Lower coast gazette., 1914-09-19

Gated or the Board of Liquidation, City 81
Debt, determined, as the case may be. o. o
The Board of Liquidation, City Debt, - u
shall have the right to prescribe the ie
amount of the deposit that shall accom-
pany each bid, the conditions under which I
same shall become forfeited, the time h
within which the bonds shall be delivered a
after the adjudication, and, generally, all \
terms and conditions appertaining to the n
bids and adjudication not otherwise pro- !
vided for by this act. t
Section 4. Be it further enacted, etc,
That the Board of Liquidation, City Debt, s
shall deposit the proceeds OF the sale OF a
said bonds in such local bank or banks l
as may become the successful bidder t
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
nounee 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 bank,
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
the amount thereof, the person to whom
j, 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
b ments are made out of said funds.
Section 5. Be it further enacted, etc,
e That the annual installment of principal
amounting to fifty thousand dollars $780,
00O) and the interest on said bonds shall
be payable out of the One-half of the
surplus of the one per cent, debt tax,
70 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
d of Orleans, after providing for the prin-
cipal and interest on the one hundred
and seventy-four thousand, six hundred
uLu SlAIy-tNO Olldl \pll 1,OO@ , Ill pIlu'
cipal sum, of bonds known as School
Teachers Salary Bonds of the City Of
w. New Orleans, authorized by Act No.
~ of the General Assembly of the State Of
Louisiana, session of 1906, and subse
he quently adopted as an amendment to thu
)r- Constitution of this State; and the sait
OF one-half of the surplus of the one pc
ng cent debt tax, subject to the exception
/, lcna.iEnI and hnroinohoro np,nI;o{ol, co
ity forth, is hereby dedicated and pledge
thorized to be issued, in principal an,
rus interest; and the Board Of Liquidation
pal City Debt, is hereby directed to enplo
IN. said fund to the extent necessary to carr
itv out the purpose of this act; provided tina
change affect or impair, the provisions {
Article 317 of the Constitution of thi
The State.
Section 6. Be it further enacted, etc
the That the Board of Liquidation. City Deb
shall, on the first day of January. 1911
and annually thereafter pay and redee
IT'S fifty thousand dollars ($5O,OOO), in pri
ner cipal sum of said bonds. The plan ar
schedule of redemption shall be dete
mined by the Board of Liquidation, Gil
len Debt, and announced by it in detail
ma the advertisement calling for sealed bid
to Section Z. Be it further enacted, ct
TO That in order to reimburse the Board
Directors of the Public Schools for Il
the Parish of Orleans for the deductions al
fter payments which the Board of Liquid
rec ton, City Debt, is herein authorized
rich make out Of said One-half of the 81
!, is plus of the one per cent. debt tax, t
ssue City of New Orleans, shall, and it
lars hereby made its duty to pay over to t
ated Board of Liquidation, City Debt, beg
ming on or before the first day of Ju
emf 1915, and annually thereafter up to a
Il he including the year 1884, the sum of {
tall hundred thousand dollars ($1OO,OOO)
: cash, and beginning on or before the Fl
v Of day Of July, 1886, and annually the
and after up to and including the year 10
the sum of fifty thousand dollars ($5
OOO) in cash, and such further sum
10 To may be necessary in each year to
chool the interest on the bonds herein auth
r;sh lied and then outstanding. To enable
City Of New Orleans to make such
nina nual payments, the said city is. authori
vcont to issue and to sell so much of the pu
~ ho improvement certificates authorized to
hid issued under Act No. Sc of the Gen,
HIM, Assembly of the State of Louisiana,
,;ddor sion of 1908, or amendments presel
existing thereto, or that may be herea
bonds made, as may be necessary for said
Jn;ted pose; and such certificates shall be
I'd of by the City of New Orleans under Sc
W ey- proposals to the highest bidder, in {
fronc amounts and under such conditions
,anoe the city of New Orleans may presc]
nabt The City of New Orleans shall be
titled to reject any and all bids for
nresi- certificates; provided, however, that 4
: tho ing herein contained shall be const
chools to, in any manner, relieve the Cit,
all. he New Orleans of the obligation to MAKE
= ono annual payments herein designated;
retary in the event that the City of New Orl
Debt. should fail to make any payment :,
no same shall become due, it shall be
tached duty of the Board of Liquidation,
atmres Debt, to compel, by mandamus or
appropriate remedy, the City of New
ish Of leans to pay over to it the amount
BOARD due. When, and as soon as the E
~.tivelv. of Liquidation, City Debt, shall hav
Of ceived from the City of New Orleans
each such annual payment, the money S
Ihle in ceived shall be forthwith paid owe
, such the Board of Liquidation, City Del
datim the Board of Directors of the F
Schools for the Parish Of Orleans.
Section 8. Be it further enacted,
,wever. That the proceeds of the sale of two
by the non doiiars OF Donds hereln autn(
for for the following purposes, to-wit
nrther For the acquisition in the name {
hall he City of New Orleans, either by pun
Or or by appropriation proceedings to
stituted in the name OF the City of
and re- Orleans, of such sites as may be
los and sary for the erection, extension Q
idation, largement OF scheol houses any tne
be ex- purtenances, or 1or 5ne eslaDllsan't
sh and Fairgrounds OF stauia co.laecteu
the puDnc scnooi system ~ .ne
:~urators OF New Orieans' ana lor Tue COL