Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1914-10-23
Act No. 262
House Bill No. s13. BY Mr.. Generally
AN ACT

AN ACT
| authorizing the Board of Directors OF
the Public Schools Of the Parish of
Orleans to issue Two Million Dollars
or ponds for the purpose OF acnuir-
ing school sites. constructing school
buildings and their appurtenances in
the City 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 principal and interest thereof; tn
define the duties of the Board OF
LIQUIDATION. City Debt. in connection
bonds. the payment of the principal
and Interest thereon, and the retire
ment thereof: to prescribe the duties
and obligations of the City Of New
endorsement of tie Board Of Direc-
tors of the Public Schools for thu
Parish OF Orleans by certain annual
payments; and to define the method
said bonds shall be employed and
disbursed.
Section 1. Be It enacted by the Cen
eral Assembly Of the State Of Louis
elected to each house concurring That.
| subject to ratification of the people of
the State Of Louisiana, by an amend
ment to the Constitution Of the State,
Board of Directors of the Public Schools
for the Parish of Orleans. Of the State
| of Louisiana, is hereby authorized and
empowered to issue bonds not to ex-
in amount. to be dated January 1.
1915. bearing five per cent 6 per
| cent? per annum interest, payable
semi-annually. the principal OF which
shall be payable in forty Ho) annual
installments of fifty thousand dollars
600 each. payable on the first day
or January in each of the years 1916
TO and including 1855. respectively. as
hereinafter set forth.
Said bonds, shall be made payable to
bearer. and shall be styled Public
School Bonds. City Of New Orleans and
Parish of Orleans"
Said bonds shall be Of the demon
nation OF one thousand dollars each.
except that at the option Of any bid
der, to be indicated in and a. part
or five hundred dollars may be issued
to such bidder II successful.
The principal and interest OF said
bonds shall be payable in gold coin OF
the United States equal to the present
standard Of weight and fineness. or
ing or in franc. and at such arbitrary
rate OF exchange, as said Board OF Liz
uidation. City. Debt may determine
Said bonds shall be signed by the
president and secretary, respectively.
Schools for the Parish Of Orleans. and
shall be countersigned by the presi-
dent. or one Of the vice presidents. ana
the secretary Of the Board OF Liquida-
evinced by interest coupons attached
thereto bearing the fac-simile sigma
lures OF the secretary Of the Board OF
Directors Of the Public Schools for the
Of the Board Of Liquidation. City Debt.
respectively. and shall be payable on
the first days Of July and January. re.
spectively, in each year: said interest
shall BE- payable IN the City lily. Of N tS.
Board OF Liquidation. City Debt, may
determine upon surrender and cancella-
ton OF the said respective interest cou-
rUns; pro! provided s how:xsr that hat a cscs
Of Liquidation, City Debt, and announc-
ed In the advertisement calling for
competitive bids; and provided. furth-
er. that the principal Of said bonds
New Orleans. state Of Louisiana.
Said bonds may be registered and
rules and regulations AZ the Board Of
Liquidation, City Debt, may deter
mine mine shall sh.ll be exempt from n,t tsx.
shall be legal Investment for the tu-
tors Of minors and curators OF inter-
diets; and shall be received as secur-
ity for public deposits Of the State Of
thereof.
Section 2. Be II further enacted. etc.
That as soon as constitutional authori-
ty for the issuance of said bonds shall
have been obtained. the Board OF Direc-
ish Of Orleans shall. by resolution
adopted by a majority OF the members
thereof in regular or special meeting
called for that purpose. call upon the
80 nj a.
vertise for the sale Of said bonds. When
30 called upon, II shall be the duty Of
the Board OF Liquidation. City Debt.
to advertise said bonds for sale in the
leans and in such other newspapers in
financial centers as the Board Of Linui-
dalton. City Debt. may determine.
Said advertisement shall appear in
each Of said neyspapers for thirty !so)
fixed for the receipt OF bids: and the
said bonds shall be adjudicated and
sold. under sealed bids or proposals. to
the highest bidder who shall have COM
out by the Board Of Liquidation. CITY
Debt, in the advertisement for said
bids: provided that no sale Of said
bonds shall be made unless all Of said
price obtained for the different mstur-
tiles shall at least equal par and ac-
crued interest for the entire issue.
The Board Of Liquidation. City Debt
shall have the right to reject any and
all bids.
Section 8. Be II further enacted, etc.
That when the said bonds shall have
been adjudicated. as hereinafter set
forth. II shall be the duty Of the Board
Of Liquidation. City Debt. to immedi-
ately cause said bonds to be engraved
and executed in such denominations
and 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 the case may he.
The Board OF Liquidation. City Debt.
shall have the right to prescribe the
amount Of the deposit that shall accom-
rany each bid. the conditions under
time within which the bonds shall be
delivered after the adjudication, and.
generally. all terms and conditions ap-
pertaining to the bids and adjudica-
ton not otherwise provided for by this
act.
Section Z. Be It further enacted.
etc. That the Board OF Liquidation.
City Debt. shall deposit the proceeds
OF the sale Of said bonds in such local
bank or banks as may become the sue
cessful bidder or bidders for said bonds
in proportion to the amount of their
respective bids. upon furnishing secur-
ity satisfactory to the BOARD OF Liaui-
interest as the Board Of Liquidation.
City Debt may fix and announce IN the
advertisement calling for bids. In the
event that the successful bidder or bid.
bonds shall be some person. rIrm or
corporation other than local bank.
then the proceeds OF the sale Of the
bonds awarded to said successor bid
der or bidders shall be deposited in
such local hank or banks and at such
rate Of interest as the Board Of Liuui-
dalton. CITY Debt. may determine.