The Natchitoches enterprise., 1914-10-08

SndH De payaDle In TorIY t4uJ annuai
| installments of fifty thousand dollars
($59,000) each, payable on the first day
| of January In each of the years 1876
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 denom-
nation of one thousand dollars each
| except that at the option of any pa.
der, to he indicated in and as a part
of his bid, bonds of the denomination
! IF five hundred dollars NAV be Issued
to such bidder If 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. OF
same may be expressed in pounds ster-
ling or in franc, and at such arbitrary
| rate OF exchange. as said Board OF LIZ
udation. City, Debt, may determine.
| Said bonds shall he signed by the
president and secretary respectively
! of the Board of Directors rf the Public
| Schools for the Parish of Orleans, ana
shall be countersgned by the presl-
| dent, or one Of the vice presidents, ana
the secretary of the Board of Liquida-
| ton. City Debt.
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 Public 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-
| spectively, 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 cancella-
| ton of the said respective interest cou-
pons; provided. however, that such
cities shall be designated by the Board
| of Liquidation. City Debt. and announc-
ed in the advertisement calling for
competitive bids; and provided. furth-
err. that the principal of said bonds
shall be payable only in the City OF
New Orleans. State of Louisiana.
Said bonds nay be registered and
released from registry under sucn
rules and regulations as the Board of
Liquidation. City Debt, may deter
mine; shall be exempt from taxa
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
Louisiana or any political subdivision
| thereof.
Section ?. Be It further enacted, etc,
| That as soon as constitutional author1-
| ty for the issuance of said bonds shall
! have been obtained. the Board of Dlrec-
| tors of the Public Schools for the Par
| ish of Orleans shall. by resolution
adopted by q majority of the members
thereof in regular or special meeting
! called for that purpose. call upon the
| Board Of Liquidation, City Debt, TO ad-
vertise for the sale Of said bonds. When
! so called upon, 1t shall be the duty or
| 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 Lfnui-
dalton. City Debt may determine
Co 81 ho1
each of said newspapers for thirty 800
| days Immediately preceding the date
| fixed for the receipt of bids; and the
said bonds shall he adjudicated anG
! sold under sealed bids or proposals. to
| the highest bidder who shall nave COM
! piled with the terms and conditions set
! 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
| issue be sold and unless the average
| price obtained for the different matlIr-
tiles shall at least equal par and &C
The Board of LIQUIDATION, City Debt.
shall have the right to reject any and
| all bids.
Section 3. Be it further enacted. etc.
| That when the said bonds shall have
been adjudicated. as hereinafter set
forth, 1t shall be the duty of the Board
| of Liquidation. City Debt. to immedi-
ateIy cause said bonds to be engraved
!
| 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 gof Liquida ton. City Debt,
| shall have the right to prescribe the
amount of the deposit that shall accom-
! pany 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 adiudica-
ton not otherwise provided for by this
| act
| Section T. Be it further enacted
| etc, That the Board of Liruidation.
| City Debt shall denosit the proceeds
/ of the sale of said bonds in such local
bank or banks as NAV 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 Liqui-
| dation City Debt and at such rate of
| interest as the Board of Liquidation.
| City Debt. may fix ana announce in the
| advertisement calling for bids. In the
| event that the successful bidder or bid
| ders for all or any part of the said
| bonds shall be some person, r1rm or
| corporation other than a local bank.
| then the proceeds of the sale or enc
| der or bidders shall be deposited In
such local hank or banks and at such
rate of interest as the Board of Liqui-
| dation, City Debt, may determine.
All payments made by the Board of
| Directors of the Public Schools for the
Parish of Orleans. shall be made in the
| form of warrants or drafts on the
i Board of Liquidation. City Debt, setting
| forth the amount thereof, the person
to whom PAYABLE and the purpose for
which the payment is made: and the
Board of LIQUIDATION. City Debt. is
| hereby charged with the duty of taking
care that no irregular or improper or
unlawful payments are made out of
| said funds.
Section 5. Be It further enacted
etc. That the annual installment of
! principal amounting to fifty thousand
dollars (s50,0o0) and the interest on
said bonds shall be payable out of the
| one-half of the surplus of the one per
| cent, debt tax levied by the City of New
| Orleans by virtue Of Article SIT or the
| Constitution of the State of Louisiana
adopted in the year 1918, and dedica-
/ ted for the use Of the public schools
| of the Parish Of Orleans. after provfd-
ing for the. PRINCIPAL and interest on
the one hundred and seventy-tour thou
sand, six hundred and sixty-two dol
/ lars (s174.662) in principal sum, of
| bonds known as School Teachers Sal
! airy Bonds of the City of New Orleans
authorized by Act No. 2 of the General
| Assembly Of the State of Louisiana,
session of 1906 and subsequently adopt
| of this State; and the said one-half of
the surplus of the one per cent debt
tax, subject to the exceptions spnci-
| fled and hereinabove Immediately set
] forth, is hereby dedicated and pledged
| to the payment of the bonds hereby
authorized to be issued. in principal and
| interest; and the Board of Liquidation,
| CitV nehf Is harehv diractad To arap1ov