The Madison journal. (Tallulah, Madison Parish, La.) 1888-current, 1914-09-26
Act No. 262
House Bill No. 613. BY Mr.. Generally
AN ACT

AN ACT
Authorizing the Board of Directors ~
the Public Schools of the Parish 81
Orleans TO issue Two Million Dollars
or bonds for the purpose OF acouir-
ing school sites constructing aoLno,
buildings and their appurtenancas g.,
the CITY Of New Orleans. 70 nro,.i5.
the terms and conditions under which
Sald n"nds snail be issued and sold
and N" security for the navner- Of
the principal and interest tbereof. 20
define the duties of the Poard %
LIQUIDATION. city Debt. in connection
win the issuance and sale Of said
bonds. the payment Of the nrirci,aI
and interest thereon. and the -a,ira
ment thereof: 10 prescribe the d,-tias
and obligations Of the CITY n, NJ,
orleans In connection with the re-
endorsement of the Board of Direc
tors of the Public Schools for ~
Parish Of Orleans by certain annn.l
payments; and to define the rnatbod
and manner in which the proceeds az
Sald ponds shall be employed and
disbursed. anu
Section /. Be II enacted by ,be Can.
eral Assembly Of the State of ToIIis.
lana, two-thlr3S of all the ruern bars
elected 10 earh house COncurrinc That
subject to ratification of the people Of
the state Of Louisiana. by an amend
ment 10 the Constitution of tho stat
hereinafter submitted to them tbe
BOARD or Directors Of the Public schools
TOR the Parish of Orleans, of the stat
OF LOUISIANA. is hereby authorized an;
empowered TO issue bonds not 70 nx-
coed two million dollars 81 600 O00r
IN amount to be dated January
l"l3. bearing five per cent - per
cent? per annum interest. pava hls
semi-annually. the principal o. wh.rT
shalI be PAYABLE in forty coo annual
lnstallmentS of fifty thousand dollars
ls2U,puoD each. payable on the first day
81 January in each Of the years 1916
NTNs4NH ~
hereinafter set forth.
Said bonds shall be made payable TO
nearer. and shall be STYLED Public
SS'uo0I Bonds. City OF New Orleans and
Parish of Orleans"
Said bonds shall be Of the denom-
.,dl,on or one thousand dollars each.
except that al the option of any bid
der. to be indicated in and as a part
OF us bid. bonds of the denomination
OF i've hundred dollars may be issued
70 such bidder If successful.
The principal and interest OF said
DondS shall be payable in gold coin of
the United States equal to the present
standard Of weight and fineness or
same may he expressed in pounds ster-
IlhS or in franc, and at such arbitrary
rate or exchange. said Board of Liq-
uldatlon. City, Debt. may determine.
said bonds shall be signed nv the
president and secretary, respectively,
OF the Board OF Directors OF the Public
Schools. for the Parish of Orleans. and
snail be countersigned by the presi-
dent. or one of the vice presidents. and
the secretary of the Board of Liquida-
ton, City Debt.
The interest on said bonds shall be
eVinced by interest coupons attached
thereto bearing the fac-simile sigma
lures or the secretary OF the Board or
Directors OF the Public Schools for the
Parish of Orleans and the Secretary
or the Board of Liquidation. City Debt
respectively. and shall be payable on
the first DAYS of July and January, re-
spectiyely. 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 or 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-
er. that the principal of said bonds
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 mine; shall shall be exempt from taxa taxa
shall be legal Investment for the tu-
tors OF minors an curators OF inter
diets: and shall b. received as secur-
ity for public deposits of the State of
Louisiana or any political subdivision
thereof.
Section 2. Be IL further enacted. etc.
That as soon as constitutional authori-
ty for the issuance OF said bonds shall
have been obtained, the Board of Direc-
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
called for that purpose. call upon the
Board OF Liquidation. City Debt, to ad-
so called upon, II 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 Liuui
dation. City Debt, may determine.
Said advertisement shall appear in
each of said newspapers for thirty (3O)
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
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 he made unless all of said
issue he sold and unless the average
price obtained for the different matur-
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 3. Be II further enacted etc.
That when the said bonds shall have
been adjudicated. as hereinafter set
forth. IL 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 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 ap-
pertaining to the bids and adjudica-
ton not otherwise provided for by this
act.
Section e. Be II 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 NAV become the sue
cessful bidder or bidders for said bonds
respective bids. upon furnishing secur-
itv satisfactory to the BOARD OF Liqui-
dation. City Debt. and at such rate of
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
ders for all or any part of the said
corporation other than a local bank.
then the proceeds OF the sale OF the