Lower coast gazette., 1914-09-05

OIL Sucn country or countries as the sue
cessful bidder or bidders may have indi-
Gated or the Board of Liquidation, CITY
Debt, determined, as the case may be.
The Board of Liquidation, City Debt,
shall have the right to 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 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 +. BE it further enacted, ETC.,
mat 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 bidders for said bonds in proportion
to the amount Of their respective bids,
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
bids. In the event that the successful
bidder or bidders for all or any part of
the said bonds shall be some person. firm
or corporation other than a local hank
then the proceeds of the sale of the bonds
awarded to said successful bidder or
bidders shall be deposited in such local
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
tile. amount thereof, the person to whom
payment and the purpose for which the
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 y
ments 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.,
VOO) 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
virtue of Article 81 of the Constitu-
ton 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 prin-
cipal and interest on the one hundred
and seyenty-four thousand, six hundred
and sixty-two dollars (%$174,GG2), in prin-
clpal sum, of bonds known as School
TEACHERS Salary Bonds of the CITY of
New Orleans, authorized by Act No. 2
OF the General Assembly of the State Of
LOUISIANA, session Of 1906, and subse.
quently adopted as AZ. amendment to the
Constitution of this State; and the said
one-halt of the surplus of the one per
cent debt tax, subject to the exceptions
specified and hereinabove immediately set
forth, is hereby dedicated and pledged
10 the payment of the bonds hereby au-
thorlzed to be issued, in principal and
interest; and the Board OF Liquidation
City Debt, is hereby directed to employ
SAID tund to the extent necessary to carry
out the purpose of this act; provided that
nothing herein contained shall otherwise
change affect or impair, the provisions of
Article 3l7 of the Constitution of this
State. vas
Section G.. Be it further enacted etc
That the Board of Liquidation. City Debt,
shall, on the first day of January, 1916
and annually thereafter pay and redeem
fifty thousand dollars $50 OO), in prin.
cipal sum Of said bonds. The plan and
schedule of redemption shall be deter.
mined by the Board of Liquidation. CITY
Debt, and announced by it in detail in
the advertisement 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
payments which the Board of Liouida.
ton, City Debt, is herein authorized to
make out of said one-half of the sur.
plus of the n per cent. debt tax. the
City Of New Orleans, shall. and If Is
hereby made its duty to pay over. to the
Board of Liquidation, City Debt, begin.
ming on or before the first day of july.
!9l5, and annually thereafter up to and
including the year 1884, the sum of one
hundred thousand dollars (S1OO.OO O. in
cash, and beginning on or before the first
day of July, 1885, and annually there.
after up to and including the year 1854,
the sum Of fifty thousand dollars $50
VO) in cash, and such further sum as
may be necessary in each year to pay
the interest on the bonds herein author.
lied and then outstanding. To enable the
City of New Orleans to make such an.
nual payments, the said city is authorized
to issue and to sell so much Of the public
improvement certificates authorized to hf
issued under Act No. Sc of the Genera
Assembly of the State of Louisiana. SEES
sion of 1908, Or amendments presently
existing thereto, or that may be hereafter
made, as may be necessary for said pur
pose; and such certificates shall he solo
BY the City of New Orleans under sealed
proposals to the highest bidder, in sucl
amounts and under such conditions q,
the city of New Orleans may prescribe
The City of New Orleans shall be en-
titled to reject any and all bids for sucl
certificates; provided, however, that moth
ing herein contained shall be construed
to, in any manner, relieve the City O.
New Orleans of the obligation to make tn,
annual payments herein designated; and
in the event that the City of New Orlean,
should fail to make any payment whel
same shall become due, it shall he th,
duty of the Board of Liquidation. Cit,
Debt, to compel, by mandamus or .othel
appropriate remedy, the City of New Or
leans to pay over to it the amount thu,
due. When, and as soon as the Boar
of Liquidation, City Debt, shall have re
ceived from the City of New Orleans ar,
such annual payment, the money so re
celved shall be forthwith paid over b,
the Board of Liquidation, City Debt. t.
the Board Of Directors of the Publ,
Schools for the Parish of Orleans.
Section s. Be it further enacted. etc.
That the proceeds of the sale Of two mil
lion dollars of bonds herein authorized
to be issued shall be expended soIely
for the following purposes, to-wit:
For the acquisition in the name Of tn,
City of New Orleans, either by purchase
or by appropriation proceedings to be in
stituted in the name OF the City of New
Orleans, of such sites as may be neces
sary for the erection, extension or en-
largement of school houses and their an
purtenances, or for the establishment o.
Fairgrounds or stadia connected will
the public school system of the Cit,
Of New Orleans; and for the construc
ton, or enlargement, or maintenance O,
school houses and school buildings an(
~Ll~- e.