Lower coast gazette., 1914-10-03

hall have the right to prescribe the 'ol
of the deposit that shall accom-.
,any each bid, the conditions under which LII
shall become forfeited, the time hel
within which the bonds shall be delivered att
after the adjudication, and, generally, all No
.erms and conditions appertaining to the NE
bids and adjudication not otherwise pro- 10
vided for by this act. 'ol
Section 4. Be it further enacted, etc,
That the Board of Liquidation, City Debt. Sc
shall deposit the proceeds of the sale or au
said bonds in such local bank or banks mi
as may become the successful bidder to
or bidders for said bonds in proportion Vi
to the amount of their respective blds, al
upon furnishing security satisfactory to &C
the Board of Liquidation, City Debt. and er
at such rate of interest as the Board OF Sc
Liquidation, City Debt, may fix and an sc
nounce in the advertisement calling for is
bids. In the event that the successful al
bidder or bidders for all or any part OF 5
the said bonds shall be some person, firm S;
or corporation other than a local bank, Il
then the proceeds of the sale of the bonds p
bidders shall be deposited in such local 1
bank or banks at such rate of interest s
as the Board of Liquidation, City Debt, a"
may determine. /
All payments made by the Board of
Directors of the Public Schools for the
Parish of Orleans shall be made in the S
form of warrants or drafts on the Board {
of Liquidation, City Debt, setting forth
the 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 pay
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 $780,
OOO) and the interest on said bonds shall
be payable out of the one-half of the
surplus of the one per cent, debt tax,
levied by the City of New Orleans by
{ virtue Of Article 81 of the Constitu-
ton of the State of Louisiana, adopted
in the year 1913, and dedicated for the
use of the public schools Of the Parish
of Orleans, after providing for the 'prin-
cipal and interest on the one hundred
and seventy-four thousand, six hundred
and sixty-two dollars ($l74,662), in prin-
clpal sum, Of bonds known as School
Teachers Salary Bonds of the City OF
New Orleans. authorized by Act No. 2
y of the General Assembly OF the State OF
Louisiana, session Of 1906, and subse.
he quently adopted as an amendment to the
r. Constitution of this State and the said
Oh one-half of the surplus OF the one per
NJ cent debt tax, subject to the exceptions
specified and herelnabove Immediately set
,ty forth, is hereby dedicated and pledged
to the payment of the bonds hereby au'
thorized to be issued, in principal anG
rn- interest; and the Board OF Liquidation
City Debt, is hereby directed to em.plo!
SAID fund to the extent necessary to carr.
nv out the purpose of this act; provided tina
nothing herein contained shall otherwls
ami change affect or impair, the provisions Q
Article 3l7 of the Constitution of thi
State.
Inv Section 6. Be it further enacted, etc
np That the Board of Liquidation, City Deb
shall, on the first day OF January, 1911
and annually thereafter pay and redeel
,1s fifty thousand dollars ($5U,OOO), in prll
clpal sum OF said bonds. The plan an
schedule of redemption shall be dete
mined by the Board of Liquidation, Ci
Ion. Debt, and announced by 1t in detail
ana the advertisement calling for sealed bid
;, I'll Section Z. BE it further enacted, et
: to That in order to reimburse the Board
',ots Directors of the Public Schools for t
tne Parish Of Orleans for the deductions a
,t,ar payments which the Board Of Liquid
,rs,.. tlon, City Debt, is herein authorized
arlsh aANe eu W sa~ e.n. ~ ~ . ;.
q, Is f - I'LL - -
issue 10y y. ~ 49,. s u ~ -
liars Icy ~ m" y -, ECtta' ~ ~ : w.
lated noaiu VI Lula..a ~, Gmy Az !, OH IS
$500 1uth on1 onnuolIu fhoro0 flor nm tn q
SEMI 800 - a"a: III 49, ~ :" .
III be nnaaaaa me y1aI d 49, |x%1"uInvn,
stall nut eaa bou.on'na om.a. hataro tHo 6
.$0V,- dau ~ I,,H u and annually IN.
~ OF ~ t ,rd ;no,,d;no tho vaor ID
ana a.tel ~ ~ e e4., 4snrsaad ao,io ~ ~
UOO) in cash., and such further sum
IL 70 may be necessary in each year to
~ " the interest on the bonds herein aut
rsn zed and then outstanding. 10 enable
aA' City OF New Orleans to make such
m;no nual payments, the said city is author
anan"t to issue and to sell SO mucn OF the pu
'Aeep Improvement certificates authorized t.
. " ~, = issued under Act No. Sc OF the Ger
> h U Assembly of the State Of Louisiana,
49, aa sion of 1908, or amendments prese
~ existing thereto, or that may be heres
ha,,as made, as may be necessary for said
: 1900 pose; and such certificates shall be
80 81 by the City of New Orleans under 81
- proposals to the highest bidder, in
y 70 amounts and under such condition
,hanao the city of New Orleans may prest
1.asS, The City of New Orleans shall b,
OeDH titled to reject any and all bids for
100; certificates; provided, however, that
: pAe 10 ing herein contained shall be cons
= " aho .a to, in any Manner, relieve the Cl
eosIWvWvrs New Orleans of the obligation to NAL
10 ons annual payments herein designated
. -. o in the event that the City of New u
Nh should fail to make any payment
= 80 :, =" same shall become due, it shall b
.eaah ~ duty of the Board OF Liquidation,
1919 =. Debt. to compel, by mandanus or
;naa.ars appropriate remedy, the City of Ne
.r;sh ~ leans to pay over to it the amour
: po.rd due. When, and as soon as the
s..:sa,n of Liquidation. City Debt, shall ha
e ~ =. : :, ceiyed from the City of New Orleal
uass oe ~ such annual payment, the money
LIZ ~ eain " ceiyed shall be forthwith paid o,
y ~ s,c ~ the Board of Liquidation. City D.
.;l.s;aa the Board of Directors Of the
a !. Schools for the Parish of Orleans.
s : Section 8. Be it further enacte
! asspes, That the proceeds of the sale of ty
= W. -, lion dollars of bonds herein aut
y ~ sne to be issued shall be expended
0AN 0A g.. &nc follouviow nv,rnnSpS fowl
Hing for iol m .ne 49, aon,;s;+;an n ths name
further, r:! rol &c M Noa. nrIoans either hv n,
shall be Wy " .,em t;on nroceed;ngs to
New Or =. W r. tha name ~ rho Civ
and re- Ollea1s, " tha ]eroct;on extension
rules and say lM =. ~ school houses and II
.luidation, laisem ncnooo or for the Establish
II be ex- pul.enanssSs, ~ stoS;a connecte
irish and pIays.vunus .ohooI svstom Of III
Investment tee puDA n.1sans. ond for the q
curatOrs VI 1>ew o>n LanS ~ ma;ntan
ceived as tl0n' or enaa.s LII Sohno, hn;ld;,