The St. Mary banner., 1914-09-26

Bonds, City. of New Orleans ant, Paris
of Orleans
5 said bonds shall be of the Denomination
5 OF one thousand dollars EACH except tina
: at the option of any bidder, to )e indi
J Gated i'll and as a part of his bic, bond
! OF the denomination OF I'VE huud ed dol
lars i1ay be issued to such bidder if sue
ceSSfll.
f he principal and interest of 81 Il bond
/ shall De payable in gold coin of the United
states equal to the present standard o
weight and dneneSS, or same may be eX
pressed in pounds sterling or i'll franc, anC
iat such arbitrary rate of exchange az
said Board of Liquidation, City Debt, may
Said bonds shall be signed by the pres
ldent and secretary, respectively, OF the
Board OF Directors OF the Public Schools
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;
of New Orleans and in such other cities
as the Board of Liquidation, City Debt,
may determine upon surrender and cancel
lation of the said respective interest cou-
pons; provided, however, that such cities
shall be designated by the Board of I4iqui-
dation, City Debt, and announced in the ad
and provided, further. that the principal 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~a legal investment for
I rAf fnrc- in
terdicts; and shall be received as security
/ for public deposits of the State of Louisi-
ana or any political subdivision thereof.
| Section 2. Be it further enacted, etc,
That as soon as constitutional authority
for the issuance of said bonds shall have
been obtained. the Board of Directors of
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
of said newspapers for thirty 900 days
Immediately 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
who shall have complied with the terms
and conditions set out by the Board OF
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
shall 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 g. Be it further enacted, etc,
That when the said bonds shall have been
adjudicated as hereinafter set forth, it
shall be the duty of the Board of Liqai-
dation, City Debt, to Immediately cause
said bonds to be engraved and executed
in such denominations and payable in the
currency of such country or countries as
indicated or the Board of Liquidation,
City Debt, determine, as the case may be.
The Board of Liquidation, City Debt.
shall have the right to prescribe the
amount of the deposit that shall accom-
same shall become forfeited. the time
within which the bonds shall be delivered
after the adjudication, and. generally, all
bids and adjudication not otherwise pro-
vided for by this act.
Section 4. Be it 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 successful bidder or bid
derS for said bonds in proportion to the
amount of their respective bids. upon fur
nishing security satisfactory to the Board
of. Liquidation, City Debt. and at such
rate: Of interest as the Board of Liquida-
ton, City Debt, may fix and announce in
the advertisement calling for bids In the
event thai. the successful bidder or bid
-ders 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 de-
posted in such local bank or banks and
at such rate of interest as the Board of
Liquidation, City Debt, may determine.
All payments made by the Board of Di-
ish of Orleans shall be made in the form
of warrants or drafts on the Board of Lii
quidation. City Debt. setting forth the
able the or fG he
ment is made; and the Board of Liquida-
ton, City Debt. is hereby charged with
the duty of taking care that no irregular
made out of said funds.
Section 30. Be it further enacted, etc.
That the annual installment of principal
amounting to fifty thousand dollars $780,
000) and the interest on said bonds shall
be payable out of the one-half of the sur
plus of the one per cent, debt tax levied
by the City of New Orleans by virtue of
Article 81 of the Constitution of the
State of Louisiana, adopted in the year
1913. and dedicated for the use OF the
after providing for the principal and in
terest on the one hundred and seventy
four thousand; six hundred and sixty-two
collars NSlI4,obZ), III principal sum, OF
bonds known as School Teachers Salary
Bonds of the City of New Orleans. au-
thorized by Act No. of the General As
sembly Of the State of Louisiana. session
of 1906, and subsequently adopted as an
amendment to the Constitution of this
State; and the said one-half Of the sur
plus of the one per cent debt tax, subject
to the exceptions specified and herein
above Immediately set forth. is hereby
dedicated and pledged to the payment of
the bonds hereby authorized to be issued,
in principal and interest; and the Board
of Liquidation, City Debt, is hereby di-
rected to employ said fund to the extent
necessary to carry out the purpose of this
act; provided that nothing herein contain
ed shall otherwise change, affect or i'm
pair, the provisions of Article 317 of the
Constitution of this State.
Section g. Be it further enacted, etc,
That the Board of Liquidation. City Debt,
shall, on the first day of January 1916,
and annually thereafter pay and redeem
dollars ($50O0O), in princi--
pal sum Of said bonds. The plan and
schedule of redemption shall be determined
by the Board of Liquidation, City Debt,
and announced by it in detail in the ad
vertisement calling for sealed bids.
Section z. Be it further enacted, etc.
That in order to reimburse the Board of
Directors of the Public Schools for the
Parish of Orleans for the deductions and
payments which the Board of Liquidation,
City Debt. is herein authorized to make
out of said one-half of the surplus of the
one par cent debt tax the CITY of New