The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1914-10-10
ACT NO, 26s.
House Bill No. 613-By Mr. GeneFelly
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 and their appurtenances IN the
City of New Orleans: to provide the
terms and conditions under Wnlch sato
bonds shall be issued ana SOLO, anu
the security for the payment OF the
principal and interest thereof; to de-
fine the duties of the Beard Of Ltqui-
dation. City Debt, in connection with |
the issuance and sale of said bonds !
the payment of the principal and in |
terest 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 Directors of the Pub
lie 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 1. Be it enacted by the General
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 Con-
sttution of the State, hereinafter SUP
mitted to them, the Board of Directors OF
the Public Schools for the Parish OF Or
LEANS, of the State of Louisiana. is hereby
| authorized and empowered to issue bonds
not to exceed two million dollars ($2,OOO,-
OOO, OOl in amount to be dated January l,
I1915, bearing five per cent Is per cent? per
annum interest, payable semi annually,
the principal of which shall be payable in
forty (40) annual installments of fifty
thousand dollars ($50,0OO each. payable
on the first day of January in each of the
Years 1916 to and including 1885, respec-
lively, 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 denomination
of one thousand dollars each, except that
at the option of any bidder, to be indi-
Gated in and as a part of his bid, bonds
of the denomination of five hundred dol
lars may be issued to such bidder if sue
!, cessful.
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 fineness, or same may be eX'
pressed in pounds sterling or in franc, ane
Z at such arbitrary rate of exchange, az
6 said Board of Liquidation, City Debt, may
& determine.
s Said bonds shall be signed by the pres
tident and secretary, respectively, OF tn
: Board of Directors of the Public Schools
: for the Parish of Orleans, and shall b.
S countersigned by the president, or one
s the vice presidents, and the secretary o
I the Board Of Liquidation, City Debt.
The interest on said bonds shall be evi
s denced by interest coupons attached there
: to bearing the fac-simile signatures
e the secretary of the Board of Directors c
5 the Public Schools for the Parish of Or
& leans and the Secretary of the Board c
E Liquidation, City Debt, respectively, an
2 shall be payable on the first days OF Jul
Z and January, respectively, in each year
s said interest shall be payable in the Cit
3 of New Orleans and in such other cite
6 as the Board of Liquidation, City Deb
s may determine, upon surrender and car
g collation. of the said respective interes
S coupons: provided, however, that sue
~ cities shall be designated by the Board
- Liquidation, City Debt, and announced
r the advertisement calling for competitiy
= bids; and provided, further, that the prir
= cipal of said bonds shall be payable on
j. in the City of New Orleans. State I
= Louisiana.
+ Said bonds may be registered and II
i leased from registry under such rules ar
: regulations as the Board of Liquidatio
! City Debt, may determine; shall be e!
j. empt from taxation, State, parish al
Z municipal, shall be legal investment Il
! the tutors of minors and curators of Il
j. terdicts; and shall be received as securi
Z for public deposits of the State of Loui
j. lana or any political subdivision therec
: Section 2. Be it further enacted, et'
i That as soon as constitutional authori
i for the issuance of said bonds shall ha'
= been obtained the Board of Directors
J the Public Schools for the Parish of 0
- leans shall, by resolution adopted by
@ majority of the members thereof in re
4 ular or special meeting called for tn
~ purpose, call upon the Board of Liquid
.. ton, City Debt, to advertise for the SO
y of said bonds. When so called upon,
S$ shall be the duty of the Board of Liquid
4 tion City Debt to advertise said bonds
= sale in the official journal Of the City
k3% New Orleans and in such other new
!, papers in financial centers as the Boa
e of Liquidation, City Debt may determil
<A Said advertisement shall appear in ca
!. of said newspapers for thirty (30) da
= Immediately preceding the date fixed
e the receipt of bids; and the said bon
l. shall be adjudicated and sold, under SCI
y ed bids or proposals, to the highest bid6
e who shall have complied with the ter
4. and conditions set out by the Board
y Liquidation, City Debt, in the advertis
~ ment for said bids; provided that no s.
4. of said bonds shall be made unless all
y said issue be sold and unless the avera
<ZA lprice obtained for the different maturit
4 shall at least equal par and accrued
y terest for the entire issue. The Board
e. Liquidation, City Debt, shall have I
right to reject any and all bids.
. Section 3. Be it further enacted, ell
That when the said bonds shall have be
! adjudicated, as hereinafter set FORTH