The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1914-10-10
Bonds, City Of New Orleans ant Parish

Bonds, City of New Orleans ans Parish
said bonds shall be of the demo- lination
of on. thousand dollars each, exc 'pt that
al the option of any bidder. to De md
Gated in and as part pf his oi, honGs
of the denomination of tive hund ed dol
lars rlay be issued 10 such bidder If sue
ceSsftl |.
The principal and interest of sa bonds
shall De payable in gold coin of the United
States equal to the present STANDARD OF
weight and fineness, or same may be eN1
pressed in pounds sterling or in franc, and
at such arbitrary rate of exchange as
said Board of Liquidation, City Debt. may
Said bonds shall be signed by the pres
ident and secretary. respectively, OF the
Board of Directors OF the PubLc Schools
countersigned by the president, or one OF
the vice 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-simile signatures OF
the secretary of the Board of Directors OF
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 cancel
lation of the said respective interest cou-
lpons; provided however, that such cities
shall be designated by the Board of Liqui-
dation, City Debt, and announced in the adj
vertsement calling for competitive bids;
and provided, further that the principa! 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
for public deposits of the State of LouiSl-
q ana or any political subdivision thereof
g Section 2. Be it further enacted, etc,
= That as soon as constitutional authority
Il for the issuance of said bonds shall have
:, been obtained, the Board of Directors of
y the Public Schools for the Parish of Or
U majority of the members thereof in reg
q ular or special meeting called for that
ton, City Debt. to advertise for the sale
e of said bonds. When. so called upon, it
: shall be the duty of the Board of Liquida-
$ ton, City Debt, to advertise said bonds for
t sale in the official journal of the City OF
s New Orleans and in such other news,
e papers in financial centers as the Board
It Said advertisement shall appear in each
of said newspapers for thirty 800 days
n Immediately preceding the date hXed i9I
7. the receipt of BIDS and the said bonds
IT shall be adjudicated and sold. under seal
;, ed bids or proposals to the highest BIDDER ,e
who shall have complied with tn the Roa terms oi
Il liquidation. City Debt, in the advertise
t ment for said bids; provided that no sale
of said bonds shall be made unless th an %
e price obtained for the different maturities
d shall at least equal par and accrued a u, IN a.
e Liquidation, City Debt shall have the
l. right to reject any and all bids.
d Section 8. Be it further enacted. etc;
ID That when the said bonds shall have beer
ID adjudicated, as hereinafter set forth. i
IS shall be the duty of the Board of Liqul'
le dation, City Debt, to Immediately cause
"a said bonds to be engraved and executed
lin such denominations and payable In th'
l., indicated or the Board of Liquidation
ii The Board of Liquidation. City Debt
s, shall have the right to prescribe TN
r. amount of the deposit that shall accom-
- same shall become forfeited. the TIM
1e within which the bonds shall be delivere,
I'd after the adjudication. and, generaiiy, "a. az
w terms and conditions appertaining TO TN
N bids and adjudication not otherwise pro
ct vided for by this act. 80.
ne Section 4. Be It further enacsea' eye;
of shall deposit the proceeds OF the sale o
" said bonds in such local bank or panks s, a
10 may become the successful bidder or Dig
~ ~ ders for said bonds in proportion to tn
=; IL amount of their respective bids. upon fur
Is nishing security satisfactory to the Boar,
nF City be Board of
~, ne ton, City Debt. may fix and announce -, y
~ the advertisement calling for bids. In tn
r ders for all or any part Of the said bond
~ ~, shall be some person, firm or corporatlo
ed other than local bank. then the proceed
,r, successful bidder or bidders shall be de
n posted in such local bank or banks an
We at such rate of interest as the Board
d. Liquidation, City Debt, may determine
SO All payments made by the Board Of Di
OF rectors of the Public Schools for the Par
:, ish of Orleans shall be made In the fori
c., of warrants or drafts on the Board or II
no quidation, City Debt. setting forth IN
n amount thereof, the person to whom pay
6y able and the purpose for which m n fhe Pay
is ton, City Debt, is hereby charged wit
a the duty OF taking care that no irregula
or improper s or u f,IaGs payments al
he Section s. Be it further enacted etc
to That the annual installment Of princip;
a9 and ggh 20 on said bonds Ra
let be payable out of the one-half OF the SUI
by plus Of the one per cent. debt tax levie
C.. Article 317 Of the Constitution of ii
in State of Louisiana, adopted in the veg
he 1918, and dedicated for the use Of II L
he after providing for the principal and !!
ID terest on the one hundred and sevent,
. four thousand; six hundred and sixty"
nd nd bonds known v as School Teachers salal
ak Bonds Of the City Of New Orleans, q,
of thorized by Act No Of the Gener sess ~
of of 1906, and subsequently adopted as q
tor amendment to the Constitution OF tn
i !" State: and the said one-half of the su
r.. plus of the one per cent debt tax. subJe
in to the exceptions specified and herei,
ds: above Immediately set forth, is herel
,o. dedicated and pledged to the payment
The the bonds hereby authorized to be issue
md in principal and interest; and the Boa
he of Liquidation, City Debt, Is hereby q
Nv rected to employ said fund to the exte
~ necessary to carry out the purpose of tn
''e' act; provided that nothing herein contain
"a, ed shall otherwise change, affect or In
60 pair, the provisions of Article 81 of Il
70 Constitution of this State.
''e Section s. Be it further enacted. ct
That the Board of Liquidation, City Del
M shall, on the first day of January, 191
''"' and annually thereafter Pay aSo, and rede e
lte' nal sum of said bonds. The plan al
Schedule of redemption shall be determin
-. by the Board of Liquidation, City Del
lily. and announced by it in detail In the
vertisement calling for sealed bids.
the Section 7. Be 1t further enacted. ct