The Madison journal. (Tallulah, Madison Parish, La.) 1888-current, 1914-10-24
Act No. 262
House Bill No. s1s. By Mr.. Gen.r.,,x
AN ACT

| Authorizing the Board Of Diroc.o-s -.
| ne Pubic Schools of the Parish NJ
orleans TO issue Two Million, DoIIa :,
| or bonds for the burmese -, .it.-
| ing school sites. constructing .cbno,
| buildings and their apDurtena,cas a.
the CITY or New Orleans; 70 nroy-, =,
| Ine terms ana conditions under which
salu honds shall be issued ava soI5
and the security for the nav,,ar, -.
I the principal and interest thsraoF. >,
define the duties Of the Po,rd
Li"ulda ION. City Debt. in conrec,,o-
with the issuance and sale oF e.;
bonds. the payment OF tho ,r;. 81
ana interest thereon. and tho ra,i
nheht thereof: 10 prescribe the d,ties
ana Obligations Of the CITY ~ Na1
Orleans in connection with H.
endorsement Of TIE Roard 90
tors or the Public Schools for -
Parish or Orleans by certain an,,,,,
payments; and TO define the De,bod
anu manner IN which the proceeds or
disbursed. al
Section |. Be II enacted bv tho e.,
eral Assembly of the state of Toris
ANA. twO-thirds Of all the -,
n!ected to each house concurrirc Thai
subject to ratification of the n.onia -.
the state of Louisiana. nv a. -,
nent TO the Constitution of tho ST.
hereinafter submitted to them tSc
t5oard or Directors OF the Public SchooI,
Tor the Parish Of Orleans of Tho So,
OF LOUISIANA. is hereby authorizes an
empowered to issue bonds not ~ nv
ceeu TWO million dollars (S2 600 OO6,
IN amount, to be dated january
se, bearing five per cen, . per
semi-annually. the principal oc wbicr
Sudil De PAYABLE in forty 600 annua
tr,sIaIlnents of fifty thousand dollars
,soV;OOO) each. payable en- the first dav
~ January IN each Of the years 1916
20 ana including 1856. respectively. as
hereinafter ct forth
said bonds shall he made psvshle TO
and shall be STYLED "Public
npci-oEI Bonds: City OF New Orleans and
Farish OF Orleans"
Said bonds shall be OF the denor-
andIion or one thousand dollars each
der, 20 be indicated in and as a part
OF MS bid. bonds Of the denomination
OF 1lNe hundred dollars may be Issued
u such bidder IL successful.
The principal and interest of said
ponds shall be payable in gold coin o.
tne United States equal to the present
standard OF weight and fineness. or
same may be expressed in pounds ster-
IIns or in franc. and at such arbitrary
rate or exchange. as said Board OF Liq-
uidation. City. Debt, may determine.
Said bonds shall be signed nv the
president and secretary. respectively.
or the Board OF Directors % the Puhlic
SCHOOLS for the Parish of Orleans. an1
snaIl be countersigned by the presi-
cent. or one OF the vice presidents. and
me tne secretary OF the Board Of Liquida-
ton. City Debt
The interest on said bonds shall be
evlnced 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 or Orleans and the Secretary
or the Board OF LIQUIDATION. Citv Debt
respectively. and shall he payable or
the tlrst DAYS of July and January. re-
spectlVely, In each year; said interest
Orleans and in such other cities as the
Board OF LiIuidat ton. City Debt. may
determine upon surrender and cancella-
tion or the said respective interest cou-
cities shall be designated by the Board
OF LIQUIDATION. CITY Debt. and announc-
ed In the advertisement calling for
connecting co , bids: and provided. furth-
shall be payable only in the City of
New Orleans. State of Louisiana
Said bonds may be registered and
released from registry under such
rules and regulations as the Board Of
Liquidation. City Debt. may deter
ton ss ha be S,r sSsm Psa from %nt snSS
shall be a legal investment for the tu-
tors of minors and curators OF inter
diets; and shall be received as secur-
tty for public deposits OF the State or
Louisiana or any political subdivision
thereof
Section .. Be II further enacted. etc.
That as soon as CONSTITUTIONAL authori-
~ for the issuance Of said bonds shall
have been obtained. the RNa-1 ~ Di-n"-
ish of Orleans shall. by resolution
adopted by a majority Of the members
thereof in REGULAR or spec 'al meeting
called for that purpose. call upon the
Board OF LIQUIDATION. C'tv Debt. 10 al
vertise for the sale ~ said bonds When
40 called upon. II shall he the dutv OF
the Board of LIQUIDATION. CITY Debt.
tn advertise said bonds for sale IN the
official journal OF the City OF New Or
leans and In such other rewsparers in
1ation. Citv Debt. NAV determine.
Said advertisement shall arnear in
each of said newspapers for thirty C3ol
lays Immediately preceding thu date
said bonds shall Re adiuIirated and
sold. under sealed bids or rroposals to
the highest bidder who shall hove ro-r-
Piled with the terms and conditions set !
n~nt. In IN. Advertisement for sa'-
bids; provided that no sale OF said
bonds shall he made unless all OF SAID |
ssie he sold and unless the avera &c |
price obtained for the different ratur- |
ties shall at least equal rar and &C. |
'rued' interest for the entire Issue |
rhe Board OF T.i-ui'ation. CITY Debt |
s.an lave the right to reject any and |
Ill bids.
Section 3. Be u further enacted. etc.
That when the said bonds shall have |
,een adju1trated. as hereinafter SET |
'orth. II shall he the dutv OF the Board \
" LIQUIDATION. Citv Debt TO imrne1i- |
itrlv cause said BOMBS to he engraved |
md executed in such denominations |
md payable in the currency Of such |
country or countries as the srr~sss~ul
" the BOARD ~ T,i"uiIatinr. Citv Debt
determined as the rasA NAY be
The Board Of T.fruifation. Citv Debt
hall have the ri~ht 70 nraSo-'he the
mount NJ the derosit that shall accom-
,arv earh h'd. the conditions under
which same shall become forfeited the
irre within which the ho-Is shall he
delivered after the aItudira ton and |
all terms a,h conditions an
ION not otherwise provided for by this
ct.
Section e. BE u further enacted.
to- That the Boa-i ~ T.inu'Iato-
'itv Debt shalt 1eoos't the r-ncao1s
n the sale ~ said bonds IN such local
ark or hanks "a NAV hero-ne the s,I~-
essrul hi1Ser or bidders FOR sail bonds
n pronortion TO the arnunt ~ their
espect've bids. upon furnishing sncu--
tv SATISFACTORY n the BOARD If Iinuf-
q ton Citv Dpht and at such rate ~
'ttv Deht may fiN and announce IN the
calling Cor bids In the
vent that the successful bidder or hiI- |
ers for al or arv part of the sail
onds shall he some person. rrrm or
nrporatior other than local bark |