Lower coast gazette., 1914-09-19

~
'osed amendment as provided for by the /.
General Assembly laws of this State. {
l.. d. THOMAS, +,
of the House of Representatives.
THOMAS G. BARRET,
Governor and President Of the
Senate.
Approved: July 8, 1914.
l.. e. HALL,
Governor of the State of Louisiana.
A true copy:
ALVIN E. HEBERT,
Secretary of State.
ACT NO. 262.
House Bill No. 613. By Mr.. Generelly
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 secu-
rity for the payment of the principal
and interest thereof; to define the du-
ties 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 retirement thereof; to prescribe
the duties and obligations Of the City
of New Orleans in connection with the
reimbursement of the Board of Direc-
tors of the Public 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 /. Be it enacted by the Gen
eral Assembly of the State OF Louisiana.
two-thirds of all the members elected tl
I each house concurring, That subject tt
the ratification of the people OF the State
of Louisiana, by an amendment to the
Constitution of the State, hereinafter
submitted to them, the Board of Direc
tors of the Public Schools for the Parisl
of Orleans, of the State of Louisiana, i
hereby authorized and empowered to lssu
bonds not to exceed two million dollar
$4,000, 100000 in amount, to be date!
January l, 1915, bearing five per cen
(5%) per annum interest, payable semi
annually. the principal of which shall b
payable in forty (4O) annual install
ments Of fifty thousand dollars $3.50
, OOO) each, payable on the first day {
January in each Of the years 1916 to an
t including 1855, respectively, as herel1
/ after set forth.
Said bonds shall be made payable
bearer, and shall be styled Public Scho'
Bonds, City Of New Orleans and Paris
of Orleans"
Said bonds shall be of the denomin
Y ton of one thousand dollars each, exec
that at the option of any bidder, to
indicated in and as a part of his .bl
bonds of the denomination of five hu
v bred dollars may be issued to such bidd
if successful. $3.50.
The principal and interest of said bon
!, shall be payable in gold coin of the Unit
y States equal to the present standard
=, weight and fneness, or same may be {
- pressed in pounds sterling or in frau
~ and at such arbitrary rate of exchan'
as said Board of Liquidation, City De
may determine.
~ Said bonds shall be. signed by the pre-
~ dent and secretary, respectively, OF
Board of Directors of the Public Soho
y. ~ for the Parish of Orleans and shall
&c countersigned by the president, or {
X, of the vice-presidents, and the secrets
~ of the Board of Liquidation, City Dc
The interest on said bonds shall
evidenced by interest coupons attacl
C., thereto bearing the fac-simile signatu
We of the secretary of the Board of Direct
me of the Public Schools for the Parish
I'D Orleans and the Secretary of the Bo
81 of Liquidation, City Debt, RESPECTIVE
ety and shall be payable On the first days
rge July and January, respectively, IN e
sed year; said interest shall be payable
rye the City of New Orleans and in s
other cities as the Board of Liquidat
the City Debt, may determine, upon SUR
~ der and cancellation of the said res
ms tive interest coupons provided, howe
de- that such cities shall be designated by
Board of Liquidation, City Debt, and
tne nounced in the advertisement calling
the competitive bids; and provided, furt
gnt that the principal Of said bonds shall
payable only in the City of New
UGH leans, State of Louisiana.
Try, Said bonds may be registered and
less leased from registry under such rules
pro- regulations as the Board Of Liquidat
hall City Debt, may determine; shall be
the empt from taxation, State, parish
ntal municipal, shall be a legal invest1
and for the tutors of minors and cure
hall Of %interdicts; and shall be received
by security for public deposits of the 5
the of Louisiana or any political subdiv
urer thereof.
City Section 2. Be it further enacted,
said That as soon as constitutional auth
lnds for the issuance of said bonds shall
nds, been obtained, the Board of Dire
way of the Public Schools for the Paris
pro Orleans shall, by resolution adopte
sal a majority of the members theret
ten regular or special meeting called for
e IL purpose, call upon the Board of Liz
,ions ton, City Debt, to advertise for the
of said bonds. When SO called upt
ETC., shall be the duty of the Board OF !
Iigh- dation, City Debt, to advertise said
leans for sale in the official journal of the
shall Of New Orleans and in such other
Dads, papers in financial centers as the
ac- of Liquidation, City Debt, may deter
ment Said advertisement shall appear in
rove Of said newspapers for thirty (3O)
!, the Immediately preceding the late IKE
gated the receipt of sealed bids or proposs
!, any the highest bidder who shall nave
alton piled with the terms and condition
cque- out by the Board of Liquiation
under Debt, in the advertisement for SAID
reim- provided that no sale of said bonds
f the be made unless all of said issue b
t rea- and unless the average price obtain
. 49, - A 1~I A&
mt OF the different mdturities d az
mt to equal par and accrued interest 4
lcQue- entire issue. Ihe Board OF Llqult
,e. City Debt, shall have the right to
, etc, any and all bids.
+ his Section 8. Be it further enactes
tax That when the said bonds shall nav