The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1914-09-05
Bonds, City of New Orleans anC Parish

said bonds shall be of the denorlinatio
OF one thousand dollars each, except tina
at the option of any bidder. TO Je indi
Gated in and as n part of his bid, bond
Ioi the denomination of five humid ed dol
laia may be issued to such bidder if sue
cessful.
The principal and interest of said bond
shall be payable in gold coin of tha Unite,
/ states equal to the present standard O
Weight and tineness, or same may be ex
pressed in pounds sterling or in franc AM
at such arbitrary rate of exchange a:
sa!d Board of Liquidation, City Debt, ma,
determine.
Said bonds shall be signed by the pres
ident and secretary, respectively of tn,
Board of Directors of the Public School!
Tor the Parish of Orleans, and shall be
counterSigned by the president, or one Of
the Elce-presidents and the secretary Of
the Board of Liquidation, City Debt. .
me interest on said bonds shall be evil
denced by interest coupons attached there
to bearing the fac-simile signatures OF
the secretary of the Board of Directors OF
the Public Schools for the Parish of Or
leans and the Secretary of the Board OF
Liquidation, City Debt, respectively, and
shall be payable on the first days of July
anu January, respectively, in each year
said interest shall be payable in the City
of New Orleans and in such other cities
as the Board of Liquidation, City Debt,
may determine upon surrender and cancel
Iatlon OF the said respective interest cou-
pons; provided, however, that such cities
shall be designated by the Board of Liqui-
datlon, City Debt, and announced in the ad
vertisement calling for competitive bids:
and provided. 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 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
shall be legal investment for
the tutors of minors and curators of in
for public deposits of the State of Louisi
ana or any political subdivision thereof.
Section 2. Be it further enacted. etc,
That as soon as constitutional authority
been obtained, the Board of Directors of
the Public Schools for the Parish of Or
leans shall, by resolution adopted by a
of the members thereof in reg
ular 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 it
shall be the duty of the Board of Liquida-
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 900 days
preceding the date fixed for
the receipt of bids: and the said bonds
shall be adjudicated and sold. under seal
ed bids or proposals. to the highest bidder
who shall have complied with the terms
and conditions set out by the Board of
LIQUIDATION. City, Debt, IN the advertise
ment 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 maturities
terest, for the entire issue. The Board of
ion, City Debt, shall have the
right to reject any and all bids.
Section 3. Be it further enacted. etc,
Y, hnp hon lie no III hoy hoe
adjudicated, as hereinafter set forth. it
shall be the duty of the Board of Liqui-
lation, City Debt, to Immediately cause
5aa eo 6onas 70 De we anu h Yea
of such country or countries as
or the Board of Liquidation,
City Debt determine. as the case may be.
shall have the right to prescribe the
amount of the deposit that shall accom-
pany each bid, the conditions under which
within which the bonds shall be delivered
after the adjudication, and, generally, all
terms and conditions appertaining to the
bids and adjudication not otherwise pro-
vided 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
may become the successful bidder or bid
lers for said bonds in proportion to the
amount of their respective bids, upon fur
lishing security satisfactory to the Board
Of Liquidation, City Debt. and at such
-ate of interest as the Board of Liquida-
ton, City Debt, may fix and announce in
he advertisement calling for bids. In the
event that the successful bidder or bid
1ers for all or any part of the said bonds
shall be some person, firm or corporation
other than local bank, then the proceeds
IF the sale of the bonds awarded to said
successful bidder or bidders shall be de-
posted in such local bank or banks and
1t such rate of interest as the Board of
City Debt, may determine.
All payments made by the Board of Di-
'ectors of the Public Schools for the Par
sh of Orleans shall be made in the form
If warrants or drafts on the Board Of Lii
luidatiOn, City Debt, setting forth the
mount thereof, the person to whom pay
nent is made: and the Board of Liquida-
ion, City Debt. is hereby charged with
he duty of taking care that no irregular
Or improper or unlawful. payments are
made out of said funds.
Section 5. Be it further enacted. etc,
That the annual installment of principal
amounting to fifty thousand dollars ESQ.,.
'00) and the interest on said bonds shall
De payable out of the One-half of the sur
,lus of the one per cent, debt tax levied
~ the City of New Orleans by virtue of
Article 317 of the Constitution of the
sl3, and dedicated for the use Of the
public schools Of the Parish of Orleans,
lfter providing for the principal and in
crest on the one hundred and seventy
our thousand, six hundred and sixty-twO
dollars ($174,662), in principal sum-. of
ponds known as School Teachers Salary
Bonds of the City of New Orleans, au-
horZed by Act No. 2 of the General AS
embly of the State of Louisiana. session
If 1906, and subsequently adopted as an
to the Constitution of this
state; and the said one-half of the sur
illus of the one per cent debt tax, subject
o the exceptions specified and herein
lbove Immediately set forth, is hereby
dedicated and pledged to the payment of
he bonds hereby authorized to be issued,
n principal and interest; and the Board
# Liquidation, City Debt, is hereby di-
ected to employ said fund to the extent
necessary to carry out the purpose of this
Lct; provided that nothing herein contain
I'd shall otherwise change, affect or i'm
,air. the provisions Of Article 317 of the
of this State.
Section s. Be it further enacted. etc.
That the Board of Liquidation, City Debt.
hall, on the first day of January, 1916,
dollars ($50,000), in princi--
schedule of redemption shall be determined
" the Board of Liquidation. City Debt,
md announced by it in detail in the adj
'ertisement calling for sealed bids.
Section Z. Be it further enacted, etc,
That in order to reimburse the Board of
Directors of the Public Schools for the
'arish of Orleans for the deductions and
which the Board of Liquidation,
,ity Debt, is herein authorized to make
tut of said one-half of the surplus of the