The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1914-10-31
ACT NO. 262.
House Bill No. 613-By Mr.. Generally.
AN ACT

House Bill No. 613--By Mr.. Generally.
AN ACT
Authorizing the Board of Directors of the
Public Schools of the Parish of Or
leans to issue Two Million Dollars of
bonds for the purpose of acquiring
school sites, constructing school build
ings and their appurtenances in the
City of New Orleans: to provide the
terms and conditions under which said
bonds shall be issued and sold, and
the security for the payment of the
principal and interest thereof; to de-
fine the duties of the Board of Liqui-
dation, City Debt, in connection with
the issuance and sale of said bonds,
the payment of the principal and in
terest thereon, and the retirement
thereof; to prescribe the duties and
obligations of the City of New Orleans
in connection with the reimbursement
of the Board of Directors Of the Pub
lie Schools for the Parish Of Orleans
by certain annual payments; and to
define the method and manner tn which
the proceeds of said bonds shall be
employed and disbursed.
Section l. Be it enacted by the General
Assembly of the State Of Louisiana, two
thirds of all the members elected to each
House concurring That, subject to the
ratification of the people OF the State OF
Louisiana, by an amendment to the Con
stitution of the State, hereinafter sub
mitted to them, the Board of Directors OF
the Public Schools for the Parish of Or
leans, of the State of Louisiana, is hereby
authorized and empowered to issue bonds
not to exceed two million dollars $4,000,
0O00O) in amount, to be dated January l.
1915, bearing five per cent Is per cent? pei
annum interest, payable semi annually
the principal of which shall be payable in
forty (4O) annual installments of fifty
thousand dollars (s5O.9OO) each. payable
on the first day of January in each of the
years 1916 to and including 1866. respec-
lively, as hereinafter set forth.
Said bonds shall be made payable t.
bearer, and shall be styled Public Schoo
Bonds, City of New Orleans and Parish
of Orleans"
of one thousand dollars each. except thai
at the option of any bidder, to be indi.
Gated in and as part Of his bid, bonds
of the denomination of five hundred dol
lars may be issued to such bidder if sue,
cessful
The principal and interest of said bond!
shall be payable in gold coin of the United
States equal to the present standard O
weight and fineness, or same may be ex
pressed in pounds sterling or in franc, an(
at such arbitrary rate of exchange, al
said Board of Liquidation, City Debt, ma!
determine.
Said bonds shall be signed by the pres
ident and secretary, respectively, of thu
Board of Directors of the Public Schools
for the Parish of Orleans, and shall b.
countersigned by the president, or one O
the vice presidents, and the secretary o
the Board of Liquidation. City Debt.
The interest on said bonds shall be evi
denced by interest coupons attached there
to bearing the fac-simile signatures o
the secretary of the Board of Directors o
the Public Schools for the Parish Of Or
leans and the Secretary of the Board o
Liquidation, City Debt, respectively, ant
shall be payable on the first days of JUL
and January, respectively, in each year
said interest shall be payable in the Cit,
of New Orleans and in such other cite
as the Board of Liquidation, City Debt
may determine, upon surrender and can
collation. of the said respective interes
coupons; provided, however, that sue
cities shall be designated by the Board Q
Liquidation, City Debt, and announced il
the advertisement calling for competitiv
bids; and provided, further, that the prin
| cipal of said bonds shall be payable onl
in the City of New Orleans, State 9
louisiana
| Said bonds may be registered and re
leased from registry under such rules an
regulations as the Board of Liquidation
City Debt, may determine; shall be eX
empt from taxation, State, parish an
municipal shall be a legal investment 70
| the tutors of minors and curators OF in
terdicts; and shall be received as securit
for public deposits of the State Of Louis
|
Section 2. Be it further enacted, etc
| That as soon as constitutional authorit
for the issuance of said bonds shall hav
been obtained, the Board of Directors G
the Public Schools for the Parish of Or
leans shall, by resolution adopted by
majority of the members thereof in reg
ular or special meeting called for tina
purpose, call upon the Board Of Mquida
ton, City Debt to advertise for the sal
Of said bonds. When so called upon,
shall be the duty of the Board of Lquida
ton, City Debt, to advertise said bonds fo
sale in the official journal of the City {
New Orleans and in such other news
papers in financial centers as the Boar
of Liquidation, City Debt, may determin,
Said advertisement shall appear in eac
of said newspapers for thirty (3O) day
Immediately preceding the date fixed fc
the receipt of bids; and the said bond
shall be adjudicated and sold, under seal
ed bids or proposals. to the highest bidde
who shall have complied with the term
and conditions set out by the Board {
Liquidation, City Debt, in the advertise
ment for said BIDS provided that no sal
of said bonds shall be made unless all {
said issue be sold and unless the averag
price obtained for the different maturitie
shall at least equal par and accrued In
terest for the entire issue. The Board {
Liquidation, City Debt, shall have til
right tn reject any and all hids