Lower coast gazette., 1914-09-26

lated or the Board OF Liquidation, City &C.
Debt: determined, as the case may be. OF
The Board of Liquidation, City Debt, -
shall have the right to prescribe. the 70
amount of the deposit that shall accom- :.
pany each bid, the conditions under which I
same shall become forfeited, the time n
within which the bonds shall be delivered a
after the adjudication, and, generally, all n
terms and conditions appertaining to the \
bids and adjudication not otherwise pro- L.
vided for by this act. u
Section 4. Be it further enacted, etc,
That the Board of Liquidation, City Debt, S
Shall deposit the proceeds OF the sale OF a
said bonds in such local bank or banks Il
as may become the successful bidder
or bidders for said bonds in proportion {
to the amount Of their respective bids, 8
upon furnishing security, satisfactory to {
the Board of Liquidation, City Debt. and {
at such rate of interest as the Board of
Liquidation, City Debt, may fix and an
nounce in the advertisement calling for
| bidder or bidders for all or any part of
the said bonds shall be SOME person. firm
or. corporation other than a. local bank,
awarded to said successful bidder or
DIuutlS SIdI Dc. ucpOSlleu~ A~SutH lOCtl
bank or banks at such rate Of interest
as the, Board. of. Liquidation, 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
,o ma and fhn r,,ppnco fnr v,hiah fhn |
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 pay
1 ments are made out Of said funds.
Section 5. Be it further enacted, etc,
e That the annual installment of principal
amounting to fifty thousand dollars ESQ.,
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
Z virtue of Article 81 of the. .Constitu-
ton of the State of Louisiana, adopted
in the year 1913, aud dedicated for the
use of the public schools of: the Parish
of Orleans, after providing for the .prin-
cipal and interest on the one. hundred
and seventy-four thousand, six hundred
and sixty-two dollars ($17f,6G29, in prin-
cipsl sum, of bonds known as School
Teachers. Salary Bonds Of the City Of
New Orleans, authorized y.:Act No. 2
y of the General Assembly of the State OF
Louisiana. session Of 1906; and subse'
ne quently adopted as an amendment to The
IT, Constitution of this State; and the sale
OF one-half Of the surplus of: the one pc
~ cent debt tax, subject to the exception.
specified and. hereinabove Immediately Sc
ty forth, is hereby dedicated and pledge,
to the payment Of tile bonds hereby au
Dis thorized to be issued, i n"principal an
interest; and the Board of Liquidation
,a1 City Debt, is hereby directed TO. en1plo
i'll said fund to the extent necessary to carr
inv out the purpose of this act; provided tina
,ce nothing herein contained Shall otherwis
change affect or IMPAIR. the provisions c
Article 81 of the Constitution of thi
State. ~
itv Section 6. Be it further enacted, etc
the That the Board Of Liquidation, City Deb
shall, on the first day Of January, 1911
,sn and annually thereafter pay and redee1
to. fifty thousand dollars $50 0O), in pri1
cipal sum of said bonds. The plan al
schedule. Of redemption shall be dete
mined by the Board Of Liquidation, Gil
Debt, and announced by it in detail
ma the advertisement calling for sealed bid
to Section Z: Be it further enacted, ct
to That in order to reimburse the Board
toto Directors of the Public Schools for t
tho Parish, of Orleans fol. the DEDUCTIONS a.
For payments which the Board of Liquid
rsc. ton, City Debt, is herein authorized
rich make out of said bAeaalf ssof the rs,
is plus of the one per cent. debt. tax, t
s !, City of New Orleans, shall. and it
hereby made its duty to pay over tt I
atad Board of Liquidation, City Mebt, beg
cam ming on or before. the. first day of Ju
1915, and annually thereafter up to a
Il no including the year s4934,; the sum Of {
tai. hundred thousand dollars (SlOO,OOO)
San cash, and beginning on or before the f
y Of day Of july, 1885,: ahd~anAuallg the
' md after up to- and ipcladine. tile. year 19
ra,n. the sum Of fifty thousand dollars Is;
OOO) in cash, and such further sum
10 r. may be necessary in. each year, to: ]
the interest on.:the bonds herein. autl
.r:sh lied and then outstanding Ia enable
City of New Orleans to make such
o;no- nual payments, the said Caty is author
kept ~ assue a.iu ~ ~ ~ ms:n y tne pu
Ma issued under Act No. 56'.ofs the Gen
h HIM. Assembly. Of the State of Louisiana,
;ddor sion of 1905, or amendments. prese
0 existing thereto, or that may be herea
bonds made, as may, be. necessary for said.
im;tod pose; and such certificates shall be
~ ''of by the City of New Orleans under Sc
~ Nv proposals to the highest bidder, in
&C. fso rn amounts and under such conditions
lange, M N 'I M.!Wltc 49,. mey Rle II
~ titled to reject any and all bids. for
,,os certificates !; provided. however. that I
II the tns ~ 'eu m usa , s,ah - e. .H -.
e enoJ hs New Orleans of the t6%bligation'to max
q 80 ons annual payments herein; DESIGNATED;
rotary ~ tne esent ,.Aat w oi.y'pl New Vr
Debt. enou.u aai ~ MdAe Wy:
tached duty of the Board of Liquidation,
,atures Debt, to compel, by mandamMs or
rectors appropriate remedy, the City of New
of leans to pay over to it the amount
Board que; Wnen,.-and az ,sepr as%nhe !
u qaiaato ny ny Rees, sHSll nay
lays Of ceayeu liom Tue Olly VI WV Eliean
,hle in ceived shall be forthwith. paid ov'
such the Board of Liquidation,. City De
datiom the Board of Directors of the ]
oe S lot IL ie1isn ~ Oileana.
respec- NV, oe'tion o. ns ~ lu ahLttea elae. ~
Dwever, nn Ina 1n1 ploeeeus VI .ns csa:e W Nv
by the non uo:lais u h JULIUS heieln au'n
and an 70 pe Assleu snaii w. eApeaueu
ing for lol .ne loiowins puiposGs, :o-wi'
TOT .1 N acqnlsl.lon !. W. h Ia n,
shall be 10y VI VIEW 1i lea; : , ea.agr w po
:" stituted in the name o. the City, o.
n1--- e ..zl Lsi--.s-. -.--.. L.
and re- oiieaas ~ SUN sites as may: Vt
lies and say aol 'n s . ee.iy ns;ea .e asa 4,'
idation, iaigemene u s.12 ~ n = a -; ~ 1t -,
be ex- purtenances, VI iol sae es.apilsnm
ish and playsio1nos 9l s'auia co1nee. ~
estment tee puDhC scnooi system .ns
c~uratOrs y! view OLleans, anu lol 'nE ~