Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1914-09-04
Act No. 262
House Bill No. 613. BY Mr.. Generally.
AN ACT

Il
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
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
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
l. and obligations Of the City OF New
Orleans In connection with the re-
endorsement of the Board Of Direc-
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 1. Be It 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
Of Louisiana. is hereby authorized and
empowered to issue bonds not to ex-
coed two million dollars l$2.o00.000)
in amount. to be- dated January l.
cent? per annum interest, payable
semi-annually. the principal OF which
shall be payable in forty (40) annual
installments of fifty thousand dollars
OF 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 denom-
nation OF one thousand dollars eacn'
except that at the option of any bid
der, to be indicated in and as a part
OF his bid. bonds of the denomination
OF five hundred dollars may be issued
to such bidder II successful.
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
ling or in franc. and at such arbitrary
rate or exchange. as said Board or LIZ
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 by interest coupons attached
thereto bearing the fac-simile sigma
lures Of the secretary of the Board or
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
the first days of July and January. re-
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
determine upon surrender and cancella-
ton Of the said respective interest cou1
pons: provided. however. that such
Of Liquidation. City Debt and announc-
ed In the advertisement calling for
competitive bids: and provided. furth-
er. that the principal Of said bonds
Nsw BE State only louisiana shs city OF
Said bonds may be registered and
rules and regulations as the Board OF
Liquidation. City Debt. may deter
mine; shall be exempt from taxa
shall be a 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.
Section 2. 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-
ish Of Orleans shall. by resolution
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-
vertise for the sale of said bonds. When
40 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
leans and in such other newspapers In
financial centers as the Board of Linui-
dalton. City Debt may determine.
Said advertisement shall appear in
each of said newspapers for thirty 900
days Immediately preceding the date
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
piled with the terms and conditions set
out by the Board OF Liquidation. Citv
Debt. In the advertisement for said
bids: provided that no sale Of said
bonds shall be made unless all Of said
price obtained for the different matnre
tiles shall at least equal par and ac-
crued interest 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.
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
time within which the bonds shall be
delivered after the adjudication. and.
generally. all terms and conditions APP
pertaining to the bids and adjudica-
ton not otherwise provided for by this
act.
Section T. Be Il further enacted.
etc. That the Board of Liquidation.
City Debt. shall deposit the proceeds
OF the sale Of said bonds in such local
bank or banks as may become the sue
cessful bidder or bidders for said bonds
in proportion to the amount Of their
respective bids. upon furnishing secur-
ity satisfactory to the Board Of Liqui-
dalton. City Debt and at such rate Of
Cite Debt. may fix and announce in the
advertisement calling for bids In the
event that the successful bidder or bid
ders for all or any part OF the said
corporation other than local bank.
then the proceeds of the sale of the
bonds awarded to said successor bid
der or bidders shall be deposited in
rate of interest as the Board of Lioui-
dation. City Debt. may determine