The Caldwell watchman. (Columbia, La.) 1885-1946, 1914-08-21

installmo PAYABLE in forty 4Oo ANNA,
$3.50 OONI hts Of fifty thousand Gniia~s
Of Januarv,a ch. payable on the first day
r. ana "ary In each of the vonrs ,a1f
hereina including 1855. raspectjyelv as
heara ar ponds shall, be made navahle 70
Soho,I and Shall be stvjed "puhlic
parish n Do City of New Orleans and
,,o ainm bonds shall be of the denom-
axcent oi one thousand dollars each.
Jsr n mat at the option of any bid
NJ his W. ne indicated in and as a part
NJ f;~o plo bonds of the Denomination
n su.h hundred dollars NAV be issued
bidder if successful
bonds principal and interest Of said
tha fYn shail be payable in gold coin of
standan ,eu States equal to the present
semo u or weight and fineness. or
ling ~ may De expressed in pounds ster-
rate ~ III franc and at such arbitrary
rida +ia, 7H",,nahge, as said Board of Liq-
Sats titY Debt may determine.
.aa;9 ponds shall be signed by the
a pf thu and secretary, respectively,
o. .ne Board Of Directors of the Public
oSnnois Tor the Parish Of Orleans and
SC oe countersigned by the presi-
u tha . VI one or the vice presidents. and
az un~ secretary of the Board of Liquida-
ton, City Debt
ne interest on said bonds shall be
e es by interest coupons attached
tneleto hearing the fac-simile sigma
H. Us VI the secretary of the Board Of
I OF the Public Schools for the
rs,lsn OF Orleans and the Secretary
Oh .lle Board of Liquidation, CITY Debt,
md -l,1 no
tne !irs days of July and January. re-
sperHvely. in each year; said interest
Slau De PAYABLE in the City of New
Or.eans and in such other cities as the
bodrd or Liquidation. City Debt, may
ue.ernlne upon surrender and cancella-
tioii vi the said respective interest cou-
poHs' provided. however, that such
citleS Shall be designated by the Board
VI itlquldatton. CITY Debt. and annOunc-
Gu III the advertisement calling for
competitive bids; and provided furth-
er' That the principal of said bonds
snali be payable only in the City of
New Orleans. State of Louisiana.
Sald bonds may he registered and
released from registry under such
rules and regulations as the Board Of
Liquidation. City Debt may deter
mine; shall be exempt from taxa
tion. 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-
Nv for public deposits of the State Of
LOUISIANA or any political subdivision
thereof.
Section >. Be it further enacted. etc,
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
ish Of Orleans shall. by resolution
adopted by majority of the members
thereof in regular or special meeting
called for that purpose, call upon the
Roard of Liquidation. City Debt, to adj
vertise for the sale Of said bonds, When
so called upon. it 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 Lioui-
dalton, City Debt may determine.
Said advertisement shall appear in
each Of said newspapers for thirty 600
days Immediately preceding the date
fixed for the recent of bids; and the
said bonds shall be adiudicated and
sold. under sealed bids Or proposals. to
the highest bidder who shall have COM
piled with the terms and conditions set
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'
cried interest for the entire issue
The Board Of Liquidation, City Debt
shall have the right to reject any anG
altbids.
lection 3. Be it further enacted. etc.
Tint when the said bonds shall have
hen adjudicated. as hereinafter Sc
foHh. it shall be the duty of the Boart
aAiy cause said bonds to be engraved
e6M executed In such denomination
aid payable in the currency of sucl
country or countries as the successful
bidder or bidders may have indicates
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 tn,
amount of the deposit that shall accom-
which same shall become forfeited, tn
time within which the bonds shall b.
delivered after the adjudication. and
generally. all terms and conditions ap
pertaining to the bids and adjudca
ton not otherwise provided for by Thu
act
Section 4. Be it further enacted
etc. That the Board of Liquidation
City Debt. shall deposit the proceed
Of the sale Of said bonds in such loca
bank or banks as may become the sue
ccessful bidder or bidders for said bond
in promotion to the amount OF thei
respective bids, upon furnishing secur
ity satisfactory to the Board Of Liqui
dalton. City Debt. and at such rate o
interest as the Board Of Liquidation
City Debt, may fix and announce in tn
advertisement calling for bids. In tn
event that the successful bidder or bid
ders for all or any part Of the sal
bonds shall be some person. rirm o
corporation other than local bank
then the proceeds of the sale OF Tn
bonds awarded to said success.uI bid
der or bidders shall be deposited i
such local bank or banks and at sucl
rate of interest as the Board Of Liqui
dation. City Debt. may determine
All payments made by the Board O
Directors Of the Public Schools for tn
Parish of Orleans shall he made in tn
form Of warrants or drafts on tn
Board Of Liquidation. City Debt, settin
forth the amount thereof. the perso
to whom payable and the purpose fo
which the payment is made; and tn
bodTu OF LlhuldatlOn CITY DEBT, /
hereby charged with the duty of takin
care that no irregular or improper o
unlawful payments are made out O
said funds.
Section S. Be it further enacted
etc. That the annual installment O
principal amounting to fifty thousan
dollars (S50,000) and the interest o
said bonds shall he payable out Of tn
one-half Of the surplus of the one pc
cent. debt tax levied by the City Of Ney
Orleans by virtue Of Article BIT or IN