The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1914-09-19

OF Orle0nE.
Said bonds shall be Of the denomination
of one thousand dollars each, except that
at the option Of any bidder, to De indi-
Gated In and as a part OF his bid. bonds
of the denomination of five hund -ed dol
lars may be issued to such bidder II sue
cessful.
The principal and interest of said bonds
State States s. equal to the present standard Of
weight and fineness, or same may be ex-
pressed in pounds sterling or In franc, and
said Board Of Liquidation. City Debt, may
Said bonds shall be signed by the pres
ident and secretary. respectively, Of the
for the Parish Of Orleans, and shall be-
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 of or
leans and the Secretary Of the Board of
Liquidation, City Debt, respectively, and
shall be payable on the first days of July
said interest shall be payable in the City
of New Orleans and in such other cities
as the Board of Liquidation. City Debt,
lation Of the said respective interest cou-
pons; provided, however, that such cities
shall be designated by the Board OF Liqui-
vertisement calling for. competitive. bids;
and provided. further. that the principal 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 Louisi-
ana or any political subdivision thereof.
Section 2. Be 1t further enacted, etc,
That as soon as constitutional authority
for the issuance of said bonds shall have
been obtained, the Board OF Directors of
leans shall. by resolution adopted by a
majority of the members thereof in reg
ular or special meeting called for that
purposs cal upon the S9ara t 9a fhs sae
of said bonds. When so called upon, 1t
shall be the duty of the Board of Liquida-
ton. 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.
saiS for tS2fy (soS days
Immediately preceding the date fixed for
the receipt of bids; and the said bonds
shall be adjudicated and sold. under seal
who shall have complied with the terms
and conditions set out by the Board Of
Liquidation. City. Debt. in the advertise
Of said bonds shall be made unless all OF
said issue be sold and unless the average
price obtained for the different maturities
erest az for e the eSre ISSUE The Board Of
Liquidation, City Debt. shall have the
right to reject any and all bids
Section 3. Be il further enacted, ETC..
That when the said bonds shall have been
adjudicated. as hereinafter set forth. II
shall be the dutJ Of the Board Of Liqui-
dalton. City Debt, to Immediately cause
in such denominations and payable in the
currency of such country or countries as
indicated or the Board of Liquidation.
The Board Of Liquidation. City Debt.
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 appertainiDg to the
bids and adjudication not otherwise pro-
Section A. Be it further enacted. ETC..
That the Board Of Liquidation, City Debt,
said bonds in such local bank or banks as
may become the successful bidder or bid
ders for said bonds in proportion to the
amount Of their respective bids. upon fur,
nishing security satisfactory to the Board
of Liquidation. City Debt and at such
rate on 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 soE1e person. firm or corporation
other than a local bank, then the proceeds
successful bidder or bidders shall be de.
posted in such local bank or banks and
at such rate OF interest as the Board Of
Liquidation, City Debt, may determine.
All payments made by the Board Of Di.
rectors of the Public Schools for the Par
I ish of Orleans shall be made in the form
quotation, City Debt. setting forth tho
amount thereof, the person to whom pay
able and the purpose for which the pay
ment is made; and the hoard OF Liqu1 s;s,
the duty Of taking care that no irregular
/ or improper or unlawful payments ART
made out of said funds.
| Section 5. Be 1t further enacted, etc.
That the annual installment of principa
amounting to fifty thousand dollars ESQ.,.
000) and the interest on said bonds shall
plus OF the one per cent, debt tax ieviet
by the City of New Orleans by virtue o
! Article 81 of the Constitution of tn,
state OF adopte ed IN ne yea
public schools of the Parish of Orleans
after providing for the principal and in
terest on the one hundred and seventy
four thousand, six hundred and sixty-tw'
bonds known as School Teachers Salar.
Bonds OF the City Of New Orleans. au
lthorized by Act No. of the General As
sembly OF the State Of Louisiana. session
iof 1906. and subsequently, adopted as al
amendment to the Constitution of thi
State; and the said one-half Of the sur
plus Of the one per cent debt tax, subjec
to the exceptions specified and herein
above Immediately set forth. is hereb.
dedicated and pledged to the payment o
the bonds hereby authorized to be issued
Of Liquidation. City Debt is hereby di
lrected to employ said fund to the exten
necessary to carry out the purpose of thi
act; provided that nothing herein contain
ed shall otherwise change. affect or i'm
pair, the provisions of Article 81 of tn
CONSTITUTION of this State.
Section 6. Be it further enacted. etc.
That the Board of Liquidation. City Debt
shall, on the first day Of January. 1916
and annually thereafter pay and redeem
Iiftythousand dollars ESQ., 000).. in princi
pal sum Of said bonds, The plan am
by the Board OF Liquidation, City Debt
and announced by II in detail in the ad
vertisement calling for sealed bids.
Cacfioy, Pa furfbar opacfod Of