The Rice belt journal. (Welsh, Calcasieu Parish, La.) 1900-19??, 1914-09-11

shall be payable in forty (40) annual
installments of fifty thousand dollars
(S50.000} each, payable on the first day
of January in each of the years 1916
90 and including 1865, respectively. as
hereinafter set forth.
Said bonds shall be made payable to
bearer, and shall be styled Pubic
School Bon1s City of New Orleans ana
Parish of Orleans"
Said bonds shall he Of the denom-
tnation of one thousand dollars each'
except that at the option of any bid
der, to be indicated in and as part
of 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 or
the United States equal to the present
standard of weight and finenesS, OF
same may be expressed in pounds ster-
ling or in franc. and at such arbitrary
ate Of exchange as said Board or Llq-
uidatiOn City, Debt. may determine.
Said bonds shall be signed by the
president and secretary, respectively
of the Board of Directors of the Public
Schools for the Parish Of Orleans, ana
shall be countersiGned by the presi-
dent. or one of the vice presidents and
the secretary of the Board of Liquida-
JICn, CITY Dent
The interest on said bonds shall be
evinced by interest coupons attached
thereto hearing the fac-simile sigma.
lures of the secretary of the Board or
Directors of the Pub1G Schools for the
Parish Of Orleans and the Secretary
Of the Board of LIQUIDATION, CITY Dent
respectively and shall be payable on
the first DAYS Of July and January. re-
Spertively, 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 cancelIa-
ton of the said respective interest cou-
pors; provided. however. that such
cities shall be designated by the Board
of IiquidatiOn Citv Debt. and announc-
ed in the advertisement calling for
competitive bids; ard provided. furth-
err 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
released from registry under such
rules and regulations as the Board of
Liquidation. City Debt. may deter
mine; shall be exempt from taxa
ton. State. parish and municipal,
shall he legal investment for the tu-
tors of minors and curators OF inter
diets: and shall be received as secur-
Louisiana or any political subdivision
thereof
Section ?. Be it further enacted etc,
That as soon as constitutional authOri-
ty for the issuance of said bonds shall
have been obtained, the Board Of Drec-
tors of the Public Schools for the Par
ish of Orleans shall. by resolution
adopted by a majority of the members
thereof in REGULAR or special meeting
q
Board Of Liquidation. CITY Debt, to adj
vertise for the sale Of said bonds. When
so called upon. it shall be the duty OF
the Board of Liquidation. City Debt,
to advertise said bonds for sale In the
official Journal Of the City Of New Or
leans and In such other newspapers In
financial centers as the Board of Liqui-
dation. City Debt, may determine.
Said advertisement shall appear in
each of said newspapers for thirty (30l
days Immediately preceding the date
fixed for the recent Of bids: and tho
said bonds shall be adiudicatef AMI
sold. under sealed bids or proposals. to
the highest bidder who shall hive COM
piled with TIE terms and conditions set
out by the BOar7 % Liquidation. Cit-r
Debt. in the advertisement for sail
bids: provided that no sale of said
bonds shall hn made unless all of said
price obtained for the different matur-
tiles shall at least equal mar and ac-
rrrled interest for the entire issue
The BOARD of T,ieuidat ton. CITY Debt.
shall have the right to reject any and
all bids.
Section 3. BA It further enacted. etc,
That when the said bonds shall have
heen adtu7icPt ted. as hereinafter snt
forth. it shall be tie dutV of the Boart
nf 7 do ~ kn
ately causo said bonds to he engraved
and executed in such denominations
end payable in the currency of such
country or countries as the successful
bidder or bidders may have indicated
or the BOARD Of Liquidation, City Debt.
determined. as TIE case may he
The Board of LIQUIDATION. CITY Debt.
amount Of the deposit that shall accom-
panv each bid. the conditions under
which same shall become forfeited. the
time within which the bonds shall 10
delivered after the adjudication ana,
generally. all terms and conditions an
pertaining to the bids and adiudica
ton not otherwise provided for by this
act
Section 4. Be II further enacted,
etc" That the Board of Liquidation.
CITY Debt shall deoosit the nrocqads
of the sale of said bonds in such local
bank or harks as nav become the suc-
cessful bidder or bidders for said bonds
in PROPORTION to the amount Of their
respective bids, unon furnishing sacur-
ity satisfactory to the Board Of Linui-
dalton. City Debt and at such rate of
interest as tSe Board Of Liquidation,
City Debt may fix and announce in the
advertisement callino for bids. In tho
event that the successful bidder or hid
1ers for a'l or any part of the said
bonds shall be some peVon. rIrm or
CORPORATION othAr than local bank.
then the proceeds of the sale of me
bonds awarded to said suncasseiv bid
der or bidders shall he deposited in
rate Of interest rs the Board of Lioui-
dalton, CITY debt may detarp7ire
All payments made by the BOARD NJ
Directors Of the Public Schools for the
Parish of Orleans shall he made in the
form OF warrants or drafts on fha
Board of Liquidation. City Debt, setting
forth the amount thereof, the persor
to whom PAYABLE and the burmese for
Hhich the payment Is made: and tho
Board of Liruidation. CITY Rebt 10
hereby charged with the duty of TAKING
care that no irreouear or iyaproner ~
unlawful payments are made out of
said funds. u
Section S. Be it further enacted
etc. Fhat the annual irstaIIment Of
PRINCIPAL amounting to fifty thousand
dollars fs50,O001 and the intarest ~ ~,
said bonds shall he payable out of the
on"-hatf of the surplus of the one nor
cent. debt tax levied by the CITY of Now
Orleans by virtue of Article sIY or yns
Constitution of the State of J,ouis;o,,n0
adopted w the year 1918, and dedico