Lower coast gazette., 1914-08-29

amount of the deposit that shall accom-
pany each bid, the conditions under which T
same shall become forfeited, the time h
within which the bonds shall be delivered al
after the adjudication, and, generally, all \
terms and conditions appertaining TO the n
bids and adjudication not otherwise pro- l.
vided. for-by this act. II
Section 4. Be it further enacted, etc,
That the Board of Liquidation,' City Debt, S
shall deposit the proceeds of the sale of a
said bonds in such local bank or banks Il
as may become the successful bidder t
or bidders for said bonds in proportion {
to the amount of their respective Bids, a
upon furnishing security satisfactory to q
the Board Of Liquidation, City. Debt, and G
at such rate Of interest as the Board of S
Liquidation. CitS;Debt,. may:fix' and an S
hounce in the advertisement caains for
bids. In*the event tlatS@the successful Z;
bidder or bidders for AFT or any part of
the said bonds shall be some person, firm 5
or corporation other than a local bank,
then the proceeds Of the sale Of the bonds
awarded to said successful bidder on
bidders shall be deposited in such local
bank or banks at such rate of interest
as the Board of Liquidation, 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, setting forth
the amount thereof, the person to whom
, payment and the purpose for which the
1 payment is made: and the Board of
, Liquidation. City Debt. is hereby charged
: with the duty of taking care that no
irregular or improper or unlawful pay
b mcnts are made out of said funds.
/ Section 5. Be it further enacted, etc.
e That the annual installment of principal
amounting to fifty thousand dollars ESQ.,
OOO) and the interest on said bonds shall
be payable out of the one-half of the
surplus of the one per cent, debt tax,
levied by the City of. New. Orleans by
e virtue of Article 317. of the Constitu-
ton of the State q Louisiana. adopted
in the year 1913, and dedicated for 'the
use of the public schools Of the Parish
a. of Orleans, after providing for. the prin-
cipal and interest on the one hundred
and seyenty-fOur thousand, six hundred
and sixty-two dollars ($174,662), in prin-
cipal sum, of bonds known us School
Teachers Salary Bonds of, the City of
New Orleans, authorized by Act No. 2
of the General Assembly of the State of
. Louisiana, session of 1906, and subse.
he quently adopted as an amendment to the
IT. Constitution of this State; and the said
of one-half of the surplus of the one per
ny cent? debt. tax, subject to- the exceptions
al specified and hereinabove Immediately set
nv forth, is hereby dedicated and pledged
ne to the payment of the bonds hereby au-
dc thOriZed to be issued, in principal and
~, interest; and the Board of Liquidation
,al City Debt, is hereby directed to employ
In. said fund to the extent necessary to carry
;tv out the purpose of this act provided thai
W.. nothing herein contained shall otherwise
mt change affect or impair, the provisions o.
Article 3l7 of the Constitution of thi:
State.
;tv Section g.. Be it further enacted, etc,
IbHe That the Board of Liquidation. City Debt
shall, on the first day of January, 1916
and annually thereafter pay and redeem
TO-. fifty thousand dollars ($5O.O 0O), in prin
cipal sum of said bonds. The plan an,
nds schedule of redemption shall be. deter
mined by the Board of Liquidation, Cit
on Debt, and announced by it in detail i
ma the advertisement calling for sealed bids
- Section Z. Be 1t further enacted, etc
-oto Directors O. >the Public Schools for tn
t tho Parish of Orleans for the deductions an
p tr payments which the Board of Liquid;
ton, City. Debt, is herein authorized t
make out of said One-half of the. SUI
;s plus of the one per cent. debt tax, tt
ssne City Of New Orleans, shall, and it
10 - hereby made its duty to pay over to IL
TOD Board of, Liquidation City Debt, begi
ming on or before the; first day of Jul
1915, and annually thereafter up to al
! M INCLUDING the year 1884, the sum of OF
hundred thousand dollars ($10O,OOO)
;Sn cash, and beginning on or before, the fir
of day of July, 1885, and annually ther
and after up to and including the year 1913
-a;n. the sum of fifty thousand dollars ($5(
O0O) in cash, and such further sum
70 may be necessary in each year. to p
,bool the interest or the bonds herein auth(
,r;sh lied and then outstanding. 70 enable t
lib City of New Orleans to make such a
inn. nual payments, the said city is authoriz
cont to issue and to sell so much of the pub
= improvement certificates authorized: to
y h; ~ issued under Act No., Sc Of the Gene
b m' Assembly of the State of Louisiana, s
;ddor sion Of 1908, or amendments :presen
existing thereto, or that may be hereaf
,onas made, as may be necessary for said p
pose; and such certificates shall be S
u Of by. the City,of New Orleans under sea
: az. proposals to the highest bidder, in S,
romc amounts and under such conditions
the city of New Orleans may prescri
na6I The City of New Orleans shall be
: titled to reject any and all bids for 81
certificates; provided, however, that nc
! tho ing herein contained shall be constr
Ms to, in sarfy manner,ss relieve the City
n :he New Orleans of.the Obligation to- make
ono annual. payments herein designated b
.etarv if the event that the, City of New Orle
nehf Should sfail to make any payment W
II no same shall become due, it shall be-:
acl;ed duty Of the Board .of. Liquidation, I
,tu,ps Debt, to compel, by mandanlus. or Of
appropriate remedy, the City: of. New
Of leans to pay over to'it the AMOUNT I
BOARD due. When, and as soon as the Bt
Of: Liquidation, 'CitytDebt, shall have
ceived from the. City.of New Orleans
,,e in ceived shall be forthwith paid. over
snch. the Board: of Liquidation. City Debt
Ist;na the Board of Directors ;..of+ tie Pr
.rron, Schools for the Parish Of. Orleans.
.asnec- Section. s.. Be it further enacted,
u,opor That the proceeds of the sale of two,
hn ,th ~ lion dollars of bonds herein author
nd an- to be issued shall be expended S,
FOR for the following, purposes, to-wit: :,
lrther, rr.,c ~ 49, HI H.. =.
~ Or. or by appropriation proceedings to b,
y stituted lin the name OF the. Cityto of :,
nd ro.l Orleans, of such sites a may be n
es Sndl!sa!y. lor; tIe a elee!'G1, eAle anIt H. or
dation, |las ganeat u scNeel np!sesfanu tAelL
4 andd Fairgrounds or stadia: connected
st,nent the public school system: of, the
q, new sOrIeans; ana Ior~tne cons
we'd as zion, enlargement, or malntenan'
J, State scnool houses and school buildings
other eolhces ana appuftenances
to. : .
4 etc Any and all contracts for the
tHRor;ty chase Of ground or the constructio