The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1914-08-29
ACT NO, asa,
House Bill No. 6t3-By Mr. Generelly
AN ACT

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 which said
bonds shall be issued and sold, and
the security for the payment of the
principal and interest thereof to de-
fine the duties of the Board of Liqui-
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 l. 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-
stitution of the State. hereinafter SUBJ
mitted to them. the Boa"d 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 $4,000
00000) in amount, to be dated January l,
1915. bearing FIVE per cent o per cent? per
annum interest, payable semi-annually,
the principal of which shall be payable in
forty (40) annual instal!ments of fifty
thousand dollars (S50,000) each. payable
on the first day of January in each of the
years 1916 to and including 1858. 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, and
at such arbitrary rate of exchange, as
said Board of Liquidation, City Debt, may
determine.
Said bonds shall be signed by the pres
ident and secretary, respectively, Of the
Board of Directors of the Public Schools
for the Parish of Orleans, and shall be
countersigned by the president or one of
the vice presidents, and the secretary of
the Board of Liquidation, City Debt.
The 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
and 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 can
collation. of the said respective interest
coupons; provided, however, that such
cities shall be designated by the Board of
Liquidation, City Debt, and announced in
the advertisement calling for competitive
bids; and provided, further, that the prir-
cipal 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
municipal, shall be legal investment for
the tutors of minors and curators of in
terdicts; and shall be received as security
for public deposits of the State of Louis
lana or any political subdivision thereof.
Section 2. Be it further enacted, etc.,
Ihat as soon as constitutional authority
for the issuance of said bonds shall have
been obtained the Board of Directors of
the Public Schools for the Parish of Or
leans shall, by resolution adopted by a
majority 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-
ton, City Debt, to advertise said bonds for
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 500 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
VINO shall have complied with the terms
ana conditions set out by the Board Of
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
snail at least equal par and accrued in
terest for the entire issue The Board of
Liquidation, City Debt, shall have the
right to reject any and all bids
Section 3. Be it further enacted, ETC.,