contracts for the purchase