The Madison journal. (Tallulah, Madison Parish, La.) 1888-current, 1914-10-17
Act No. 262
House Bill No. sl3. BY Mr.. Gen.r.,,x
AN ACT

aRnrfr-
! ing school sites. constructing .,hn,
buildings and their appurtenarcas a.
the city or New Orleans: 70 nro,.i5a
the terms and conditions under which
sald honds shall be issued ara soII
and the security for the nav,,a,t ~
the principal and interest theraof. %
define the duties Of the Poard .,
Liauida ZION. City Debt in connac,ior
WIN the issuance and sale ~ sai5
bonds. the payment OF the ,rtisi
ana interest thereon. and the r.tira-
ment thereof: TO prescribe the dYtias
and obligations or the CITY OF Naw
orleans In connection with m. -
endorsement OF the Board OF Dirac-
tors OF the Public Schools To- ~
Parish of Orleans by certain annual
payments: and to define the matbod
anu manner IN which the proceeds or
said bonds shall be EMPLOYED ana
disbursed. GU ah"
section l. Be II enacted by the Can
eraI Assembly OF the State of Louis
lana two-thirds of all the members
elected TO each house Conrurriro rb,,
subject to ratification of the nsonia 80
the state OF Louisiana, bv an amap1
nent TO the Constitution OF the St,,a
hereinafter submitted to them. the
for the Parish Of Orleans or tba S,a.a
or Louisiana, is hereby authorized ana
empowered to issue bonds not 70 sy
ceed two million dollars s2 0OO. oO0l
IN amount. to be dated January
1915, bearing five per cent Is per
cent? per annum interest. pavahIs
semi-annually. the principal OF whirS
snail be payable in forty 400 annual
lIn,staiiments OF fifty thousand dollars
or January in each Of the years 1916
70 ana including 1855. respectively. as
hereinafter set forth.
said bonds shall be made payable to
eearer and shall be STYLED Public
SPS Be- Bonds; City OF New Orleans and
Farish OF Orleans"
SAID bonds shall b. Of the denom-
lnatlon or one thousand dollars each.
except that at the option OF any bid
ger TO be indicated in and as a part
OF ais bid. bonds Of the denomination
or five hundred dollars NAV be issued
TO such bidder IL successful
The principal and interest OF said
PONDS shall be payable in gold coin OF
me nited States equal TO the present
standard OF weight and fineness. or
mig or in franc. and at such arbitrary
rste OF exchange. as said Board of Liz
uidation. City. Debt. may determine.
said bonds shall be signed nv the
president and secretary, respectively.
or the Board OF Directors % the Public
schools for the Parish OF Orleans. and
snail be countersigned by the presi-
dent, or one OF the vice presidents. and
tne secretary OF the Board OF Liquida
ton. 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 or Orleans and the Secretary
OF the Board OF Lidutdati CITY Debt
respectively. and shall be payable on
the first DAYS OF July and January. re-
spectively, In each year: said interest
shall be payable in the City of New
Orleans and in such other cities as the
BOArd IInnfhaffn m
determine upon surrender and cancella-
ton of the said respective interest cou-
pons; provided. however. that such
cities shall be designated by tn. 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 he PAYABLE only in the City OF
New Orleans. State of Louisiana
Said bonds may be registered and
released from registry under such
rules and regulations as the Board of
mine: shall be exempt from taxa
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 2. Be IT further enacted. etc.
That as soon as constitutional authori-
~ for the issuance OF said bonds shall
have been obtained. the Board OF Di-ec-
ish OF Orleans shall. by resolution
adopted by a majority OF the members
thereof IN regular or special meeting
called for that purpose call upon the
Board of Liquidation. CITY Debt. 10 ad-
vertise for the sale IF said bonds. When
so called upon. II 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 L'1ui
dalton. City Debt. may determine.
Said advertisement shall apnear in
each OF said newspapers for thirty (3oN
days Immediately preceding thu dste
fixed for the recent OF bids: and the
said bonds shall he adtudirated 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 Liuuidation CITY
Debt. In the advertisement for said
bids: provided that no sale OF said
bonds shall be made unless all OF said
Issue he sold and unless the average
tiles shall at least equal rar 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 ,. Be II further enacted. etc. |
That when the said bonds shall have
been adjudicated. as hereinafter set
forth. II shall be the duty OF the Board |
of Liquidation. City Debt. TO immedf- |
ately cause said bonds to he engraved |
and executed in such denominations
and payable in the currency Of such |
country or countries as the successful |
bidder or bidders NAV have indicated |
or the Board OF Liquidation. CITY Debt |
as the case may he
The Board Of Liquidation CITY Debt |
shall have the right 20 prescribe the |
amount Of the deposit that shall accom- |
pany each bid. the conditions under |
which same shall become forfeited. the |
time within which the bonds shall he |
delivered after the adjudication. and |
generally. all terms and conditions ap-
pertaining to the bids and adirdica-
ton not otherwise provided for by this |
act
Section Z. Be II further enacted. |
etc. That the Board IF Liquidation |
OF the sale Of said bonds in such local |
bank or hanks "a NAV become TIE sue |
cessful bidder or bidders for said bonds |
in proportion TO the amount OF their /
respective bids. upon furnishing secur- /
itv satisfactory TO the BOARD Of Liuui- |
iation. City Debt. and at such rate OF 1
interest as the Board OF Liquidation. |
CITY Debt. may fix and announce in the |
calling for bids. In the /
event that the successful bidder or bid
ders for all or any part OF the said |
other than local bank. |
then the proceeds Of the sale of rre
bonds ava rded 10 said successor, bid
der or bidders shall be deposited in |
such local hank or banks and at such |
rate of interest as the Board OF Lidui- |