Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1914-09-11
Act No. 262
House Bill No. s13. BY Mr.. Generally.
AN ACT


AN ACT.
Authorizing the Board of Directors Of
the Public Schools Of the Parish Of
Orleans to issue Two Million Dollars
or bonds for the purpose of acquir-
ing school sites. constructing school
buildings and their appurtenances in
the City OF New Orleans; to provide
the terms and conditions under which
said bonds shall be issued and sold
ana the security for the payment of
define the duties 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 retire
ment thereof: to prescribe the duties
and obligations of the City of New
Orleans in connection with the re-
endorsement 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 or
said bonds shall be employed and
disbursed.
Section l. Be II enacted by the Cen
eral Assembly of the State of Louis
lana. two-thirds OF all the members
elected to each house concurring That
subject to ratification of the people of
the State of Louisiana. BY an amend
ment to the Constitution of the State
hereinafter submitted to them. the
Board of Directors 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 $4,000, 0oO)
in amount. to be dated January l.
1915, bearing five per cent 5 per
cent? per annum interest. payable
semi-annually. the principal OF which
shall be payable in forty (40) annual
fnstallments of fifty thousand dollars
600, o00) each. payable on the first day
or January in each of the years 1916
to and including 1855. respectively. 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 denor-
nation of one thousand dollars each
except that at the option of any bid
der, to be indicated in and as part
of his bid. bonds of the denomination
OF i've hundred dollars NAV be Issued
to such bidder If successful.
The principal and intereet OF said
bonds shall be payable in gold coin OF
standard of weight and fineness. or
same may be expressed in pounds ster-
ling or in franc. and at such arbitrary
rate or exchange. as said Board or Liq-
uidation. City. Debt, may determine
Said bonds shall be signed by the
president and secretary. respectively,
OF the Board of Directors of the Public
Schools for the Parish of Orleans. and
shall be countersigned by the presi-
dent. or one of the vice presidents. and
the secretary of the Board of Liquida-
ton. City Debt.
The interest on said bonds shall be
evinced ~ interest coupons attached
thereto bearing the fac-simile sigma.
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
H. Es.-x T..l. T..
spectively, 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
ton of the said respective interest cou-
pons: provided however. that such
cities shall be designated by the Board
Of Liquidation, City Debt and announc-
competitive bids; and provided furth-
err. 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
released from registry under such
mine; shall be exempt from taxa
ton. State. parish and municipal
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.
That as soon as constitutional authori-
ty for the issuance Of said bonds shall
have been obtained. the Board of Direc-
tors Of the Public Schools for the Par
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-
-~<sr Co. - col. 80 hwz 1o hAV
70 called upon. II 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
financial centers as the Board of Liodi-
dalton. City Debt. may determine.
Said advertisement shall appear in
each of said newspapers for thirty (3o)
fixed for the receipt OF bids: and the
said bonds shall he adjudicAted and
sold. under sealed bids or proposals. to
the highest bidder who shall have COM
out by the Board of Liquidation. CITY
Debt. in the advertisement for said
bids: provided that no sale of said
bonds shall he made unless all OF said
issue he sold and unless the average
price obtained for the different matur-
tiles shall at least equal par and ac-
crued interest for the entire issue.
The BOARD Of Liquidation. City Debt.
all bids.
Section 3. Be II further enacted. etc.
That when the said bonds shall have
been adjudicated. as hereinafter set
forth. II shall be the DUTY Of the Board
OF Liquidation. City Debt. to immedi-
ately cause said bonds to be engraved
and executed in such denominations
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 he
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
delivered after the adjudication. and
generally. all terms and conditions ap-
pertaining to the bids and adjudica-
tion not otherwise provided for by this
act.
Section e. Be IL further enacted.
City Debt. shall deposit the proceeds
of the sale of said bonds in such local
bank or hawks as NAV become the sue
cessful bidder or bidders for said bonds
respective bids upon furnishing secur-
ity satisfactory to the Board Of Liuui-
dalton. Cftv Debt. and at such rate of
interest as the Board Of Liquidation,
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. rirm or
corporation other than local bank,
then the proceeds of the sale of the
der or bidders shall be deposited in
such local hank or banks and at such
rate Of interest as the Board OF Liqui-
dalton. City Debt may determine.
Il