Lower coast gazette., 1914-10-24

~ N'uNH .'uh'iS VI NouAllltS US lut SuC-
.~cessful bidder or bidders may have indi-
Gated Or the Board of Liquidation, City
Debt. determined, as the case may be.
The Board Of Liquidation, City Debt,
shall have the right TO prescribe tho,
amount of the deposit that Shall accom-.
pany each bid, the conditions under which
same shall become forfeited, the time
within which the bonds shall be delivered
after the adjudication, and, generally, ali
terms and conditions appertaining to thp
bids and adjudication not Otherwise nro.
vided for by this act.
Section 4. Be it further enacted. etc
mat the Board of Liquidation. City Debt
shail deposit the proceeds of the sale of
SAID bonds in such local bank or banks
as may become the successful bidder
or bidders for said bonds in proportion
TO the amount of their respective bids.
upon furnishing security satisfactory to
the Board of Liquidation, City Debt, and
at such rate of interest as the Board Of
Liquidation, City Debt, may fix and an.
nounce IN the advertisement calling for
bids. In the event that the successfn,
bidder or bidders for all or any part of
the said bonds shall be some person, firm
or corporation other than>a local bank.
then the proceeds OF the sale of the bonds
awarded to said successful bidder or
bidders shall be deposited in such local
bahk or banks 1T 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
iarlsh OF Orleans shall be made in tho
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
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 nav.
ments are made out of said funds.
Section 5. Be it further enacted. etc
That the annual installment of princinai
amounting to fifty thousand dollars (S;O.
0Oo} and the interest on said bonds shall
De payable out of the One-half of the
surplus OF the one per cent, debt tax.
levied by the City Of New Orleans by
virtue Of Article 81 of the Constitn-
ton of the State of Louisiana. adonted
IN the year 1913, and dedicated for the
use OF the public schools of the Parish
OF orleans, after providing for the prin-
clpal and Interest on the one hundrod
ana se'euty-tour thousand, six hundred
ana slXty-tWo dollars ($174GG2l in min.
clpal sum. OF bonds known as School
teachers Salary Bonds of the Citv NJ
New Orleans, authorized by Act No. :
OF the General Assembly OF the State q,
louisiana, session of 1906. and suhsa.
qaeitly adopted as an amendment to tho
Constitution of this State; and the SAID
one-hai1 OF the surplus of the one ner
cent debt tax, subject to the exceptions
speclneo ana nerelnabove immediately set
lorth, Is hereby dedicated and pledged
10 the payment OF the bonds herepy an
thoflzed to be issued, IN principal and
Interest; and the Board OF L%louldatIon
oity l'eDt, Is hereby directed TO eu,plo,
saiu iuhd 10 the extent necessary to carr
out lhe purpose OF this act; provided thai
holhlnS herein contained Shall 01herw,So
ehHise 'aneet or impair, the provisions o.
Aftlcie olI OF the Constitution ot th,s
State. VI 'nis
section q. Be it further enacted. etc
1hat the Board Of Liquidation. CIV Dah,
slall, on the hrst day OF January lYIH'
ana annually thereafter pay ana redeem
nifty thousand dollars (S5UvOVl. in nr,nl
eipai sum OF SAID bonds. The plan and
schedule OF redemption shall be deter
mlned by the Board Of Liquidation. Civ
neot, ana announced by it in detail IN
'ie advertisement calling for sealed bids
oectlon {. BE it further enacted. etc,
ihat IN order to reimburse the board ~,
directors OF the Public Schools tor tho
raflsh OF Orleans for the Deductions and
payments which. the Board of Llouido.
zion, City Debt, is herein %authorlzed 70
make out OF said one-half of the snr.
Plus OF the. one per cent. debt tax. tho
Clty OF New Orleans, shall, and II is
hereby made its duty TO paw over to tho
board OF Liquidation, City Debt. bepin.
nlng on or before the first dav Of INV
1919, and annually thereafter IN to am
,nsluulng the year 1884, the sum of one
nunafea thousand dollars ($lVO,OVV) in
cash. and beginning on or before the first
Jay OF july, 1889, n annually there
alter up to and including the wear ly5a
tne sum OF fifty thousand dollars (X5O.
oVO) IN cash, and such further sun ~
may De necessary in each year to nav
TIE interest on the bonds herein autuor.
iZeu anu then outstanding. 10 enable tho
City or New Orleans to make such An.
hual payments, the said city is authori2ed
" issue ana to sell SO mucn OF the puhI,c
Improvement certificates authorized to no
issued under Act No. Sc OF the General
Assembly OF the State of Louisiana. Sas-
sion OF l9OS, or amendments presently
EXISTING thereto, or that may be hereafter
inaue' as may be necessary for said pur-
pose' ana such certificates shall be sold
oy the City Of New Orleans under sealed
proposals to the highest bidder, in such
amounts and under such conditions as
the city OF New Orleans may prescribe,
Inc City OF New Orleans shall be on.
Titled to reject any and all bids for such
c~ertllcates; provided, however. that moth
ing herein contained shall be. construed
TO, ID any manner, relieve the city of
New Orleans of the obligation to make the
annual payments herein designated and.
IN the event that the City of New Orleans
should fail to make any N when
same shall become due, it shall be the
duty of the Board of Liquidation. Civ
Debt, to compel, by mandamus or other
appropriate remedy, the City of New Or
Ieans to pay over to it the amount thus
due: When, and as soon as the Board
OF Liquidation, City Debt, shall have re-
-celved from the. City Of New Orleans any
such annual payment, the money so re-
celVed shall be forthwith paid over by
the Board of Liquidation, City Debt. to
the Board of Directors of the PnhIic
Schools for the Parish Of Orleans.
Section 8. Be it further enacted. etc..
That the proceeds of the sale of two mil.
lion dollars Of bonds herein authorized
to be issued shall be expended solely
for the following purposes, to-wit:.
For the acquisition in the name of the
City of New Orleans, either by purchase
Or by appropriation proceedings to be in
stituted in the name OF the City of New
Orleans, of such sites as may be neces-
sary for the erection, extension Or en-
largement of school houses and their ap.,
p%urtenances, or for the establishment of
Fairgrounds or stadia connected. with
the public school system Of the. City
of New Orleans: and for the cOnstrnc-