Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1914-08-28
Act No. 262
House Bill No. 613. By Mr. Generell!
AN ACT

| AN All.
| Authorizing the Board of Directors of
the Public Schools Of the Parish Of
| orleans to issue Two Million Dollars
or bonds for the purpose OF acquir-
| ing school sites. constructing school
| buildings and their appurtena noes 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
| define the duties 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 retire
ment thereof: to prescribe the duties
| and obligations of the City of New
Orleans in connection with the re-
endorsement of the Board of Direc-
tors of the Public Schools for the
| Parish of Orleans by certain annual
| payments; and to define the method
| and manner in which the proceeds OF
| said bonds shall be employed and
| disbursed.
Section |. Be It enacted by the Cen
eral Assembly of the State of Louis
| lana twO-thrds OF all the members
| subject to ratification of the people of
| the State of Louisiana, by an amend
| ment to the Constitution of the State.
| hereinafter submitted to them. the
| Board Of Directors of the Public Schools
| for the Parish OF Orleans, of the State
| of Louisiana. is hereby authorized and
| empowered to issue bonds not to ex-
coed two million dollars ts2.0Oo.o O0D
| in amount to be dated January l.
| 1915. bearing five per cent (5 per
cent? per annum interest, payable
semi-annually. the principal OF which
shall be payable in forty G0l annual
lnstallments of fifty thousand dollars
oSoo.ooO) each. payable on the first day
OF January in each of the years 1916
TO and including 1855. respectively. as
hereinafter set forth.
Said bonds shall be made payable to
bearer. and shall be styled Public
school Bonds. City Of New Orleans and
Parish of Orleans
Said bonds shall be of the denom-
! nation of one thousand dollars each
except that at the option of any bid
der, to be indicated in and as part
or his bid. bonds of the denomination
or five hundred dollars may be issued
TO such bidder Unsuccessful.
The principal and intereet OF said
bonds shall be payable in gold coin OF
the United States equal to the present
standard OF weight and fineness. or
same may be expressed In pounds ster-
ling or in franc. and at such arbitrary
rate OF exchange. as said Board OF Liq-
uidation, City, Debt. may determine.
Said bonds shall be signed by the
president and secretary. respectively
or the Board of Directors of the Public
schools tyr the Parish of Orleans. and
shall be countersigned by the presi,
the secretary of the Board of Liquida-
ton. City Debt.
The interest on said bonds shall be
evfnced by interest coupons attached
thereto bearing the fac-simile sigma
lures of the secretary of the Board OF
Directors OF the Public Schools for the
Parish of Orleans and the Secretary
OF the Board Of Liquidation. City Debt,
respectively. and shall be payable on
the first days of July and January. re-
interest
shall be payable in the City of New
Orleans and in such other cities as the
Board of Liquidation, City Debt. may
determine upon surrender and cancella-
ton of the said respective interest cou-
pons: provided however. that such
cities shall be designated by the Board
of Liquidation, City Debt. and announc-
ed in the advertisement calling for
competitive bids: and provided, furth-
err. that the principal Of said bonds
shall be payable only in the City of
New Orleans. State of Louisiana
Said bonds may be registered and
rules and regulations as the Board of
Liquidation. City Debt may deter
mine; shall be exempt from taxa
ton. State. parish and municipal.
tors of minors and curators of inter-
diets: and shall be received as secur-
ity for public deposits of the State of
Louisiana or any political subdivision
thereof.
Section g BE 1t further enacted. etc.
That as soon as constitutional authori
ty for the issuance of said bonds shall
have been obtained the Board of Direc-
tors of the Public Schools for the Par
ish OF Orleans shall by resolution
adopted by a majority of the members
thereof in regular or special meeting
called for that purpose. call upon the
Board of Liquidation. CITY Debt to ad-
vertise for the sale of said bonds. When
so called upon, II shall be the duty OF
the Board OF Liquidation. City Debt.
to advertise said bonds for sale in the
official journal of the City of New Or
leans and In such other newspapers I'm
financial centers as the Board of Liaui
dalton. City Debt may determine.
Said advertisement shall appear in
each of said newspapers for thirty 900
days Immediately preceding the date
fixed for the recent of bids: and the
said bonds shall be adjudicated and
sold. under sealed bids or proposals. to
the highest bidder who shall have COM
piled with the terms and conditions set
out by the Board of Liquidation. CITY
Debt. in the advertisement 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 mat,ir-
tiles shall at least equal par and ac-
crued interest for the entire issue.
The Board of Linuida ton. City Debt
shall have the right to reject any and
all bids.
Section 3. Be II further enacted. etc.
That when the said bonds shall have
been adjudicated. as hereinafter set
forth. II shall be the dutv of the Board
OF Liquidation. City Debt to immedi-
ately cause said bonds to be engraved
and executed in such denominations
and payable In the currency of such
country or countries the successful
bidder or bidders may have indicated
or the Board of Liquidation. City Debt
determined as the case may he.
The Board OF Liquidation. City Debt
shall have the right to prescribe the
amount of the deposit that shall accom-
rany each bid. the conditions under
which same shall become forfeited. the
time within which the bonds shall he
delivered after the adiudica ton and
generally. all terms and conditions APP
pertaining to the bids and adjudica-
ton not otherwise provided for by this
act
Section 4. Be II further enacted |
etc. That the Board of Humiliation.
City Debt shall deposit the proceeds
OF the sale of said bonds i'm such local
bank or banks as NAV become the sue |
cessful bidder or bidders for said bonds |
respective bids. upon furnishing secur-
ity satisfactory to the BOARD OF Lioui- |
dation. City Debt. and at such rate of |
interest as the Board Of Liquidation.
City Debt. may fix and announce in the
advertisement calling for bids. In the
ders for all or any part of the said |
bonds shall be some person. rrrm or
corporation other than local bank
then the proceeds OF the sale OF me
bonds awarded to said successruy hid
der or bidders shall be deposited in
rate of interest as the Board OF Lioui-
dalton, City Debt NAV determine