Lower coast gazette., 1914-10-24

Section Is. Be it further enacted, etc.,
That on the official ballot to be used in
said election, shall be placed the words,
For the Amendment Licensing Automo-
biles' and the words Against the Amend
ment Licensing Automobiles" and each
elector shall indicate his vote on the pro.
posed amendment as provided for by the
General Assembly laws of this State.
L. q. THOMAS,
Speaker of the House of Representatives.
THOMAS G. BARRET,
Lieutenant Governor and President of the
Senate.
Approved: July 8, 1914.
L. e. HALL.
A true copy:
ALVIN Il. HEBERT,
Secretary of State.
ACT NO. 2G22.
House Bill No. Gl3. by Mr.. GenerelIy
AN ACT
Authorizing the board OF Directors of the
luDllc Schools OF the IarlSn OF Ur-
leans to issue Two MllllOn DOllars VI
bonds for the purpose OF acquiring
Scl0Ol sites, constructing school buiiu.
lngs 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 tue secu-
+ rlty Tor. the payment OF the principal
and interest thereof; to denne the du-
ties: Of the Board ot'Llquldatlon, City
: Debts in connection win the issuance
and sale OF sand 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 III connection with the
reimbursement OF the board OF Direc-
tors OF the Public Schools for the parlSn
OF Orleans by certain annual payments
and to define the method ana manner
in which the proceeds OF SAID bonds
shall be employed and dlsDursed.
Section l. be it enacted by the Gen
erai Assembly OF the State or Louisiana,
tWo-thlrds OF all the members elected tO
each house cOncurrlng, That subject to
the ratification OF the people OF the State
OF LOUISIANA, by an amendment to che
Constitution OF the State, hereinafter
submitted to them, the Board OF Dlrec-
tors of the Public Schools tor the Parish
OF Orleans, of the State OF Louisiana, Is
hereby authorized and empowered to Issue
Donds not to exceed two million dollars
l$2,VOO,UOV.UO) IN amount, to be dated
January ], 1918, bearing five per cent
(oEo) per annum interest, payable SEMI
annually. the principal OF which shall be
payable in forty l4U) annual install.
ments OF fifty thousand dollars ($oU,.
VOO) each, payable on, the first day OF
January in each OF the years 1916 to and
including 1888, respectively, as hereln-
after SET forth.
: Said bonds shall be made payable to
bearer, and shall be styled Pubic School
Bonds, City OF New Orleans and Parish
of Orleans
Said bonds shall be of the denomina-
ton OF one thousand dollars each. except
that at the option Of any bidder, to be
indicated i'll and as a part of Ills bid,
bonds OF the denomination Of five hun
dred 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 aud hneness, 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 presi-
dent and secretary, respectively, of the
Board of Directors Of the Public Schools
Tor the Parish of Orleans land shall be
countersigned by the president, or one
OF the ylce-presldents, and the secretary
OF the Board of Liquidation, City Debt.
The interest on said bonds shall be
evidenced by. interest coupons attached
thereto bearing the fac-simile signatures
Ot, the secretafy OF the Board of Directors
of the Public Schools for the Parish of
Orleans and, the Secretary of the Board
Of Liquidation, City Debt, respectively,
and shall be payabh. on, fife 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. surren,
der and cancellation Of the said respec-
tive interest coupons, provided, however,
that such:cities shall be designated by the
Board Of: Liquidation, City Debt, and an
nounced in the advertisement calling for
competitive bids; and provided, further.
that the principal Of said bonds shall be
payable only in. the City of New Or
leans, 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 exe
empt from, taxation, State, parish and
municipal. shall be a legal Investment
for the tutors Of minors: and curators
OF lnterdicts : and. shall be received "a
security for public deposits Of the State
OF Louisiana or any political subdivision
thereof. :.
Section 2. BE it. further enacted. etc.,
mat as: soon as, constitutional authority
for the Issuance. Of Said bonds shall have
been obtained, the Board of Directors
the Public Schools for the Parish Of
Orleans shall, by resolution, adopted BY
a majority Of the members thereof in
regular or specia1 meeting called for that
purpose, call upon the Board of Liquida-
tlon, CITY Debt, to advertise for the sale
OF said bonds. When SO called upon, it
shall be the duty, of,the Board of ;Liqui.
dation, City Debt, to ad~vertise.said bonds
1cr sale IN the Official journal Of tbe City
OF New ..Orleapseand in such other news.
papers IN financial .ce1ters as the Board
OF Liquidation, CITY Debt, may determine.
ana advertisement shall appear id each
OF sad newspapers for thirty (30) days
Immediately M preceding the date fixed for
the highest bidder who shall have: com.
pied with the terms and conditions set
out by the Board of LIQUIDATION; City
DEBT, in the advertisement for said bends !;
provided that no sale of said bonds shall
be made unless all of said issue b sold
and unless the average price obtainM for
the different maturities shall at ssledt
equal par and accrued interest fol-. the
entire issue. Nde Board of Liquidation,
City Debt, shall have the right to feiect
any and all bids:
Section g.. Be it further enacted, etc..
That when the said bonds shall have been