The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1914-10-24
Bonds, City of New Orleans and Parish

! Of Orleans ,.;o,
Of one thousand dollars each except ina
at the option of any bidder, TO pc lndi
Gated in and as part or MS plsi, poilu'
| of the denomination OF nve nGnuree uoI'
lars may be issued to such bidder If sue
ceSsful.
The principal and interest Of said bonds
shall be payable in gold coin OF the Unlteo
weight and fineness, or same may be ex;
pressed in pounds sterling or IN franc, ailo
at such arbitrary rate OF exchange az
said Board Of Liquidation, City Debt may
Said bonds shall be signed by the pres
ident and secretary, respectively, OF the
Board Of Directors of the Public SCHOOLS
for the Parish of Orleans, and SHAH De
countersigned by the president, or one OF
the vice. presidents, and the secretary OF
the Board OF Liquidation, City Debt. 49,,
The interest on said bonds shall De evl-
denced by interest coupons attached there.
to bearing the ac-simile signatures OF
the secretary of the Board Of Directors OF
the Public Schools for the Parish of Or
Liquidation, City Debt respectively, and
shall be payable on the first days OF July
and January, respectively. IN each year
said interest shall be payable IN the City
of New Orleans and in such other cues
as the Board of Liquidation. City DEBT.
may determine upon surrender and cancel
lation of the said respective interest cou-
pons; provided. however. that such cities
shall be designated by the Board of Liqui-
dation, City Debt, and announced in the ad-
vertisement calling for competitive bios;
and provided. further. that the principa! OF
said bonds shall be payable only in the
City Of New Orleans. State Of louisiana
Said bonds may be registered and re-
leased from registry under such rules ana
regulations as the Board OF Liquldatlon'
City Debt, may determine: shall pc ex,
,enlpt from taxation, State, parish and
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 honsa
Section 2. Be it further enacted. etc,
That as soon as constitutional authority
for the issuance Of said bonds shall nave
been obtained. the Board of Directors OF
the Public Schools for the Parish OF Or
leans shall, by resolution adopted by
majority Of the members thereof in reg
purpose, cali upon the Board Of Liquida-
ton, City Debt, to advertise for the sale
of said bonds. When so called upon, it
shall be the duty OF the Board Of Liquida-
ton, 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
O. quiaartGn: lily E sa sn as in each
of said newspapers for thirty 600 days
Immediately preceding the date fixed for
the receipt of bids; and the said bonds
shall be adjudicated and sold, under seal
ed bids or proposals, to the highest bidder
who shall have complied with the terms
and conditions set out by the Board of
ment for said bids; provided that no sale
of said bonds shall be made unless all of
said issue be sold and unless the average
price obtained for the different maturities
shall at least equal par and accrued in
terest for the entire issue. The Board of
Liquidation, City Debt, shall have the
right to reject any and all bids.
Section 3. Be it further enacted. etc,
That when the said bonds shall have been
adjudicated. as hereinafter set forth, it
shall be the duty of the Board of Liqui-
dation. City. Debt, to Immediately cause
said bonds to be engraved and executed
in such denominations and payable in the
currency of such country or countries as
indicated or the Board of Liquidation,
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 4. Be it further enacted, etc,
That the Board of Liquidation, City Debt.
said bonds in such local bank or banks as
may become the successful bidder or bid
ders for said bonds. in proportion to the
amount of their respective bids. upon fur,
of Liquidation. City Debt, and at such
rate of interest as the Board Of Liquida-
ton. City Debt, may fix and announce in
event that the successful bidder or bid
ders for all or any part Of the said bonds
shall be some person. firm or corporation
other than local bank. then the proceeds
of the sale of the bonds awarded to said
successful bidder or bidders shall be de-
posted in such local bank or banks and
at such rate Of interest as the Board of
II srxp,S 1o<r noIA n
All payments made by the Board of Di-
rectors of the Public Schools for the Par
ish of Orleans shall be made in the form
of warrants Or drafts on the Board Of Ii
amount thereof, the person to whom pay
able and the purpose for which the pay
ment Is made: and the Board of Liquida-
the duty of taking care that no irregular
or improper or unlawful payments 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.,.
O0O) and the interest on said bonds shall
be payable out Of the one-half of the sur
by the City of New Orleans by virtue of
Article -317 Of the Constitution of the
State of Louisiana, adopted in the year
public schools of the Parish of Orleans
after providing for the principal and in
terest on the one hundred and seventy
lOur thousand. Six nunQF9a ana S1Xty-tWO
bonds known as School Teachers Salary
Bonds Of the City of New Orleans, au-
thorized by Act No. 2 Of the General AS
sembly Of the State of Louisiana. session
Of 1906, and subsequently adopted as an
to the Constitution Of this
State; and the said one-half of the sur
plus of the one per cent debt tax, subject
to the exceptions specified and herein
above immediately set forth. is hereby
dedicated and pledged to the payment of
the bonds hereby authorized to be issued,
N principal and interest; and the Board
Of Liquidation. City Debt, is hereby d.
-ected to employ said fund to the extent
necessary to carry out the purpose of this
act; provided that nothing herein contain
I'D shall otherwise change, affect or i'm
pair, the provisions Of Article BIT Of the
Of this State.
Section s. Be it further enacted, etc,
That the Board Of Liquidation. City Debt,
shall, on the arst Gay or January. 1916,
md annually thereafter pay and redeem
dollars ESQ, in princi-
pal sum Of said bonds. The plan and
schedule of redemption shall be determined
~ the Board Of Liquidation, City Debt,
md announced by it in detail in the ad-
'ertisement calling for sealed bids.
Section I. Be it further enacted, ETC.,
That in order to reimburse the Board of
If fhn 1L~