The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1914-09-12
Bonds, City of New Orleans and Parish

Z I1ITI bio, DOllU
of the denomination of five hund ed dol
lars may be issued to such bidder if sue
: ceSSful.
f The principal and interest of said bond
shall be payable in gold coin of the Unite
states equal to the present standard @
/ weight and hneness, or same may be ex
pressed IN pounds sterling or in franc an,
at such arbitrary rate of exchange a
/. sad Board of Liquidation, City Debt ma,
t Said bonds shall be signed By the pres
ident and secretary, respectively OF tn,
Board OF Directors of the Public Schools
FOR the Parish of Orleans. and shall b,
the y1ce-presidents, and the secretary O
, the Board of Liquidation, City Debt.
{ Inc interest on said bonds shall be evil
,, denced by interest coupons attached there
to bearing the fac-simile signatures @
the secretary of the Board of Directors O
the Public SCHOOLS for the Parish of Or.
leans and the Secretary of the Board o
Liquidation, City Debt, respectively, ant
shall be payable on the first days of July
and January, respectively, 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 cancel
lation of the said respective interest cou-
pons; provided, however, that such cities
shall be designated by the Board of Liqui-
dation, City Debt and announced in the ad-
Ivertisement calling for competitive bids
and provided, further. 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 re-
leased from registry under such rules and
regulations as the Board of Liquidation,
City Debt, may determine: shall be ex-
municipal. shall be legal investment for
! the tutors of minors and curators of in
terdicts; and shall be received as security
for public deposits of the State of Louisi-
ana or any political subdivision thereof.
Section 2. Be it further enacted. etc.
That as soon as constitutional authority
fnr fhn icov nf II how - boil
been obtained the Board of Directors of
the Public Schools for the Parish of Or
leans shall: by resolution adopted by a
ular or special meeting called for that
purpose, call upon the Board of Lquida-
ton, City Debt, to advertise for the sale
shall be the duty of the Board of Liquida-
ton, City Debt. to advertise said bonds for
sale in the ofticia! journal of the City of
New Orleans and in such other news
papers in financial centers as the Board
of Liquidation, City Debt, may determine.
Said advertisement shall appear in each
of said newspapers for thirty 900 days
the receipt Of bids; and the said bonds
shall be adjudicated and sold, under seal
ed bids or proposals. to the highest bidder
and conditions set out by the Board of
Liquidation, City Debt, in the advertise
ment for said bids; provided that no sale
said issue be sold and unless the average
price obtained for the different maturities
shall at least equal par and accrued in
terest for the entire issue. The Board of
Liquidation. City Debt, shall have the
right to reject any and all bids.
Section 8. Be it further enacted, etc,
That when the said bonds shall have been
adJudlcated, as hereinafter set forth, it
shall be the duty of the Board of Liqui
dation, City Debt, to Immediately cause
said bonds to be engraved and executed
in such denominations and payable in the
currency. of such country or countries as
indicated or the Board of Liquidation,
City Debt, determine, as the case may be.
shall have the right to prescribe the
amount of the deposit that shall accom-
pany each bid. the conditions under which
within which the bonds shall be delivered
after the adjudication, and. generally, all
terms and conditions appertaining to the
bids and adjudication not otherwise pro-
vided for by this act.
Section 4. Be it further enacted, ETC., !
That the Board of Liquidation. City Debt.
shall deposit the proceeds of the sale of
said bonds in such local bank or banks as
may become the successful bidder or bid
ders for said bonds in proportion to the
amount of their respective bids. upon fur,
of Liquidation. City Debt, and at such
rate of interest as the Board of Liquida /
ton, City Debt, may fix and announce in
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 the bonds awarded to said |
bidder or bidders shall be de- |
posted in such local bank or banks and |
at such rate Of interest as the Board of
City Debt, may determine.
All payments made by the Board of Di-
rectors of the Public Schools for the Par
ish Of Orleans shall be made in the form |
quotation. City Debt, setting forth the
amount thereof, the person to whom pay
able and the purpose for which the pay
ton, 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 5. Be it further enacted. etc, |
That the annual installment of principal |
amounting to fifty thousand dollars ESQ.,
poO and the interest est on said I1. bonds % shall
plus of the one per cent, debt tax levied
by the City of New Orleans by virtue of
Article 317 of the Constitution of the
State of Louisiana, adopted in the year
1913, and dedicated for the use of the
public schools of the Parish Of Orleans,
after providing for. the, principal and in
four thousand. six hundred and sixty two
dollars ($174,662), in principal sum. of
bonds known as School Teachers Salary
thorized by Act No. 2 of the General AS
sembly of the State of Louisiana. session
Of 1906, and subsequently adopted as an
amendment 10 Cne Vi tuiS
State; and the said one-half of the sur
plus of the one per cent debt tax, subject
TO the exceptions specified and herein
above Immediately set forth, is hereby
dedicated and pledged to the payment of
he bonds hereby authorized to be issued,
n principal and interest; and the Board
If Liquidation, City Debt, is hereby di-
'ected to employ said fund to the extent
necessary to carry out the purpose of this
ict; provided that nothing herein contain
I'd shall otherwise change affect or i'm
pair. the provisions Of Article 81 of the
of this State.
Section 6. Be it further enacted etc,
That the Board of Liquidation, City Debt,
shall, on the first day of January. 1916,
md annually thereafter pay and redeem
dollars ($50,000), in princi-
BAL sum of said bonds. The plan and
schedule of redemption shall be determined
~ the Board of Liquidation, City Debt
md announced by 1t in detail in the ad-
vertisement calling for sealed bids
Section Z. Be it further enacted, etc.
That in order to reimburse the Board of
Directors of the Public Schools for the
Parish of Orleans for the deductions and
which the Board of Liquidation,
city Debt, is herein authorized to make
,ut of said one-half of the surplus of the
me per cent, debt tax, the City of New
Orleans shall, and it is hereby made its
luty to pay over to the Board of Liquida-
ion, City Debt, beginning on or before
he first day of July, 1915, and annually
hereafter up to and including the year
934, the sum of one hundred thousand
lollars ($100,000) in cash, and beginning