Lower coast gazette., 1914-08-29

ALVIN IfS +. HEBERT, L
Secretary Of State. ;
= J. $50 {
.sACT: NO. .262:
House Bill No. 613. By Mr.. GenerelIy
. 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 .thei.' 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 secu-
rity for .thetpayment of the principal
and interest thereof; to define the du-
ties of the Board of Liquidation, City
Debt. in connection with the issuance
and sale of said bonds, the payment
of the principal and interest 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 Direc-
tors of the Public Schools for the Parish
VI OIleuIS pSrCcl TAIN duLudl pay lASAtos
and to define the method and manner
in which the. proceeds of said bonds
shall be:emploNed and disbursed.
Section i. Bel t enacted by the Gen
eral Assembly Of ,,the, State of Louisiana,
twc-thirds Of all dhe members elected to
each house concprring, That subject to
the, ratification Of: the people of the State
of Louisiana, byssan amendment to the
Constitution of the State, hereinafter
submitted to them, the Board of Direc-
tors of the Public Schools for the Parish
Of Orleans, of. the State of sI4ouisiana, is
hereby authoritarian empowered to issue
bonds not. to. exceed two million dollars
$4,000, O80.OO) in amount, to be dated
January l, 1876 bearing five, per cent
(5Tc) per ,annum interest, payable semi
: annually tile. principal, of which shall be
payable IN forty (40) annual install.
ments Of fifty thousand dollars $780,
OOO) each, payable on the first day Of
: January III each Of the years 1916 to and
t including 1855, respectively, AS herein
! after set forth. !;
i Said bonds shall be- made payable tx
: bearer, and shall be styled public Schoo
; !; Bonds B; %sI oity Of Nv Orleans and Paris'
y Said bonds shall be; of the denomina
v ton Of o~pe,thousand dollars each, excep
that at, the option Of any bidder, to.
indicated Tin ands as a part of his bid
bonds of''the denomination of five hun
y dred dollsrS mayibe issued to such bidde
= The principal and interest of said bond
~ shall be payable Il gold coin of the Unite
" S+nkoc onro1 RI tfhn y,pocnnf Gro nd r1 n
~ weight and fneness, or same may be e,
" pressed in pounds sterling or in fran
and at such arbitrary rata of exchang
70 as said Board o6sLiquidation, City:Deb
q may deter3hine. i $50
ID Said bonds shall be signed by the pres
-. dent and secretary, respectively of Il
tx Board of Directors of the Public Sch6o
es fqr the Parish. of Orleans .,and shall !
Isl ceuntersigned BY the sspresMent,' or q
;os & the vice-praSidents,ss and The ~secretal
W. Of the Board Of Liquidation, City Del
Thess interest," on. said bends shall !
evidenced. by INTEREST," coupons attach
G., thereto. bearing the fac-simile signatur
We of tie Secretary sf the Board. Of Directa
ne Of the@Public Schools for the Parish
tnl Orleans and the Secretary of the Boa
ST. Of Liquidations City DEBIT. respective,
ty and shall.be payable on the; first days.
'ge july and January, respectively, in ed
year; said interest shall be payable
'ge the City of New Orleans and In su
other cities assthe Board Of Liquidatit
me City, Debt, may determine, upon sure
der and cancellation of the said. resp
MS tive: interest coupons provided, howev
de- that such cities shall be designated by
has Board OF. Liquidation, City Debt, and {
lne nounced in the advertisement calling 4
tue competitive bids; and: provided, furth
that the principal of said bonds shall:
payable onlys in the City of New {
UGH leans, State .ofss:Lnuisiana.
ny, Said bonds may be. registered and
ess leased from registry under such. rules .
,rNr regulations az the Board. .of. ,Liquidati
1atf city Hebfj;.. may, '&termi6le ;;tlshall be
the emit nrom. ffaxktien. Estate, parish :
ltal muHicffpa sEalE be d legal investm
and fors the tutors Of Minors and. carat
hall of ,,interdietsss, aqd shall be- received
by security for puaie, deposits of the 81
the of Louisiana ortany political sibdivis
lref thereof. q
Jits. Section ?. Be It further enacted, {
said THAT as soon as constitutional autho
lnds for the issuance Of said bonds shall b
HUE, Dceu OOldiucu, zig DOdlu VI OilcC'
way Of the Public Schools for the Parish
pro Orleans shall, by resolution adopted
sal a majority Of the members thereof
ten regular or special meeting called for
e ii: purpose, call-upnH the Board of ,Liqu
ions ton, City. Debt, ID advertise. for the
Of said bonds. when SO called upon
ETC., shall be. the duty f the Board of ii
dation, City Dett, 70 advertise said bt
cans for. sale in the official journal Of the
shall Of New Orleans-and in such other n
,ads, papers. in financial centers as the. b
ac- of Liquidation, City Debt, may !deter1
mentI Said advertisement shall appear in
rove Of said newspapers for thirty 1901
the Immediately preceding the cate fixed
gated the receipt Of, seal6d bids or praposal
any thes highest hddeEss who shah have
atioh piled With, the terms and conditions
cque- sutz-by the Board Of kiqlation;
lnder Debt, in the Notwithstanding said DO
reim provided that mo- salesof said bonds
{, the be made unless an Of said issue be
rea- and unless the average price obtained
at Of the different matarities shall at
DIT to equal par and accrued interest for
cque- entire issue. TIE Board of Liquida
e. City Debt, shall have the right to I
etc, any and all bids
i his Section g.. Be il further enacted,
E tax That when the said bonds shall have
fixed a~dHldicated. az: Hereinafter set fort