The Natchitoches enterprise., 1914-09-03

tnstallments of fifty thousand oolare
(S5o.ooo) each, payable on the firs' ga, Gaf
Of January in each of the years 1910
to and including 1885, respectively as
hereinafter set forth.
Said bonds shall be made PAYABLE 70
bearer and shall be styled Puollc
School Bonds, City Of New Orleans ana
Parish of Orleans
Said bonds shall be Of the demon
nation of one thousand dollars eacn'
except that at the option OF any plu
der, to be indicated in and as palt
of his bid, bonds of the denomnatlon
Of five hundred dollars may be Issued
to such bidder If successful
The principal and interest or sala
bonds shall be payable in gold coin OF
the United States equal to the present
standard of weight and fnenes9, VI
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 respecI1Heei3iS,
of the Board of Directors Of the PUBIC
Schools for the Parish of Orleans, ana
shall be countersiSned by the presl-
dent. or one of the vice presidents, ana
the secretary of the Board of Llaulda-
ton, City Debt.
The interest on said bonds shall be
evinced by interest coupons attached
thereto bearing the fac-simile slghac
lures of the secretary OF the Boatu "
| directors
Parish of Orleans and the Secretary
of the Board of Liquidation. City Dent
respectively and shall be payable on
the first days of July and January, re-
spectiveIy, in each year; said interest,"
shall be payable in the City OF New
Orleans and in such other cities as the
Board of Liquidat iOn, City Debt may
determine upon surrender and cancella-
ton of the said respective interest cou-
pons; provided. however, that such
e1,a he cd
of Liquidation, City Debt. and announc-
ed in the advertisement calling TOT
competitive bids; and provided, furtf-
er. that the principal Of said nono as
shall be payable only in the CITY OF
New Orleans. State of Louisiana:
Said bonds nay be registered ana
released from registry under such
rules and regulations as the Board OF
nine miTei'' shall shall be exempt from taxa
ton state parish and municipal
shall he legal investment for the tu-
tors of minors and curators of inter
ity for public deposits of the state or
Louisiana or any political SUBDIVISION
thereof
Section . Be it further enacted. etc,
That as soon as constitutional authori,
ty for the issuance of said bonds snail
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 of said bonds. When
so called upon 1t 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 Liqu1-
datfon. City Debt may determine.
Said advertisement shall appear In
each of said newspapers for thirty 600
days Immediately preceding the date
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 nave COM
piled with the terms and conditions set
out by the Board of Liquidation City
Debt, in the advertisement for 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 ac-
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 it further enacted etc.
That when the said bonds shall have
been adjudicated, as hereinafter set
forth, it shall be the duty of the Board
of Liuuida ton. City Debt. to immedi-
ately 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 Liquidation. City Debt,
shall have the right to prescribe the
amount of the deposit that shall accom-
pany each bid. the conditions under
time within which the bonds shall be
delivered after the adjudication, and.
generally, all terms and conditions ap-
pertaining to the bids and adjudica-
ton not otherwise provided for by this
act.
Section 4. Be it further enacted.
etc. That the Board of Liquidation.
City Debt. shall deposit tie proceeds
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 secur-
ity satisfactory to the Board of Liqui-
dalton, 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 firm or
corporation other than a local bank
then the proceeds. of the sale OF Cne
bonds awarded to said successruI bid
der or bidders shall be deposited I'm
such local hank or banks and at such
rate of interest as the Board Of Liuui-
dation. 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
form of warrants or drafts on the
Board of Liquidation. City Debt. setting
forth the amount thereof, the person
to whom payable and the purpose for
which the payment is made: and the
Board of Liquidation. City Debt. is
hereby charged with the duty Of taking
care that 10 irregular or improper or
unlawful payments are made out of
| said funds.
Section s. Be it further enacted
| etc, That the annual installment of
7 principal amounting to fifty thousand
| dollars (s5o,000) and the interest on
| said bonds shall be payable out of the
one-half of the surplus of the one per
| cent debt tax levied by the City of New
| Orleans by virtue Of Article BIT or Yne
| Constitution of the State of Louisiana.
adopted in the year 1913. and dedica-
ted for the use. of the public schools
| of the Parish of Orleans, after provid.
| ing for the principal and interest on
| the one hundred and seventy-tour thou
| sand six hundred and sixty-two dol
| lars (S174.662). in principal sum- OF
| bonds known as School Teachers Sal
| authorized by Act No. of the General
| Assembly of the State of Louisiana
| session of 1908, 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
| fled and hereinabove Immediately Sc,
| 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
Fr4Y,1 - he