St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1914-08-29
ACT NO. 262.
louise Bill No. 613 BY Mr.. Generally

louise 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 of bonds for the purpose
of acquiring school sites, construct
ing school buildings and their ap-
purtenances in the Ciyt 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
principa! and interest thereof; to
define the duties of the Board OF
Liquidation, City Debt, in connec-
ton with the issuance and sale OF
said bonds, the payment of the
principal and interest thereon, and
the retirement thereof; to pre-
scribe the duties and obligations
of the City of New Orleans in con-
nection with the reimbursement OF
the Board of Directors of the Pub
lie Schools for the parish of Or
leans by certain annual payments;
and to define the method and man
ner in which the proceeds of said
bonds shall be employed and dis
bursed.
Section /. Be it enacted by the
eneral Assembly of the State OF
louisiana, two-thirds of all the men,
ers elected to each house concurr-
ng, That, subject to- the ratification
the people of the State of Loulsi-
ma, by an amendment to the Con-
stitution of the State, hereinafter
submitted to them, the Board OF D.
rectors of the Public Schools for the
parish of Orleans, of the State OF
Louisiana, is hereby authorized and
empowered to issue bonds not to OK
coed two million dollars ($2,OOO.O0O)
in amount, to be dated January /,
1915, bearing five per cent 60 per
cent? per annum interest, payapie
the principal OF wnicn
shall be payable in forty (4O) annual
installments of fifty thousand dol
lars ($5O,000) each, payable on the
first day Of January in each OF the
years 1916 to and including 1909,
respectively, as hereinafter set forth.
Said bonds shall be made payable
to bearer, and shall be styled PUB
lie School Bonds, City OF New Ut
leans and Parish of Orleans.
Said bonds shall be of the denoml-
nation of one thousand dollars eacn,
except that at the option of any bid
der. to be indicated in and as part OIL
his bid. bonds of the denomination
of 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 State equal to the pres
emit standard OF weight and hneness,
or same may be expressed In pounds
sterling or in franc, and at sucn az,
bitrary rate of exchange, as SAID
Board of Liquidation, City Debt, may
determine. -
Said bonds shall be signed by the
nreSident and secretary, respectively,
OF the Board of Directors OF the rup-
lie Schools for the parish OF orleans,
and shall be countersigned oy ING
president, or one OF the vice-pres
dents. and the secretary OF the boaro
Of Liquidation, City Debt.
The interest on said bonds snail "
evidenced by interest coupons az
tached thereto bearing the fac-s.miio
of the secretary OF tne
BOARD of Directors of the PuDnc
Schools for the parish Of Orleans ana
the secretary of the Board OF Liqui-
dalton. City Debt. respectively, ana
shall be payable on the first days OF
inv and January, respectively, III
each year: said interest shall be pay
able in the city of New Orleans ana
in such other cities as the Board OF
City Debt, may deter
mine. upon surrender and canceiia-
tion of the said respective interest
coupons: provided, however, that
anch cities shall be designated Dy
the Board Of Liquidation. City DEBT.
and announced in the advertisement
% q. ling for competitive bids; and pro-
yided, further, that the princlpal %
said bonds shall be payaDie only ~
the City of New Orleans. state VI
Louisiana.
Said bonds may be registered and
released from registry under sucl
rules and regulations as the Board
Of Liauidation, City Debt, may de-
termine: shall be exempt from tax
alton. State, parish and municipal
shall be a legal investment Tor the
tutors of minors and curatOrs Oh IN
terdicts: and shall be received as Sc
curity for public deposits Of the STATE
Of Louisiana or any political supd1-
vision thereof.
Section Q. Be it further enacted.
etc. That as soon as constitutional
authority for the issuance OF saio
bonds shall have been obtained, the
BOARD of Directors of the Pubhc
Schools for the parish OF Orleans
shall. by resolution adopted oy
majority Of the members thereon IN
regular or special meeting called lot
that purpose, call upon the Board OF
Liquidation, City Debt, to advertise
for the sale of said bonds. When 90
called upon, it shall be the duty OF
the Board OF Liquidation, City Dept,
to advertise said bonds for sale in the
oficial journal OF the city OF New
orleans and in such other newspap.
ers in financial centers as the -board
of Liquidation, City Debt, may de,
termine. Said advertisement snail
appear in each Of said newspapers
for thirty (3O) days Immediately pre-
ceding the date fixed for the receipt
of bids; and the said bonds snail Oe
adiudicated and sold, under sealed
bids or proposals, to the highest bid
| der who shall have complied with the
tefms and conditions set out. by the
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