The Madison journal. (Tallulah, Madison Parish, La.) 1888-current, 1914-10-10
Act No. 262
House Bill No. 613. BY Mr.. Generally.
AN ACT

House Bill No. 6l3. BY Mr.. Generelly
AN ACT
Authorizing the Board of Directors Of
the Public Schools OF tho Parish OF
Orleans to issue Two Million Dollars
of bonds for the purpose OF acnmir-
ing school sites. constructing school
buildings and their appurtenances in
the City of New Orleans: To provide
the terms ana conditions under which
said bonds shall be issued and sold
and the security for the ravment ~
the principal and interest thereof. 70
define the duties of the Roard OF
Liquidation. City Debt in connectior
with the issuance and sale of said
bonds. the payment of the princinai
and interest thereon. and the retire
ment thereof: to prescribe the dvties
and obligations of the City OF New
Orleans I'm connection with the re-
endorsement of TIE Board OF Direc-
tors OF the Public Schools for tn
Parish of Orleans by eitain annual
payments; and to define the method
and manner in which the proceeds OF
said bonds shall be employed and
dishurSed.
Section l. Be It enacted by the Cen
eral Assembly of the State OF Louis
lana 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
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. 00OD
1915. bearing five per cent % per
cent? per annum interest, payable
semi-annually. the principal OF which
shall be payable in forty (40) annual
instaIlments of fifty thousand dollars
CsoO OOo) each. payable On the first day
or January In each OF the years 1916
10 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
farish of Orleans"
Said bonds shall be OF the demon
NATION OF one thousand dollars each'
except that at the option of any bid
uer, 10 be indicated in and as part
OF his bid. bonds OF the denomination
or five hundred dollars may be issued
TO such bidder II successful
The principal and interest OF said
ponds shall be payable in gold coin OF
the United States equal to the present
standard OF weight and fineness, or
same may be expressed in pounds ster-
ing or In franc. and at such arbitrary
rate or exchange. as said Board or Llq-
uidation. 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 countersigned by the presi-
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
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
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 announc-
ed in the advertisement calling for
competitive bids; and provided. furth-
err that the principal OF said bonds
shall be payable only in the City OF
New Orleans. State of Louisiana
sss bonds em may . b. ess Sssa s aeS
rules and regulations as the Board of
Liquidation. City Debt. may deter
mine; shall be exempt from taxa
ton; State. parish and municipal
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.
That as soon as constitutional euthori-
ty for the issuance Of said bonds shall
have been obtained. the Board OF Dtrec-
tors of the Public Schools for the Par
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
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
financial centers as the Board of Liuui-
dalton. City Debt. may determine.
Said advertisement shall appear in
each of said newspapers for thirty (3o)
days Immediately preceding the date
fixed for the receipt Of bids: and the
said bonds shall be adiudicated and
sold. under sealed bids or proposals. to
the highest bidder who shall have COM
piled with the terms and conditions set
out by the Board of Liquidation. CITY
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
bidder OF 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 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.
pertaining to the bids and adjudica-
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 hanks as NAV become the sue
cessful bidder or bidders for said bonds
in proportion to the amount OF their
ity satisfactory 20 the Roard OF Liuui-
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
bonds shall be some person. rrrm or