St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1914-10-31
ACT NO. 262.

/ Authorizing the board OF Directors
OF the Public Schools of the Parish
OF Orleans to issue Two Million
Dollars Of bonds for the purpose
OF acquiring school sites, construct
ing school buildings and their ap-
purtenances in the Ciyt 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 cf
Liquidation, City Debt, in connec-
ton with the issuance and sale of
! said bonds, the payment .of the
principal and interest thereon, ana
the retirement thereof; to pre-
scribe the duties and obligations
OF the City of New Orleans. in con-
nection with the reimbursement of
the Board Of Directors of the Pub
lie Schools for the parish of Or
leans by certain annual payments;
and to define the method and man
/ ner in which the proceeds of said
bonds shall be employed and dis
bursed.
Section /. Be it enacted BY the.
| General Assembly of the State of
Louisiana, two-thirds of all the mem-
bers elected to each house concurT-
| ing, That subject to the ratification
OF the people of the State OF Lou
is-ana, by an amendment to the Con-
stitution of the State, hereinafter
submitted to them, the Board Of d.
rectors 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 ($2, 0o0.0001
in amount, to be dated January
1915, bearing five per cent y Der
cent per annun interest, payable
semi annually, the principal OF which,
snail be payable in forty {40) annual
install ments of fifty thousand dol
lars lS50, 000) eaeh, payable Oh the
nrst day OF January in each OF the
Years 1916 to and including 1856.
respectively. as hereinafter set forth
Said bonds shall be made i,ayable
70 bearer, and shall be styled pub
Tic School Bonds, City OF New Or
leans 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 ass bart 81
his bid, bonds of the denoIaination
y nVe hundred dollars may be issued
70 such bidder if successful.
The principal and interest Of said
Donds shall be payable In gold coin
OF the United State equal to the pres
|ent standard of weight and fineness.
or same may be expressed in pounds
sterling or In franc, and at such ar
Ditrary rate Of exchange, ais said
Board OF Liquidation, City Debt, MAY
determine.
Said bonds shall be signed by the
president and secretary, respectively.
OF the Board OF Directors OF the Pub,
lie Schools for the parish Of Orleans.
and shall be countersigned by the
president, or one OF the v.ce-presi-
dents, and the secretary Of the Board
of Liquidation. City Debt.
The interest on said bonds shall be-
evidenced by interest coupons at
tached thereto bearing the fac-simile
signatures Of the secretary OF the
Board of Directors CT the Public
Schools for the parish Of Orleans and
the secretary OF the Board OK Liluf-
shall be payable on the first days OF
July and January, respectively, in
each year; said interest shall be pay
able in the city Of New Orleans and
in such other cities as the Board OF
Liquidation, City Debt, may deter
mine, upon surrender and canceila-
ton OF the said respective interest
coupons: provided, however, that
such cities shall be designated by
the Board of Liquidation. City Debt.
and announced In the advertisements
calling for competitive bids; and pro-
ivided, further, that the principal OF
said bonds shall be payable only In
the City OF New Orleans, State Of
Louisiana.
Said bonds may be registered ana
released from registry under such
rules and regulations as the Board
OF Liquidation, City Debt, may de-
termine; shall be exempt from tax
alton, State, parish and municipal
shall be legal Investment for the
tutors Of minors and curators of in
|tsrdicts; and shall be received as se-.
|curity for public deposits Of the State
|0f Louisiana or any political subdi-
vision thereof.
Section 2. Be It further enacted,
etc, That as soon as constitutional
authority for the issuance Of said
bonds shall have been obtained, the
Board Of Directors OF the Public
Schools for the parish Of Orleans
shall, by resolution adopted by
majority Of the members thereof in
regular or special meeting called for
that purpose, call upon the Board OF
Liquidation, City Debt, to advertise
for the sale Of said bonds. When SO
called upon, it 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
Orleans and in such other newspap-:
srs in financial centers as the Board
u Liquidation, City Debt, may de-
ermine. Said advertisement shall
,ppear in each of said newspapers
ior thirty $500 days immedi ately pre-
ceding the date fixed for the receipt
If bids; and the said bonds shall be
ldjudicated and sold, under sealed
lids or proposals. to the highest bid
Ter who shall hare compiled with the
terms and conditions set cut by the