Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1914-10-02

Rouse Bill No. 613. BY Mr. Generally
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
| Duiidlngs 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
| DEFINE the duties of the Board of
LIQUIDATION. City Debt. in connection
win the Issuance and sale of said
bonds. the payment OF the principal
| and interest thereon. and the retire
ment thereof: to prescribe the Duties
and obligations OF the City OF New
Orleans In connection with the re-
endorsement of tie Board of Direc-
| tors of the Public Schools for the
Parish or 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 1t 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 or Louisiana, by an amend
/ ment to the Constitution of the State.
hereinafter submitted to them, the
Board OF Directors of the Public Schools
| for the Parish of Orleans, of the State
| OF Louisiana, is hereby authorized and
empowered to issue bonds not to ex-
coed two million dollars $4,000. 0OO)
In amount, to be dated January 1.
| 1915, bearing five per cent Is per
cent? per annum interest, payable
semi-annually. the principal of which
| shall be payable in forty C4o) annual
| installments of fifty thousand dollars
| tSoo.OOO each. payable on the first day
vi January in each of the years 1916
| 10 and including 1855. respectively. as
hereinafter set forth.
Qofl IN
Searer. 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 each.
| except that at the option of any bid
of his bid. bonds of the denomination
OF five hundred dollars may be issued
to such bidder IL successful.
The principal and interest Of said
ponds shall be payable in gold coin OF
| the United States equal to the present
standard of weight and fineness. or
same may be expressed in pounds ster-
ing or in franc. and at such arbitrary
rate OF exchange as said Board OF Liz
uidation. City, Debt may determine.
Said bonds shall be signed by the
president and secretary. respectively
or 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 or the secretary Of the Board OF
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-
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-
pons; provided. however. that such
cities shall be designated by the Board
of Liquidation. City Debt. and announc-
ed In the advertisement calling for
ssss *. o%s and ssS
New Orleans. state OF Louisiana
Said bonds may be registered and
released from registry under such
rules and regulations as the Board Of
mine; shall be exempt from taxa
ton. State. parish and municipal.
shall be a legal investment for the tu-
tors Of minors and curators Of inter-
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 euthori-
have been obtained. the I Board D Of Direc-
tors OF the Public Schools for the Par
ish Of Orleans shall. by resolution
adopted by a majority Of the members
called for that purpose. call upon the
Board Of Liquidation. City Debt. to ad
vertise for the sale of said bonds. When
30 called upon. 1t 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-
s sss .aS ctz DsS shall .pn.sr S
each Of said newspapers for thirty (30)
days Immediately preceding the date
fixed for the receipt OF bids: and the
said bonds shall be ad1udicated and
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
bonds shall be made unless all of said
issue be sold and unless the average
price obtained for the different matur-
tiles shall at least equal par and ac-
The Board of LIQUIDATION. City Debt.
shall have the right to reject any and
all bids.
Section 8. Be It further enacted, ETC.,
That when the said bonds shall have
been adjudicated. as hereinafter set
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
which same shall become forfeited. the
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 4. 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-
fty satisfactory to the Board OF Liuui-
dalton. City Debt. and at such rate of
interest as the Board OF Liquidation.
advertisement calling for bols. In the
event that the successful bidder or bid
ders for all or any part Of the said
bonds shall be some person. rirm or
corporation other than local bank.
then the proceeds of the sale of the
bonds awarded to said successrur bid
der or bidders shall be deposited in
such local bank or banks and at such
rate of interest as the Board Of Liqui-
dation. City Debt may determine
Il