The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1914-10-03

Bonds, city. of New Orleans and Paris
Said bonds shall be of the denor ,inatic
at the option Of any bidder, to DE ind
Gated In and as part of his bic, bono
OF the denomination Of five hundred do
cessful.
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 q
said Board Of Liquidation. City Debt, ma
Said bonds shall be signed by. the pres
ident and secretary, respectively, OF tn
Board Of Directors of the Public School
for the Parish Of Orleans, and shall b
leountersigned by the president, or one .
the yice-presidents, and the secretary o
the Board Of Liquidation. City Debt.
The interest on said bonds shall be evi
to bearing the fac-simile signatures o
the secretary Of the Board OF Directors o
the Public schools for the Parish of Or
leans and the Secretary Of the Board o.
shall be payable on the FIRST days Of Jul,
and January, respectively, in each year
said interest shall be payable in the City
as the Board Of liquidation. City Debt Debt.
may determine upon surrender and cancel
iation OF the said respective interest cou-
ponS' provided. however, that such cities
shan be designated by the Board Of Liqui-
dation, City Debt. and announced in the ad-
yertisement calling for competitive bids;
and provided, further. that the principal OF
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-
Section 2. Be it further enacted. ETC..
That as soon as constitutional authority
Tor the issuance of SAID bonds shall have
the Public Schools for the Parish of Or
leans shall by resolution adopted by a
majority OF the members thereof I'm reg
ular or special meeting called for that
ton, City Debt, to advertise for the sale
Of said bonds. When SO called upon. it
shall be the duty of the Board Of Lfqufda-
tion, City Debt, to advertise said bonds for
sale in the official 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.
Of said newspapers for thirty (sO) days
preceding the date fixed for
the receipt Of bids; and the said bonds
SHAH be adJudfcated and sold. under seal
ed BIDS or proposals. to the highest bidder
who shall have complied with the terms
and conditions set out by sthe Board of
Lquidation. city Debt. in the advertise
Il said bonds shall Be made unless s n9 All ia Of
said issue be sold and unless the average
price obtained for the different maturities
' hall at least equal par and accrued in.
Liquidation, City Debt. shall have the
1gnt 70 reject any and all bids.
Section 3. Be 1t further enacted, ETC.,
.djudicated as hereinafter set forth. il
han be the duty Of the Board of Liqui-
iation, City Debt. to Immediately cause
aid bonds to be engraved and executed
OF such country or countries as
Indicated or the Board of LIQUIDATION
lily DEBT, determine, as the case may be.
! me Board OF Liquidation, City Debt
mount Of the deposit that shall accom-
,any each bid. the conditions under which
anne shall become forfeited, the time
Ifter the adjudication, and, generally, all
erms and conditions appertaining to the
lids and adjudication not otherwise pro-
'fded for by this act
That the Board of Liquidation, City Debt
hall deposit the proceeds of the sale Of
aid bonds In such local bank or banks as
Iers for said bonds in proportion to the
mount OF their respective bids, upon fur
fishing security satisfactory to the Board
4 Liquidation. City Debt, and at such
ion. City Debt. may fix and announce in
he advertisement calling for bids In the
vent that the successful bidder or bid
ers for all or any part OF the said bonds
Their than local bank, then the proceeds
( the sale Of the bonds awarded to said
uccessfui bidder or bidders shall be de-
fUxI x~I~ 1<~-- -
( such rate Of interest as the Board of
liquidation. City Debt. may determine.
All payments made by the Board Of Dr. |
ectors Of the Public Schools for the Par
warrants or drafts on the Board of La |
City Debt, setting forth the |
mount thereof, the person to whom pay
pie ana the purpose for which the pay |
on, City Debt, Is hereby charged with |
ne duty of taking care that no Irregular |
improper or unlawful payments are |
lade out OF said funds.
Section 5. Be 1t further enacted, etc. !
hat the annual installment OF principal |
mounting to fifty thousand dollars $780, |
,o) and the interest on said bonds shall |
lus Of the one per cent, debt tax levied !
the City OF New Orleans by virtue of |
rticle sl7 Of the Constitution OF the |
rs. and dedicated for the use Of the
ublic schools of the Parish of Orleans, |
tier providing for the principal and in
rest on the one hundred and seventy
'ur thousand. six hundred and sixty-two 1
ollars N1I4,662), in principal sum. Of |
onds known as School Teachers Salary |
onds Of the City OF New Orleans, au- /
lorized by Act No. of the General AS
:mbly of the State of louisiana session /
1906, and subsequently adopted as an
nendment to the Constitution of this I
tate; and the said one-half of the sur |.
us OF the one per cent debt tax, subject
the exceptions specified and herein 4
Dove Immediately set forth, is hereby
sdicated and pledged to the payment OF
e bonds hereby authorized to be issued, Il
principal and interest; and the Board
Liquidation, City Debt, is hereby d. Il
cted to employ said fund to the extent
scessary to carry out the purpose of this
I; provided that nothing herein contain
shall otherwise change, affect or i'm \!
Ifr, the provisions OF Article 317 of the
institution of this State
Section S. Be 1t further enacted, ETC.. /;
nat the Board of Liquidation, City Debt, d
AL, on the first day OF January. 1916. II
I'd annually thereafter pay and redeem {,
tythousand dollars ESQ, 000), in princi- Z
y sum OF said bonds. The plan and
hedule of redemption shall be determined ]
the Board of Liquidation, City Debt, 4
ID announced by it In detail in the adj !