Lower coast gazette., 1914-09-05

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General Assembly laws of this State.
L. e. THOMAS,
Speaker of the House of Representatives.
THOMAS G. BARRET,
Lieutenant Governor and President OF the
Senate.
Approved: July 8, 1914.
L. E. HALL,
Governor of the State of Louisiana.
A true copy:
ALVIN Il. HEBERT,
Secretary of State.
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ACT NO. 2G2.
House Bill No. 613. BySMr. Generelly
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 aud 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 the payment 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
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 Gen
eral 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
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 Louisiana, is
hereby authorized and empowered to issue
bonds not to exceed two. million dollars
.l$2,OO, OOO.OO)'i in amount, to be dated
January l, 1915, bearing five per cent
(5M) per annum interest, payable semi
annually, the principal of which shall be
payable in forty (4O) annual INSTALL
ments of fifty thousand dollars ESQ.,
0O0) each, payable on the first day of
January in each of the years 1916 to and
including 1855, respectively, as herein
after 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 denomina-
ton of one thousand dollars each. except
that at the option of any bidder, to be
indicated in and as a part of his bid.
bonds of the denomination of five hun
dred dollars may be issued to such bidder
if successful.
The principal and interest of said bonds
shall be payable in gold coin of the United
States equal to the present standard of
weight and fneness, or same may be ex.
pressed in pounds sterling or in franc,
and at such arbitrary rate of exchange,
as said Board of Liquidation, City Debt,
may determine.
Said bonds shall be signed by the presi-
dent and secretary, respectively, of the
Board of Directors of the Public Schools
for the Parish of Orleans land shall be
countersigned by the president, or one
of the vice-presidents, and the secretary
of the Board Of Liquidation, City Debt.
The interest on said bonds shall be
evidenced by interest coupons attached
thereto bearing the facsimile signatures
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, respectively, in each
year; said interest shall be payable in
the City of New Orleans apd in such
other cities as the Board of Liquidation.
City Debt, may determine, upon surren.
der and cancellation of the said respec.
tive interest coupons. provided, however,
that such cities shall be designated by the
Board Of Liquidation, City Debt, and an.
nounced in the advertisement calling for
competitive bids; and provided, further,
that the principal Of said bonds shall be
payable only in the City of New Or
leans, State of Louisiana.
Said bonds may be registered and re-
leased from registry under such rules and
regulations as the Board of Liquidation,
City Debt, may determine; shall be ex-
empt from taxation, State, parish and
municipal, shall be a legal investment
for the tutors of minors and curatOrs
of interdicts; and shall be received as
security for public deposits Of the State
OF Louisiana or any political subdivision
thereof.
Section 2. Be it further enacted, etc,
That as soon as constitutional authority
for the issuance Of said bonds shall have
been obtained, tie Board Of Directors
Of the Public Schools. for the Parish 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 Liquida.
ton, City Debt, to advertise for the sale
of said bonds. When SO called upon, il
shall be the duty of the Board Of Lieut..
dalton, City Debt, to advertise said bonds
for sale in the official journal of the CITY
OF New Orleans and in such other news.
papers in financial centers as the Board
Of Liquidation, City Debt, may determine.
Said advertisement shall appear in each
OF said newspapers for thirty 1907 days
Immediately preceding the date fixed fol
the receipt of sealed bids or proposals, to
the highest bidder who shall have com.
piled with the terms and conditions sci
out by the Board Of LIQUIDATION. CITY
Debt, in the advertisement for said bonds
provided that no sale of said bonds shall
be made unless all of said issue be sold
and unless the average price obtained fol
the different maturitieS shall at least
equal par and accrued interest for the
entire issue. The Board of Liquidation