Lower coast gazette., 1914-10-10

L. d. THOMAS, ~
of the House of Representatives oe
THOMAS C. BARRETT, Ie
Governor and President OF the W;
Senate. til
Approved: July 8, 1914. in
L. u. HALL, u
Governor OF the State OF LOUISIANA OF
| true copy: CT
ALVIN e. HEBERT, al
Secretary Of State. a
ACT NO. 2G2. !
Iouse Bill No. 6l3. BY Mr.. GenerelIy o
AN ACT L
Authorizing the board o1 Directors VI the ',
rupuc schools OF the larisn VI W. :
leans 10 issue IMO MilllOn DoiiaIs VI '
bonds tor the purpose oI acquiring y
scuuoI sites, constructing scnoo1 ouiiu' :,
,nss and lneir appurlenanceS III the Clt!
OF New Orleans: to prOVlde Tue teiAs
and conditions under when salu JULIUS
shall be issued and sold, ana Tue seeu
rty tor the payment OF the principal
and interest thereof; 10 deiihe Tie uu
tes OF the Board OF L~lquluatioh, Cl'1
Debt in connection WIN tue issuance
and sale OF sand bonds, the payment
OF the principal anu interest theIeoh'
and the retirement thereof; to prescrloe
the duties ana Obligations OF the I'll!
of New Orleans III connection WIN Tue
reimbursement OF the board OF Dlrec-
tore ot tne Pubic Schools tor the farlsn
of Orleans by certain annual payMentS'
~, nnthnd ann manner |
in which the proceeds OF saiu JULIUS
snail be employed and dlsDursed.
Section l. BE 1t enacted ny the ueu-
erai Assembly OF the State OF LOUISIANA
,wo-thlrds OF all the members elecleu "
| each house concurrlng, mat suDJect "
| the ratification OF the people Ol lAe ola.e
OF LOUISIANA, by an amendment ~ lne
constitution OF the State, h~eIelnaAle1
submitted to them, the Board OF Dlfec'
lors OF the Pubic Schools tor the faflsh
of Orleans, OF the state OF LOUISIANA, Is
uereby autnorlzed and empowered to issue
nonos not to exceed two million DOLLARS
,sz.vUU, UUU.UU) III amount, TO be datea
january /, 1915, bearing five per cen
,oXn) per annum interest, payable semi
annually, the principal OF when shall De
payable in forty l4O) annual install
mems of fifty thousand dollars tSoO,'
vuu) each, payable on the hrst Gay u
A January in each OF the years l9lo 10 aht
including 1890, respectively, as herein
! alter set forth. J.
Sald bonds shall be made payable II
. bearer, and snail be styled Pubic Schoo
BONDS, City OF New orleans and ParlsI
d OF Urleans.'
y SAID bonds shall be of the denomlna
y ton of one thousand dollars each, eXcep
tnat at the option OF any bidder, 10 y
indicated in and al a part or MS DN
nonds of the denomination OF i've hui
ared dollars may be issued to such bldde
II successful.
The principal and interest Of said bone
., shall be payable in gold coin OF the Unlte
=. states equal to the present
~ weight and tneness, or same may De e.
- pressed in pounds sterling or IN tran
W and at such arbitrary rate OF exchang
~ as said Board OF Liquidation, City Del
no may determine.
Said bonds shall be signed by the pre-
=. dent and secretary, respectively, OF {
Board of Directors of the Pubic Schot
Tor the Parish Of Orleans land shall
g. countersigned by the president, or 0
-, of the vce-presldenls, and the secreta
~. of the Board of Liquidation, City lie
~ The interest on SAID bonds shall
evidenced by interest coupons attach
&C., thereto bearing the fac-simile slgnatul
i've of the secretary of the Board of Dlrect'
The of the Public Schools for the Parish
ith Orleans and the Secretary Of the Boz
Isl of Liquidation, City DEBT, respective
ETY. and shall be payable on the hrst days
rye July and January, respectively, III es
eed year; said interest shall be payable
rye the City of New Orleans and in 81
other cities as the Board of. LiQuidati
the City Debt, may determine, upon SURF
rm- der and cancellation of the said RESI-
his tive interest ouponsu provided, howe
de- that such cities shall be designated by
nds Board of Liquidation, City Debt, and
the nounced in the advertisement calling
the competitive bids; and provided, turf
ght that the principal Of said bonds shall
payable only in the City Of New
UGH leans, State of Louisiana.
ary, Said bonds may be registered and
ness leased from registry under such rules
pro- regulations as the Board OF Liquidat
hall City Debt, may determine; shall be
the empt from taxation, State. parish
ntal municipal. shall be a legal investn
and for the tutors Of minors and cura
hall of interdicts; and shall be received
by security for public deposits Of the 5
the of Louisiana or any political subdivi
urer thereof.
City Section 2. Be it further enacted,
said That as soon as constitutional auth'
unds for the issuance of said bonds shall
,nds. been obtained. the Board of Dire
way of the Public Schools for the Paris
pro Orleans shall, by resolution adopte'
sal a majority of the members tnereo
| ten regular or special meeting called Tor
lie IL purpose, call upon the Board OF Liz
sions ton, City Debt, to advertise for the
of said bonds. When SO called upo
etc, shall be the duty of the Board OF !
High dalton, City Debt, to advertise said
leans for sale in the official journal OF the
shall of New Orleans and in such other
'oads, papers in financial centers as the I
j, ac- of Liquidation, City Debt, may deter
7ment Said advertisement shall appear IN
prove Of said newspapers for thirty t5O)
j, the Immediately preceding the date IKE
igated the receipt Of sealed bids or propose
0 any the highest bidder who shall nave
ration piled with the terms and condition
acque- out ny the BOar0 OF Li4uial.On
under Debt, in the advertisement tor said Q
reim- provided that no sale OF sald Donds
Of the be made unless all of SAID issue D
It rea- and unless the average. price .o1taln
ent Of the different maturitles snal az
emit to equal par and accrued interest (
acQue- entire issue. The Board u hh.ata'
.se. City Debt, shall have the right to
etc, any n all bids. .,.o4..
er his Section s.. BE 1t further ema Su
49, nLaA u,hnn &hn ao;d honda shall nav