The Natchitoches enterprise. (Natchitoches, La.) 1888-1965, 1914-09-17

installments of fifty thousand dollars
| ($60.000) each. payable on the first day
! Of January in each of the years 1915
| to and including 1855, respectively. as
| hereinafter set forth.
Said bonds shall be made PAYABLE TO
bearer. and shall be styled pubic
School Bonds. City of New Orleans and
| Parish of Orleans"
Said bonds shall be of the demon
ination of one thousand dollars eacn'
| except that al the option of any DID,
| der, to be indicated in and as part
of his bid, bonds of the denomination
of five hundred dollars may be issued
to such bidder IL 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
| Same may be expressed In pounds ster-
ling or in franc, and at such arbltrary
rate Of exchange, as said Board OF LID
uidation. City, Debt may determine.
said bonds shall be signed by the
president and secretary, respectively,
of the Board of Directors IF the Public
Schools for the Parish of Orleans and
dent. or one Of the vice presidents, and
the secretary of the Board of Liquida-
tion, City Debt.
The interest on said bonds shall be
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
Parish of Orleans and the secretary
of the Board of Liquidation, CITY DeDt,
respectively. and shall be payable on
the first days of July and January, re-
spectively. in each year; said interest
shall he 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-
tion of the said respective interest cou-
pons; provided. however, that sucn
cities shall be designated by the Board
of Liquidation, City Debt. and announc-
ed i'm the advertisement calling Tor
competitive bids: and provided. furth-
err, that the principal of said bonds
shall be payable only in the City or
New Orleans. State Of Louisiana,
released from registry under such
rules and regulations as the Board of
Liquidation. City Debt, may deter
mine; shall be exempt from taxa tax,
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 or
Louisiana or any political SUBDIVISION
thereof.
Section . Be 1t further enacted, etc,
That as soon as constitutional authorl-
ty for the issuance of said bonds shall
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-
vertise for the sale OF said bonds When
so called upon, 1t 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
leans and in such other newspapers in
financial centers as the Board of Liqui-
dation, City Debt. may determine.
Said advertisement shall appear In
each of said newspapers for thirty 800
days Immediately preceding the date
fixed for the receipt of bids; and the
said bonds shall be adiudicated and
sold. under sealed bids or proposals. to
the highest bidder who shall nave 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
Issue be sold and tS UNLESS the
tiles shall at least equal par ana ac-
crued interest for the entire issue.
The Board of Liquidation. City Debt.
shall have the right to reject any and
all bids.
Section s. Be It further enacted. etc,
That when the said bonds shall have
been adjudicated, as hereinafter set
of Liquidation. City Debt to immedi-
ately cause said bonds to be engraved
and executed in such denomfna tions
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,
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
delivered after the adjudication and.
generally all terms and conditions ap-
ton not otherwise provided for by this
act.
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 as may become the sue
cessful bidder or bidders for said bonds
in proportion to the amount of their
ity satisfactory to the Board of Liqui-
dalton, 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
bonds shall be some person. firm or
corporation other than a local bank
then the proceeds of the sale Of Cne
bonds awarded to said successruI bid
der or bidders shall be deposited in
such local bank or banks and at such
rate of interest as the Board of Liqui-
dalton, 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
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 S.. Be it further enacted,
etc, That the annual instailment of
dollars ($50,000) and the interest on
said bonds shall be payable out of the
one-half of the surplus of the one per
Orleans by virtue of Article sir or the
Constitution of the State of Louisiana
adopted in the year 1913, and dedica-
ted for the use of the public schools
of the Parish of Orleans. after provid-
ing for the principal and interest on
the one hundred and seventy-four thou
sand, six hundred and sixty-two dol
lars G174,662) in principal sum, of
airy Bonds of the City of New Orleans.
authorized by Act No. of the General
Assembly of the State of Louisiana,
session of 1906, and subsequently adopt-
Ell as an amendment 10 the constitution
of this State; and the said one-half of
the surplus of the one per cent debt
tax, subject to the exceptions spcci-
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 Liquida ton
City Debt, is hereby directed to. employ
said fund to the extent necessary to
carry out the purpose of this act; pro-
vided that nothing herein contained