The Donaldsonville chief. [volume] (Donaldsonville, La.) 1871-current, 1914-09-12

| tSoe,uGOj each. payable ON Inc III o. 2
of January in each of the years l'lo
| to and including 1855, respectively aS
/ hereinafter set forth
Said bonds shall be made payaple 70
| bearer, and shall be styled Puplls
School Bonds. City OF New Orleans Sho
Parish of Orleans"
Said bonds shall be of the demon
nation of one thousand dollars eacn .
except that at the option OF any piu.
der, to be indicated In and as par.
Of his bid. bonds Of the denom1natlot',
of five hundred dollars may De issoS"
to such bidder If successful
The principal and interest OF sela
bonds shall be payable In gold com o.
the United States equal to the presen az
| standard of weight ana Tnehess,
ling Or in franc. and at such arpatTfa,l ~,
| rate of exchange. as said Board o1 LIN
uldation. city, Debt. may determine
Said bonds shall be signed ny tne
of the Board of Directors Of the PuoilS
Schools for the Parish Of Orleans ana
shall be countersigned by the press esq
dent, or one of the vice presidents, anu
the secretary OF the BOard oA i1AaoAuSA
/ ton, City Debt.
The interest on said bonds shall De
evinced by interest coupons attacneo
| thereto bearing the fac-simAe sly af
| lures of the secretary of the BOARD "
! Directors of the Public Schools for the
Parish of Orleans and the secretary
of the Board of Liquidation, CITY Deot,
respectively. and shall be payan,e on on
the first days Of July and January re-
speetively. in each year; said 1nte Iven
shall be payable in the city OF new
| Orleans and in such other cities as the
Board of Liquidation. City Deps, may
/ determine upon surrender and cancella-
| tion of the said respective interest," cou
pons; provided, however. that suci
cities shall be designated by the board
of Liquidation. City Debt, and announc-
| Cd IN o1p
competitive bids; and provided Iurs n
err that the principal Of said bonds
shall be payable only in the CITY OF
New Orleans. State Of Louisiana.
released from registry under such
rules and regulations as the Board of
Liquidation, City Debt. may deter .es
ton. State parish and municipal
| shall be legal investment for the tu-
| tors of minors and curators OF inter
! diets: and shall be received as secuF-
| ity for public deposits OF the state OF
| Louisiana or any political subdivision
| thereof.
Section g Be IL further enacted. etc.
That as soon as constitutional authori,
ty for the issuance of said bonds shall
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 t,n
thereof in regular or special meeting
called for that purpose call upon the
Board of Liquidation City Debt, to adj
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 Liaui-
dalton, City Debt, may determine.
Said advertisement shall appear IN
each Of said newspapers for thirty (30)
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 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 matnr-.
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 g. Be 1t further enacted. etc.
That when the said bonds shall have
| been adjudtcated. as hereinafter set
forth. 1t shall be the duty of the Board
ately cause said bonds to be engraved
and executed in such denominations
and payable In the currency of such
country or countries as the successful
or the Board of Liquidation, City Debt.
determined as the case may be-
The Board OF IiquiSation. City Debt.
shall have the right to prescribe the
pany- each bid. the conditions under
which same shall become forfeited, the
time within which the bonds shall be
delivered delivered after af the adjudication, and.
pertaining to the bids and adjudica-
ton not otherwise provided for by this
act.
Section A. 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 sue
cessful bidder or bidders for said bonds
respective bids, upon furnishing secur-
ity satisfactory to the Board Of LIuui-
dalton. City Debt. ard 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. r,rm ar
corporation other than local bank,
then the proceeds Of the sale Of the
bonds awarded to said successfuY bid
der, or bidders shall be deposited in
such local bank or banks and at such
rate Of interest as the Board of Liaui-
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 2., whom m payable and the purpose for
Board of Liquidation, CITY Deht is is
hereby charged with the duty Of taittns
care that no irregular or improper or
said funds. ~
Section s.; Be it further enacted,
etc, That the annual installment Of
prneinal amounting to fifty thousand
said bonds shall be payable out Of the
one-half of the surplus Of the one ner
cent. debt tax levied by the City Of New
Orleans by virtue of Article cir or rne
adopted In the year 1913, and dedica-
ted for the use of the public schoo1s
of the Parish of Orleans, after Drovn.
Ing for the principal and interest on
the one hundred and seventy-four tbo,I
sand six hundred and sixty-two dol
lars (s174662), in principal sum of
bonds known as School Teachers Sal
airy y,, Ponds Ponds Of Of the City Of New Orleans
Assembly. of the State OF Louisiana
session Of 1906. and subsequently, adnnt
ed as an amendment to the CONSTITUTION
or this , state; and the said one-half of
tax, subject to the exceptions speei
fled and hereinabove Immediately sa%
forth, is hereby dedicated and pledged
to the payment of the bonds herebv
authorized to be issued in principal and
interest: and the Board of Liquidation
City Debt, is hereby directed to employ
said fund to the extent necessary to
carry out the purpose of this act: pro-
vided that nothing herein contained
Shall otherwise change, affect or i'm
pair, the provisions Of Article at of
the Constitution of this State
Section s. Be 1t further enacted,
etc, That the Board of Liquidation, City
Debt. shall on the first day OF IanIs.