The true Democrat., 1914-10-24
ACT NO. 2e2.
House Bill No. 613-By Mr.. Generelly.
AN ACT

House Bill No. 613-By Mr.. Generelly
AN ACT
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 security for the payment of the
principal and interest thereof; to de-
fine the duties of the Board of Liqui-
dation, City Debt, in connection with
the issuance and sale of said bonds,
the payment of the principal and in
terest 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 Directors of the Pub
lie 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 l. Be it enacted by the General
Assembly of the State of Louisiana, two
thirds of all the members elected to each
House concurrng That, subject to the
ratification of the people Of the State of
Louisiana, by an amendment to the Con-
stitution of the State, hereinafter sub
mitted to them, the Board of Directors of
the Public Schools for the Parish of Or
leans, of the State of Louisiana, is hereby
authorized and empowered to issue bonds
not to exceed two million dollars, ($2, ,000,-
0O0,00) in amount, to be dated January /,
1916 bearing five per cent Is per cent? per
annum interest, payable semi annually,
the principal of which shall be payable in
forty (40) annual installments of fifty
thousand dollars $3.50, 900 each, payable
on the first day of January in each of the
years 1916 to and including 1856, respec-
lively, 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 denomination
of one thousand dollars each, except that
at the option of any bidder, to be indi-
Gated in and as part of his bid, bonds
of the denomination of five hundred dol
lars may be issued to such bidder if sue
cessful.
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 ex-
pressed in pounds sterling or in franc and
at such arbitrary rate of exchange, as
said Board of Liquidation, City Debt may
determine.
Said bonds shall be signed by the pres
ident and secretary, respectively, of the
Board of Directors of the Public Schools
for the Parish of Orleans, and shall be
countersigned by the president, or one of
the 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 -simiie 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;
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 can
collation. of the said respective interest
coupons provided, however, that such
cities shall be designated by the Board of
Liquidation, City Debt, and announced in
the advertisement calling for competitive
bids; and provided, further that the prin-
cipaI 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 legal investment for
the tutors of minors and curators of in
terdicts; and shall be received as security
for public deposits Of the State of Louis
lana or any political subdivision thereof
Section 2. Be it further enacted, ETC.,
Aldl StS SOOIl DIS CONSTITUTIONAL duLlOrlCy
for the issuance Of said bonds shall have
been obtained the Board of Directors of
the Public Schools for the Parish of Or
leans shall, by resolution adopted by q
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, 1t
shall be the duty of the Board of Liquida-
tion 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.
Said advertisement shall appear in each
of said newspapers for thirty (30) 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
Liquidation, City Debt, in the advertise
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.
Do