The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1914-09-12
Bonds, City of New Orleans and Parish

|
OF one thousand dollars each, except that
at the option of any bidder, to De indi-
Gated in and as part OF his bid, bonds
lars may be issued to such bidder If sue
cessful.
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 fneness. or same may be ex-
pressed In pounds sterling or in franc. and
said Board of Liquidation, City Debt. may
determine.
Said bonds shall be signed by the pres
Board Boar Of Directors Of the Public Schools
for the Parish of Orleans, and shall be
lcountersigned 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 ,h smile signatures Of
the Public Schools for the Parish of Or
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-
pons; provided. however, that such cities
shall be designated by the Board of Iiqui-
dalton, City Debt, and announced in the ad-
vertisement calling for competitive bids;
and provided, further. that the principal of
said bonds shall be payable only In the
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,,
municipal. shall be legal investment for
the tutors of minors and curators of in
terdicts; and shall be received as security
ana or any political subdivision thereof.
Section 2. Be it further enacted. etc.
That as soon as constitutional authority
the o Board Of o
the Public Schools for the Parish of Or
leans shall. by resolution adopted by
majority Of the members thereof in reg. reg.
purpose. call upon the Board of Liquida-
ton. City Debt, TO advertise for the sale
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
Of Liquidation, City Debt, may determine.
Said advertisement shall appear in each
OF said newspapers for thirty 900 days
Of the said
shall be adjudicated and sold. under seal
ed bids or proposals, to the highest bidder
who shall have complied with the terms
and conditions set ont by the Board of
Liquidation. City Debt, in the advertise
ment for said bids; provided that no sale
OF said bonds shall be made unless all OF
price obtained for the different maturities
shall at least equal par and accrued in
terest for the entire Issue. The Board of
right to reject any and ali bids.
Section g. Be Ii further enacted, ETC.,
That when the said bonds shall have been
shall berthe duty of the Board of Liqui-
dation. City Debt, to Immediately cause
said bonds to be engraved and executed
in such. denominations and payable in the
currency Of such country or countries as
indicated or the Board of Liquidation.
City Debt. determine, as the case may be.
The Board of Liquidation, City Debt
amount Of the deposit that shall accom-
pany each bid, the conditions under which
same shall become forfeited, the. time
within which the bonds shall be delivered
after the adjudication, and. generally. all
terms and conditions appertaining to the
bids and adjudication not otherwise pro-
Section t. Be it further enacted, etc,
That the Board of Liquidation. City Debt,
shall deposit the proceeds of the sale of
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 OF interest as the Board of Liquida-
ton. City Debt, may fix and 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, firm or corporation
other than a local bank, then the proceeds
of the sale OF the bonds awarded to said
successful bidder or bidders shall be de-
posted in such local bank or banks and
at such rate Of interest as the Board of
All payments made by the Board of Di-
rectors Of the Public Schools for the Par
ish of Orleans shall be made in the form
quotation. City Debt. setting forth the
amount thereof. the person to whom pay
able and the purpose for which the pay
ment is made; and the Board of Liquida-
ton, 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 $780,
000) and the interest on said bonds shall
plus of the one per cent. debt tax levied
Article SIT Of the CONSTITUTION Of the
1913, and dedicated for the use of the
public schools of the Parish Of Orleans,
after providing for the principal and in
four thousand. six hundred and sixsy-two
bonds known as School Teachers Salary
soSssd p st the sct c ~ q SS I've
sembly of the State of Louisiana. session
| of 1906. and subsequently adopted as an
amendment to the Constitution of this
State; and the said one-half OF the sur
plus of the one per cent debt tax, subject
to the exceptions specified and herein
above 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, City Debt. is hereby di-
rected to employ said fund to the extent
necessary to carry out the purpose of this
act; provided that nothing herein contain
ed shall otherwise change. affect or inn
Constitution Of this State.
Section s. 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
fiftythousand dollars ESQ. 000). in princi-
I pal sum of said bonds. The plan and
schedule Of redemption shall be determined
by the Board of Liquidation. City, Debt.
and announced by ii in detail in the adj
vertisement calling for sealed bids
| Section T. Be IL further enacted etc.