The Natchitoches enterprise., 1914-08-27


School Bonds City of New Orleans ana
| Parish of Orleans"
| Said bonds shall be of the deuom-
| ination of one thousand dollars eacn'
| except that at the option of any bld-
| Ter, to be indicated in and as a part
Of his bid bonds of the denomination
| If five hundred dollars may be issued
| TO such bidder if 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
same may be expressed in pounds ster-
| ling or in franc and at such arhitrar?
rate of exchange, as said Board OF Lld-
| uida ton. City, Debt, may determine.
| Said bonds shall be signed by the
| president and secretary, respectively,
| of the Board of Directors of the Pubic
| Schools for the Parish of Orleans, ana
shall he countersigned by the presl-
| dent or one of the vice presidents ana
! the secretary of the Board of Liqulda-
| ton. City Debt.
! The interest on said bonds shall be
| eviuced by interest coupons attached
| thereto bearing the fac-simile sigma
! lures of the secretary Of the Board OF
| Directors of the Public Schools for the
| Parish of Orleans and the secretary
of the Board of LiGuidation City Dent,
| respectively. and shall be payable on
| the first days of July and January. re-
| spectiyely, in each year; said interest
! shall be payable in the City OF Ne"
| 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 cou-
| pons; provided. however. that sncn
| cities shall be designated by the board
| of Lfuuida ton City Debt. and announc-
ed in the advertisement calling for
| competitive bids; and provided. furth-
er. that the principal of said bonds
| shall be payable only in the CITY OF
| New Orleans State of Louisiana.
Cot dc he registered
released from registry under such
rules and regulations as the Board OF
| Liquidation. City Debt may deter
| mine: shall he exempt from taxa
| ton. state parish and municipal.
shall be a legal investment for the tu-
| tors eff 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 .. Be II further enacted. etc.
| That as soon as constitutional authofi-
| ty for the issuance of said bonds shall
| tors of the Public Schools for the Par
! 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, 70 ad-
vertise for the sale Of said bonds. When
so called upon. 1t shall be the duty or
the Board of Liquidation, City Debt.
official journal of the City of New Or
leans and in such other newspa ners in
financial centers as the Board of Liqui-
dalton, City Debt, may determine.
each of said newspapers for thirty t3o)
days Immediately preceding the date
fixed for the receipt of bids; and the
said bonds shall be 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, City
Debt. in the advertisement 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 matur-
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 g. 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 tmmedf-
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 be.
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 f. Be It further enacted,
etc. That the Board of Liquidation.
City Debt, shall deposit the proceeds
80 -o1n Of eoII lie
bank or hanks as NAV become the sue
cessful bidder or bidders for said bonds
In proportion to the amount of their
respective bids. upon furnishing secur-
itv satisfactory to the Roard of Liqui-
dation. City Debt. and at such rate of
interest as the Board of Liquidation,
City 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
bonds shall be some person rirm or
corporation other than local bank
then the proceeds of tire sale of Lne
bonds awarded to said successfur bid
der or bidders shall be deposited in
such local hank or banks and at such
rate of interest as the Board of Liqui-
dation. City Debt. may determine
All payments made by the Board OF
Directors of the Public Schools for the
Parish of Orleans shall he made in the
form of warrants or drafts on the
Board of Liquidation. City Debt. setting
IL
to whom payable and the purpose for
which the payment is made; and the
Board of Liquidation, City Debt is
hereby charged with the duty of taking
care that no irregular or improper or
unlawful payments are made out of
said funds.
Section 5. Be ii further enacted.
etc. That the annual installment of
principal amounting to fifty thousand
dollars N50,000) and the interest on
said bonds shall he payable out of the
one-half of the surplus of the one per
cent debt tax levied by the City of New
Constitution of the State of Louisiana.
adopted in the year 1913, and dedica-
ted for the use. of the public schools
of the Parish of Orleans after proyid-
ing for the principal and interest on
the one hundred and seventy-four thou
sand. six hundred and sixty-two doll
lars ts174.662). in principal sum- of
bonds known as School Teachers Sal
airy Bonds of the City of New Orleans.
authorized by Act No. of the General
Assembly Of the State of Louisiana,
session of 1908, and subsequently adopt
ed as an amendment to the Constitution
of this State; and the said one-haIf of
the surplus of the one per cent debt
tax, subject to the exceptions speci-
fled and hereinabove Immediately set
forth, is hereby dedicated and pledged
to the payment of the bonds hereby
authorized to be issued. in principal ard
interest; and the Board of Liquidation
City OeDt Is hefepy directed TO employ
said fund to the extent necessary to
carry out the purpose of this act; pro-
vided that nothing herein contained
shall otherwise change, affect or inn
pair, the provisions of Article 317 of
the Constitution of~this State.
Section s. Be 1t further enacted.
etc. That the Board of Liquidation, City
Debt, shall, on the first day of Janu-
airy, 1915, and annually thereafter pay
and redeem fifty thousand dollars
(S50,00O1 in principal sum of said
bonds. The plan and schedule of re-
demption shall be determined by the
BOARD of Liquidation. City Debt. and
announced by il in detail in the adyer-
Gsement calling for sealed bids.
Section I. Be 1t further enacted.
etc. That in order to reimburse the
Board of Directors of the Public
Schools for the Parish of Orleans for