The Natchitoches enterprise. (Natchitoches, La.) 1888-1965, 1914-10-15

snaII De payable In rorty (4Vl aHnua1
installments Of fifty thousand dollars
! ($50,000) each. payable on the first day
! Of January in each of the years 1917
to and including 1855, respectively al
hereinafter set forth.
Said bonds shall be made payable 70
bearer. and shall be STYLED PUBLIC nG
School Bonds City of New Orleans ana
Parish of Orleans"
Said bonds shall be Of the demon
ination of one thousand dollars each
except that at the option of any pa.
der, to be indicated in and as par
of his bid, bonds of the denominatlon
of five hundred dollars may be Issued
to such bidder II successful.
The principal and interest OF sa1d
bonds shall be payable in gold coin OF
the United States equal to the present
standard of weight and fineness, OF
same may be expressed in pounds ster-
ling or in franc, and at such arpitTHry
rate Of exchange, as said Board OF Liz
uidation, City, Aebt, may determine
Said bonds shall be signed by tne
president and secretary, respectively,
of the Board of Directors IF the Pupllc
Schools for the Parish of Orleans, and
shall be countersigned by the presl,,
dent, or one of the vice presldeIniis s,i anu
ton, City Debt.
The interest on said bonds shall be
evinced by interest coupons attached
| thereto bearing the fac-simile slsh a.
Directors of the Public Schools TOR the
Parish of Orleans and the Secretary
of the Board of Liquidation, City Dent,
respectively, and shall be payable on
the first days of July and January, re.
spectively, in each year; said interest,"
shall be payable in the City OF New
Orleans and in such other cities as tne
Board of Liquidation, City Deot, 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 annoupc-
ed in the advertisement calling Tor
competitive bids; and provided, furt s.
er, that the principal of said bonds
shall be payable only in the City OF
New Orleans, State Of Louisiana
Said bonds nay be registered ana
released from registry under sucn
rules and regulations as the Board of
Liquidation, City Debt, may deter
mine; shall be exempt from taxa taxa,
shall be legal investment for the tu-
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 2. Be II further enacted, etc.
! That as soon as constitutional authori,
ty for the issuance of said bonds shall
have been obtained, the Board of D1rec-
tors of the Public Schools for the Par
ieh 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, 1t 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 In
financial centers as the Board OF Ltnui-
dalton, City Debt may determine
each Of said newspapers for thirty 800
| 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 nave 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 matur-
tiles shall at least equal par and &C
crued interest for the ,,o entire ISSUE Issss
shall have the right to reject any and
all bids.
Section 5. Be it further enacted. etc
That when the said bonds shall have
been adjudicated, as hereinafter set
forth. it shall be the duty of the Board
of Liquidation. City Debt, to immedi-
ately cause said bonds to be engraved
!
and payable in the currency of such
country or countries as the successful
bidder or bidders may have indicated
or the Board of Liquidation. City Debt
determined as the case may be.
The Board of Liquidation, City Debt
shall have the right to prescribe the
amount of the deposit that shall accom-
pany each bid. the conditions under
which same shall become forfeited, the
time within which the bonds shall be
4 delivered after the adjudication, and
generally, all terms and conditions ap-
pertaining to the bids and adjudica-
ton not otherwise provided for by this
act.
Section 4. Be It further enacted
etc. That the Board of liquidation
City Debt. shall deposit the proceeds
of the sale of said bonds in such local
bank or banks as NAV become the sue
cessful bidder or bidders for said bonds
in proportion to the amonnt Of Their
! respective bids. upon furnishing secur.
ity satisfactory to- the BOARD Of Liuui,
dalton City Debt. and at such rate OF
interest as the Board of Liquidation
City Debt may fix and announce in thu
advertisement calling for bids. In the
event that the successful bidder or bid.
ders for all or any part of the said
bonds shall be some person, firm oil
corporation other than a local bank
then the proceeds of the sale Of tnt
bonds awarded to said successrur bid
der or bidders shall be deposited ir
such local bank or banks and at such
rate of interest as the Board of Liqui
dalton. City Debt, may determine.
All payments made by the Board Of
Directors Of the Public Schools for the
Parish of Orleans shall be made in the
form Of warrants or drafts on the
Board of Liquidation. City Debt settfne
forth the amount thereof, the person
to whom PAYABLE and the purpose fol
which the payment is made; and tn,
Board of LIQUIDATION, City Debt. i.
hereby charged with the duty Of takins
care that no irregular or improper OF
unlawful payments. are made out Of
said funds.
Section 8. Be it further enacted
etc, That the annual installment Of
principal amounting to fifty thousand
said bonds shall be payable out Of tn,
one-half of the surplus of the one pei
cent, debt tax levied by the City of New
Orleans by. virtue Of Article ait or IN,
Constitution of the State of Louisiana
adopted in the year 1918, and dedica
of the Parish Of Orleans, after provid
ing for the principal and interest OF
the one hundred and seventy-four thou
sand. six hundred and sixty-two dol
lars 1S174,662), in principal sum, OF
bonds known as School Teachers Sal
authorized by Act No. 2 of the Genera
Assembly of the State of Louisiana
session of 1905, and subsequently adopt
ed as an amendment to the Constitution
of this State; and the said one-half o.
the surplus of the one per cent deb
fled and hereinabove Immediately Sc
forth, IL hereby dedicated and pledged
to the payment OF the bonds hereb,
authorized to be issued, in principal and
interest; and the Board of Liquidation
City Debt. 10 hereby directed to emplo!
| mofa IND 20 he aOxa -