Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1914-10-09
Act No. 262
House Bill No. SIS. BY lfr. Generally.
AN ACT

the 6O8T0 OF DnreCtOfB OF
the Public Schools Of the Parish of
Orleans to issue Two Million Dollars
or bonds for the purpose Of acquir-
ing school sites. constructing school
Duiidinss and their appurtenances in
the City OF New Orleans: to provide
the terms and conditions under which
said bonds shall be issued and sold,
ana the security for the payment of
the principal and interest thereof: to
define the duties Of the Board Of
Liquidation. City Debt. in connection
with the issuance and sale Of said
bonds. the payment Of the principal
and interest thereon. and the retire
and obligations of the City Of New
Orleans in connection with the re-
endorsement Of the Board Of Direc-
tors of the Public Schools for the
payments; and to define the method
and manner in which the proceeds of
said bonds shall be employed and
diebursed.
Section 1. Be It enacted by the Gen.
eral Assembly Of the State Of Louis
lana, two-thirds of all the members
elected to each house concurrinx That,
subject to ratification OF the people Of
the State Of Louisiana, by an amend
hereinafter submitted to them, the
Board Of Directors of the Public Schools
for the Parish Of Orleans. of the State
of Louisiana. IL hereby authorized and
coed two million dollars $4,000. o00)
in amount. to be dated January 1.
1915. bearing five per cent e per
cent? per annum interest payable
shall be payable in forty (4o) annual
installments of fifty thousand dollars
(xbo. 000) each, payable on the first day
or January In each Of the years 1915
TO and including 1855. respectively. a.
hereinafter set forth.
QofA n
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.
OF his bid. bonds Of the denomination
OF five hundred dollars may be issued
10 such bidder II successful.
The principal and interest OF said
bonds shall be payable in gold coin OF
me United States equal to the present
same may be expressed in pounds ster-
ling or in franc. and at such arbitrary
rate OF exchange. a. said Board OF LiQ-
uidation. City. Debt. may determine.
Said bonds shall be signed by the
Board ana Of Of x:
Schools for the Parish of Orleans and
shall be eountersigned by the presi.
dent. or one Of the vice presidents. ano
the SECRETARY Of the Board OF Liauida-
The interest on said bonds shall be
evinced by interest coupons attached
thereto bearing the fac-simile sigma
lures OF the eecretary Of the Board on
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.
specttvely, In each year: said interest
o shall b payable in the CITY Of N .S.
Board of Liquidation, City Debt. may
determine upon surrender and cancella-
ton Of the said respective interest cou-
pons; provided. however. that such
Of Liquidation. City Debt. and announce
Cd In the advertisement calling for
or. that the principal Of said bonds
ss~ RI 2:y' s.: ss u e:
Said bonds may be registered and
released from registry under such
rules and regulations a. the Board Of
Liquidation, City Debt, may deter
mine: shall be exempt from taxa
shall i be = legal investment for the tu-
tors Of minors and curators Of inter-
diets: and shall be received ~ secur-
ity for public deposits Of the State of
Louisiana or any political subdivision
thereof
Section 3. Be Il further enacted. etc..
That a. soon AZ constitutional authori-
ty for the issuance Of said bonds shall
have been obtained. the Board OF Dtrec-
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-
g. - L. -
20 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
financial centers as the Board OF Lioui-
Said advertisement shall appear in
each Of said newspapers for thirty (so)
days Immediately preceding the date
said bonds shall be adjudicated and
sold, under sealed bids or proposals, to
the highest bidder who shall have COM
piled with the terms and conditions set
out BY the Board Of LIQUIDATION. city
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 matur-
crued interest for the entire issue.
The BOARD Of LIQUIDATION. City Debt.
shall have the right to reject any and
all bids.
Section 3. Be II further enacted, ETC..
That whs: the said bonds shall have
forth. It shall be the duty Of the Board
Of Liquidation. City Debt, 20 immsdi-
ately cause said bonds to be engraved
ana executed in such denominations
country or countries a. the successful
bidder or bidders may have indicated
or the Board Of Liquidation. City Debt.
determined. ~ the case may be.
shall have the right to prescribe the
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
generally. ali terms and conditions 40.
pertaining to the bids and adjudica-
ton not otherwise provided for By this
section 4. 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 a. may become the sue
cessful bidder or bidders for said bonds
respective bids, upon furnishing secur-
ity satisfactory TO the Board Of Liqui-
dalton, City Debt and at such rate Of
City Dsbt. may FIX ana snnounc s'I n shs
advertisement calling for bids. In the
event that the successful bidder or bid
der1 for all or any part Of the said
bonds shall be some person firm or
corporation other than q local bank,
then the proceeds Of the sale OF the
bonds awarded to said successruY bid
der or bidders shall be deposited in
such local bank or banks and at such
rate Of interest a. the Board Of Liqui-
dation. City Debt. may determine
All payments made BY the Board of