The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1914-10-31

of one thousand dollars each, exc apt tina
at IN the option s Of any bidder to g., y ind
Iof the denomination of i've hund ed dol
lars may be issued to such bidder II sue
iceSSfIl
q The principal and Interest OF SAID bond
! shall be payable in gold coin OF the Unite
States equal to the present standard o
weight and fineness, or same may be ex
pressed In pounds sterling or In franc. ant
lat such arbitrary rate Of exchange q
said Board OF Liquidation. City Debt ma.
Said bonds shall be signed by the pres
ident and secretary, respectively, OF tn,
Board Of Directors Of the Public SCHOOL,
for the Parish of Orleans, and shall b
the vice-presidents, and the secretary o
the Board of Liquidation, City Debt
3 The interest ON said bonds shall be owl
to Seariye tSs srnatnre
the secretary Of the Board OF Directors o.
the Public Schools for the Parish OF Or.
leans and the Secretary of the Board o.
shall be payable on the first days Of july
and January. respectively, in each year
said interest shall be payable In the City
LOT New Orleans and in such other cities
las the Board of liquidation, City Debt
| may determine upon surrender and cancel
lation of the said respective interest cou-
shall be designated by the Board Of Liqui-
1 dalton. City Debt. and announced in the adj
lvertisement calling for. competitive bids;
ana QIOvlQeOs lurlner, lnal l0e QIIncIpdl 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.
empt from taxation, State. parish and
municipal. shall be legal investment for
the tutors Of minors and curators of in
FOR FOR public deposits Of the state Of Touisi-
| ana or any political subdivision thereof.
/ Section e. Be it further enacted, etc.
na tbs as ssuance Of sd bonds shI Savs
been obtained, the Board of Directors OF
the Public Schools for the Parish of Or
leans as, shall BY resolution J, adopted by
ular or special meeting called for that
purpose. call upon the Board of LiQuida-
ton. City Debt, to advertise for the sale
shall be the duty Of the Board of Hquida-
ton. City Debt, to advertise said bonds for
sale in the official journal Of the City of
papers in financial centers as the Board
Of Liquidation, City Debt. may determine.
Said advertisement shall appear in each
Immediately preceding the date fixed for
the receipt Of bids; and the said bonds
shall be adtudicated and sold. under seal
a ss Compiled f the w ahss e
and conditions set out by the Board Of
Liquidation. City. Debt. In the advertise
ment for said bids; provided that no sale
said issue be sold and unless the average
price obtained for the different maturities
shall at least equal par and accrued in
Liquidation, City Debt shall have the
Section & Be it further enacted, etc.
adjudIcated. as hereinafter set forth. It
shall be the duty Of the Board OF Liqui-
dalton. City Debt. to immediately cause
said d,i bonds to be engraved and e, executed
currency. Of such country or countries as
indicated or the Board Of Liquidation,
City Debt. determine. as the case may be.
shall have the right to prescribe the
amount of the deposit that shall accom-
pany each bid, the conditions under which
within which the bonds shall be delivered
after the adjudication, and, generally. all
terms and conditions appertaiping to the
bids and adjudication not otherwise pro-
Section Z De it further enacted. etc,
That the Board Of Liquidation. City Debt,
shall deposit the proceeds q the sale Of
may become the successful bidder or bid
ders for said bonds In proportion to the
amount of their respective bids. upon fur
of LIQUIDATION. City Debt. and at such
rate Of interest as the Board of Liquida-
ton, City Debt may fix and announce In
event that the successful bidder or bid
ders for all or any part Of the said bonds
shall be some person, firm or corporation
other than local bank: then the proceeds
successful bidder or bidders shall be de-
posted in such locai bank or banks and
at such rate Of interest as the Board Of
All payments made by the Board Of Dr.
rectors OF the Public Schools for the Par
ish Of Orleans shall be made in the form
quotation, City Debt. setting forth the
amount thereof, the person to whom pay
able end the purpose for which the pay
on cy Debt 4 here sosr CHARTS qu Via
the duty Of taking care that no Irregular
or improper or unlawful payments are
made out Of said funds.
Section 5. Be IL further enacted. etc.
That the annual installment Of principal
amounting to fifty thousand dollars ESQ.,
000 and the interest on said bonds shall
plus of the one per cent, debt tax levied
Article 81 Of the cons as q the
1918, and dedicated Tor the use Of the the
public schools Of the Parish Of Orleans.
after providing for the principal and In
six a anr
bonds known as School TeseaSers Salary y
aonds p by the sof fsy q Ns *
sembly Of the State OF Louisiana session
OF 1906, and subsequently adopted as an
amendment to the Constitution Of this
State: and the said one-half OF the sur
plus of the one per cent debt tax. subject
to the exceptions specified and herein
above immediately set forth. il hereby
dedicated and pledged to the payment Of
the bonds hereby authorized to be issued,
In principal and interest; and the Board
of Liquidation, City Debt. Is hereby d.
rected to employ said fund to the extent
act provided that nothing herein contain
ed shall otherwise change. affect or Inn
pair, the provisions Of Article 81 of the
Constitution of this State IS
Section s. Be II further enacted. etc.,
That the Board Of Liquidation. City Debt.
shall, on the first day OF January, 19I6.
ana annually fhsreafter Pax Az and redeem
pal pal SUI. sum !. q said bonds: The plan and
by the Board OF Liquidation. city Debt,
and announced by II in detail in the ad-
vertisement calling for sealed bids.
Section z. Be IL further enacted. etc..
That In order to reimburse the Board Of
Directors Of the Public Schools for the
Parish OF Orleans for the deflucffona and