The Madison journal. (Tallulah, Madison Parish, La.) 1888-current, 1914-09-05
Act No. 262
House Bill No. 613. By Mr.. Generelly.
AN ACT

| Orleans to issue Two Million Dollars
or bonds Tor the purpose Of acQuir-
| ing school sites, constructing school
buildings and their apDurtenances I'm
| the City of New Orleans: 10 provide
| the terms and conditions under which
| said bonds shall he issued and sold
| ard tn" security for the payment of
| the principal and interest thereof. 70
| define the duties Of the BOARD of
| Liquidation. City Debt. in connection
| with the issuance and sale Of saiJ
| bonds, the payment Of the princinal
| and interest thereon. and the retire-
| ment thereof: to prescribe the duties
| and obligations Of the CITY of New
| Orleans in connection with tba 70
| 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 the Con-
| eral Assembly of the State of Louis
| lana. two-thrds 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 ex-
coed two million dollars $4,000. OOOD
1915. bearing five per cent t5 per
cent? per annum interest. PAYABLE
semi-annually. the principal or which
snail be payable in forty GO) annual
lnstaIlnentS of fifty thousand dollars
's5p,oOO) each. payable on the first day
OF January in each of the years 1916
10 and including 1855, respectively. as
hereinafter set forth.
said bonds shall be made payable to
nearer. and shall be styled Public
school Bonds: City of New Orleans and
Parish of Orleans"
Said bonds shall he Of the denom-
NATION OF one thousand dollars each
| except that al the option of any bid
der, to be indicated in and as a part
OF ms bid. bonds of the denomination
or i've hundred dollars may be issued
10 such bidder If successful.
The principal and interest OF said
ponds shall be payable in gold coin OF
the nited States equal to the present
standard OF weight and fineness. or
same may be expressed in pounds ster-
ling or in franc and at such arbitrary
rate or exchange. as said Board OF Liq-
uidation. City, Debt, may determine,
Said bonds shall be signed Ivy the
president and secretary, respectively,
Schools for the Parish of Orleans. and
snail be countersigned by the presi-
dent. or one of the vice presidents. and
the secretary of the Board of Liquida-
lloll, SNN DEBT.
The interest on said bonds shall be
eVlnced by interest coupons attached
thereto bearing the fac-simile sigma
lures OF the secretary of the Board or
Directors OF the Public Schools for the
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
Il,sll
Board Of Liquidation, City Debt may
determine upon surrender and cancella-
ton of the said respective interest cou-
pons: provided. however. that such
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
shall he payable only in the City OF
New Orleans. State of Louisiana
Said bonds may he registered and
released from registry under such
rules and regulations as the Board of
Liquidation. City Debt. may deter
mine; shall be exempt from taxa
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
Louisiana or any political subdivision
thereof.
Section 2. Be IT further enacted. etc.
That as soon as constitutional authori-
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 majority of the members
thereof in regular or special meeting
called for that purpose. call upon the
Board of Liquidation, CITY Debt, to ad-
vertise for the sale IF said bonds. When
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 Linui-
dalton. City Debt. may determine.
Said advertisement shall annear in
each of said newspapers for thirty (30)
fixed for the recent of bids: and the
said bonds shall be adjudicated and
sold. under sealed bids or proposals. to
the highest bidder who shall have COM
out by the Board of Liquidation, CITY
Debt, in the advertisement for said
bids; provided that no sale of said
bonds shall he made unless all of said
price obtained for the different matur-
tiles shall at least equal par and ac
crued interest for the entire issue.
The Board of Linuidation. City Debt.
shall have the right to reject any and
all bids.
D.
That when the said bonds shall have
been adjudicated. as hereinafter set
forth, II shall be the dutv of the Poard
Of Liquidation. City Debt. to immedi-
ately cause said bonds to he 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 he
The Board of Liquidation, City Debt.
shall have the right 20 prescribe the
amount of the deposit that shall accom-
many each bid the conditions under
which same shall become forfeited the
time within which the bonds shall be
delivered after the adjudication. and.
generally. all terms and conditions ap-
ton not otherwise provided for by this
act.
Section 4. Be II further enacted.
etc. That the Board of Liuuida ton
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-
itv satisfactory to the Roard of Lidui-
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 hid
Ger or bidders shall be deposited in
such local hank or banks and Mt such
rate of interest as the Board of Liqui-