The Donaldsonville chief. [volume] (Donaldsonville, La.) 1871-current, 1914-10-31

| s!3a1! be payable in forty (4O) annual
y sediments of fifty thousand dollars
sso0;ooo) each, payable on the first day
| OF January in each of the years 1871 q
70 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
Parish of Orleans
Said bonds shall be OF the denom-
lnat1on Of one thousand dollars each'
except that at the option Of any bid
DER, to be Indicated in and as part
of his bid bonds of the denomination
Of five hundred dollars may be issued
to such bidder If successful
The principal and interest OF said
bonds 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-
ling or IN franc and at such arbitrary
/ rate of exchange, as said Board OF L1q-
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 presf,
dent. or one Of the vice presidents, ana
tion. 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 Liuuidation City Debt
respectively, and shall be payable on
the first DAYS Of July and January, re-
spectiyely. 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-
er. that the principal OF said bonds
shall be payable only in the City of
New Orleans. State of Louisiana.
| Said bonds may be registered and
rules and regulations as the Board of
Liquidation. City rebt, may deter
mine; shall be exempt from taxa
ton: State. parish and municipal,
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 g Be It further enacted. etc,
| That as soon constitutional author1-
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
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. 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 centers as the Board of Lioui-
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 be adjudicated and
sold. under sealed bids or proposals. to
the feghest 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
bonds shall be made unless all OF said
issue be sold and unless the average
price obtained for the different matur-
erued interest for the entire issue
The Board of Linuida ton. City Debt
shall have the right to reject any and
all bids.
That when the said bonds shall have
been adjudfcated. as hereinafter set
forth, it shall be the duty of the Board
of Liquidation. City Debt. to immedi-
aIely cause SAID DOnCS TO De 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 be.
The Board Of LiquiSation, City Debt.
shall have the right to prescribe the
amount OF the deposit that shall accom-
which same shall become forfeited. the
time within which the bonds shall be
delivered after the adjudication, and,
generally. all terms and conditions APP
ton not otherwise provided for by this
Section A. BE 1t further enacted,
etc. That the Board 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
ity satisfactory, to the Board OF Liqui-
dation, City Debt ard at such rate of
interest as the Board Of Liquidation.
City Debt, may fix and announce 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 local bank
bonds awarded to said successrur bid
der or bidders shall be deposited In
such local bank OF banks and at such
rate of interest as the Board of Liqui-
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
form of warrants Or drafts on the
Board, of Liquidation. City Debt, setting
forth the amount thereof, the person
to whonA 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 no irregular or improper or
unlawful payments are made out of
said funds.
Section 8. Be 1t further enacted,
etc. That the annual installment Of
principal amounting to fifty Thousand
dollars {s50,000l 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 SIT or the
adopted in the year 1918, 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-four 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. 9 of the General
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-ha1f of
the surplus of the one per cent debt
tax. subject to the exceptions speci-
fled and hereinabove Immediately set
to the payment of the bonds hereby
authorized to be issued in Drincfpa1 and