St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1914-09-19
ACT NO. 262.
louise Bill No. 613 BY Mr.. Generally

AN ACT.
Authorizing the Board of Directors
of the Public Schools of the Parish
Of Orleans to issue Two Million
Dollars of bonds for the purpose
of acquiring school sites, construct
ing school buildings and their ap-
purtenances In the Ciyt OF New
Orleans: to provide the terms and
conditions under which said bonds
shall be issued and sold, and the
security for the payment Of the
| principal and interest thereof; to
define the duties of the Board Of
| Liquidation, City Debt, in connec-
ton with the issuance and sale Of
said bonds. the payment Of the
principal and interest thereon, and
the retirement thereof; to pre-
scribe the duties and obligations
of the City Of New Orleans In con-
nection with the reimbursement Of
the Board Of Directors Of the Pub-
lie Schools for the parish OF Or
leans by certain annual payments;
and to define the method and man
ner In which the proceeds OF said
bonds shall be employed and dis
bursed.
Section 1. Be 1t enacted by the
General Assembly Of the State or
Louisiana, two-thirds Of all the men,
beers elected to each house concurr-
ing, That subject to the ratification
of the people of the State OF Lou
isiana, by an amendment to the Con-
stitution OF the State, hereinafter
submitted to them, the Board Of Dl-
Irectors Of the Public Schools for the
parish Of Orleans, OF the State Of
lLouisiana, is hereby authorized and
empowered to issue bonds not to ex-
Iceed two million dollars $2,OOO.OOO)
lin amount, to be dated January !.
|1915, bearing five per cent 6 per
|cent) per annum interest, payable
the principal OF which
shall be payable in forty (4O) annual
Iinstallments Of fifty thousand dol
liars $3.50, O00) each. payable on the
first day Of January in each Of the
years 1916 to and including 1865,
respectively, as hereinafter set forth.
Said bonds shall be made payable
| to bearer, and shall be styled Pub
llic School Bonds, City OF New Or
leans and Parish Of Orleans.
Said bonds shall be Of the denomi-
nation OF one thousand dollars each,
except that at the option OF any bid
/ der, to be indicated in and as part OF
his bid, bonds OF the denomination
lof five hundred dollars may be issued
Ito such bidder IL successful.
The principal and interest Of said
bonds shall be payable In gold coin
Of the United State equal to the pres
emit standard OF weight and ftneness,
or same may be expressed in pounds
sterling or in franc, and at such ar
bitrary rate Of exchange, as said
Board Of Liquidation, City Debt, may
determine.
Said bonds shall be signed by the
president and secretary, respectively,
OF the Board Of Directors Of the Pub
lie Schools for the parish Of Orleans.
and shall be countersigned by the
president, or one OF the vice presi-
dents, and the secretary OF the Board
LOT LIQUIDATION, City Debt.
The interest on said bonds shall be
evidenced by interest coupons at
tached thereto bearing the facsimile
signatures Of the secretary OF the
Board Of Directors of the Public
Schools for the parish Of Orleans and
the secretary of the Board OF LiQut-
|dation, City Debt. respectively, and
shall be payable on the first days Of
July and January, respectively, IN
each year; said interest shall be pay
able in the city of New Orleans and
in such other cities as the Board OF
Liquidation, City Debt, may deter
mine, upon surrender and cancella-
ton OF the said respective interest
coupons; provided, however. that
such cities shall be designated by
the Board Of Liquidation. City Debt.
and announced in the advertisement
calling for competitive bids; and pro-
yided, further, that the principal OF
said bonds shall be payable only IN
the City OF 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 de-
termine; shall be exempt from tax
alton, State, parish and municipal,
shall be a legal investment Tor the
tutors of minors and curators OF IN
|terdicts; and shall be received as Sc
|curity for public deposits Of the State
|of Louisiana or any political subdi-
vision thereof. .
Section 2. Be it further enacted.
etc, That as soon as constitutional
authority for the issuance OF said
bonds shall have been obtained. the
Board Of Directors Of the Public
Schools for the parish Of Orleans
shall, by resolution adopted by 9
majority of the members thereof In
regular or special meeting called for
that purpose, call upon the Board OF
Liquidation, City Debt, to advertise
for the sale of said bonds. When 80
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
Orleans and in such other newspap-
ers in financial centers as the Board
OF Liquidation, City Debt, may de-
termine. Said advertisement shall
appear in each Of said newspapers
for thirty (3O) days Immediately pre-
ceding the date fixed for the receipt
of bids; and the said bonds shall be
adjudicated and Sold under sealed
bids or proposals, to the highest bid
der who shall have complied with the
terms and conditions set out by the
CONTINUED on page 81