The Donaldsonville chief. [volume] (Donaldsonville, La.) 1871-current, 1914-10-24

s3o0ool each. payable on the first day
~ January in each of the years 1915
| Z 20 AID including 1855, respectively, as
..efeiaaiter Set forth.
Sail 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 ef one thousand dollars each
except that at the option Of any bid
Ger to be Indicated in and as a part
OF his bid. bonds of the denomination
| OF five hundred dollars may be issued
TO such bidder If successful.
/ he principal and interest OF said
/ nonds shall be payable In gold coin OF
the United States equal to the present
t standard of weight and fineness. or
same may be expressed In pounds ster-
1 ing or IN franc, and at such arbltrary
/ rate or exchange, as said Board OF LID
ufdation. City, Debt. may determine.
Said bonds shall be signed by the
president and secretary, respectively,
! of the Board of Directors of the Public
! Schools for the Parish Of Orleans. and
/ shall be eountersigned by the presi-
dent. or one of the vice presidents, and
| the secretary OF the Board of Liqufda-
/ 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
| 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
| 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
pons: provided. however. that such
cities shall be designated by the Board
| of Liquidation, City Debt, and announe-
ed in the advertisement calling for
| competitive bids: and provided. furth-
er. that the principal of said bonds
| shall be payable only In the City Of
| New Orleans. State of Louisiana
released from registry under such
| rules and regulations as the Board OF
Liquidation. City Debt may deter
mine; shall be exempt from taxa
ton. State parish and municipal,
shall be legal investment for the tu
tors of miners 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 authort-
ty for the issuance of said bonds shall
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
Board Of Liquidation. City Debt to ad-
vertise for the sale OF said bonds. When
so called upon. It 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 eenters as the Board of Liaui-
dalton, City Debt. may deterInine
each of said newspapers for thirty l3o9
days Immediately preceding the date
fixed for the receipt of bids: and the
said bonds shall be adjudieated and
sold under sealed bids or proposals. TO
the lasghest bidder who shall have COM
piled with the terms and conditions set
out by the Board of Liquidation, CITY
Debt. III the advertisement for said
bonds shall be made unless ali Of said
#issste he sold and unless the average
price obtained for the different matair-5
I tiles shall at least equal par and ac-
The Board Of Liquidation. City Debt.
shall have the right to reject any and
all bids.
Section 5. Be 1t further enacted etc.
That when the said bonds shall have
been adjudicated. as hereinafter set
forth, 1t shall be the duty of the Board
OF Liquidation. City Debt, TO irnmedi-
atefy cause said bonds to be engraved
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 Liqu5Satfon. 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 be
delivered after the adjudication, and
generally. all terms and conditions ap-
pertaining to the bids and adiudiea-
fion NOT otherwise Droytdpd For hx, 4t,fs
act.
Section T. Be 1t further enacted
etc. That the Boari of Liquidation
of the sale of said bonds in such local
bank or banks as may become The sue
cessful bidder or bidders for said bonds
IN proportion to the amount OF their
respective bids, upon furnishing seeur-
ity satisfactory to the Board OF Liqui-
aatfon, City Debt. and at such rate of
interest. as the Board OF Liquidation,
advertisements calling for bids: In the
event that the successful bidder or bid
ders for all or any part of the said
bonds shall be some person, rfrn1 or
then the proceeds of the sale OF the
bonds awarded to said suecessfur bid
der or bidders shall be deposited in
such local bank or banks and at such
rate of interest ais the Board of Lieut.
dalton. City Debt. may determine.
All payments made by the Board OF
Directors of the Public Schools for the
Parish of Orleans shall be made in the
Board of Liquidation. City Debt setting
forth the amount thereof the person
to whom payable and the purpose for
Which Which df Is made and the
hereby charged with the duty of taking
care that no Irregular or improper or
unlawful payments are made out of
said funds.
Re IL oro,%o17
etc. That the annual instalIrner1t Of
principal amounting to fifty thousand
dollars (s5o,o00l and the interest on
said bonds shall be payable out Of the
one-ha1f of the surplus of the one per
cent. debt tax levied by the City of New
Orleans by virtue of Article BIT or me
adopted in the year 1915, and dedica-
ted for the use of the public schools
of the Parish of Orleans. after provfd-
Ing for the principal and interest on
sand. six hundred and sixty-two dol
lars ts174,662). in principal sum, Of
bonds known as School Teachers Sal
airy Ponds Of the City Of New Orleans.
Assembly Of the State of Louisiana,
session of 1906, and subsequently adopt
ed as an amendment to the Constitution
of this State; and the said one-half of
the surplus OF the one per cent debt
tax subject to the exceptions specf-
fled and hereinabove Immediately set
forth, is hereby dedicated and pledged
to the payment of the bonds hereby |
authorized to be Issued. In principal and
interest: and the Board of Liquidation
City Debt. is hereby directed to employ
said fund to the extent necessary to |
carry out the purpose of this act; pro-
vided that nothing herein contained
shall otherwise change. affect or Inn
pair, the provisions of Article at of
the Constitution of this State.
Section s. Be 1t further enacted.
etc. That the Board of Liquidation. City
Debt, shall. on the first day Of Janu- |