The Natchitoches enterprise. (Natchitoches, La.) 1888-1965, 1914-09-24

installments OF fifty thousand dollars
($60.O00) each. payable on the first DAY
Of January In each of the years 1910
to and including 1855, respectively as
hereinafter set forth.
Said bonds shall be made PAYABLE 10
bearer, and shall be STYLED PupIlc
School Bonds City of New Orleans ana
Parish of Orleans"
Said bonds shall be of the demon
ination of one thousand dollars eacn'
except that at the option of any pld
der. to be indicated in and as part
Of his bid, bonds of the denomlnatloIl
Of five hundred dollars may be lssueo
to such bidder If 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, OF
same may be expressed in pounds ster-
ling or in franc, and at such arbitrary
rate of exchange. as said Board OF Llq-
uidation, City, Debt, may determine
Said bonds shall be signed by the
president and secretary, respectively
of the Board of Directors Of the PUBIC
Schools for the Parish of Orleans, and
shall be countersgned by the presl
dent, or one of the vice presidents, anu
the secretary of the Board of Mqulda-
ton. 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 Dent,
! respectively and shall be payable on
the first days of July and January, re-
spectively, in each year; said interest
shall be payable in the City OF Ne"
Orleans and in such other cities as the
Board of Liquidation, City Debt may
determine upon surrender and cancella-
ton of the said respective interest cou-
pons; provided. however, that such
cities shall be designated by the Board
| Of 7 tom naht and dOQOunC-
ed in the advertisement calling TOT
competitive bids; and provided. furth-
er, that the principal of said bonds
shall be payable only in the City OF
New Orleans. State of Louisiana.
Said bonds nay be registered and
released from registry under such
rules and regulations as the Board of
nine shall be exempt from taxa
| ton. State, parish and municipal
shall be a 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
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
! fsh of Orleans shall, by resolution
adopted by majority of the members
| thereof in regular or special meeting
called for that purpose. call upon the
Board of Liquidation, City Debt, to adj
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 he adjudicated and
the highest bidder who shall nave COM
| piled with the terms and conditions set
out by the Board of Liquidation, CITY
! Debt, in the advertisement for said
bonds shall be made unless all of said
Issue be sold and unless the average
price obtained for the different matur-
tiles shall at least equal par and ac-
The Board of Liuuf4ation City Debt.
shall have the right to reject any and
ell bids.
Section 8. Be It further enacted etc.
been adjudicated. as hereinafter set
forth it 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 IS the successful
bidder or bidders may have indicated
or the Board of Liquidation, City Debt.
| determined. as the case may he.
The Board of Liquidation, City Debt.
shall have the right to prescribe the
! amount of the deposit that shall accom-
rany each bid, the conditions under
which same shall become forfeited. the
time within which the bonds shall be
delivered after the adjudication, and,
pertaining to the bids and adiudiea-
ton not otherwise provided for by this
| act.
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
| respective bids, upon furnishing secur-
ity satisfactory to the Board Of Lioui-
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
bonds shall be some person. rrrm or
corporation other than a local bank,
then the proceeds of the sale of enc
bonds awarded to said successrur bid
der or bidders shall be deposited in
such local hank or banks and at such
rate of interest as the Board of Liquf-
dation, City Debt may determine
All payments made by the Board of
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 5. Be it further enacted
etc. That the annual installment Of
principal amounting to fifty thousand
dollars (s50,000) and the interest on
said bonds shall be payable out of the
one-half of the surplus of the one per
cent, debt tax levied by the City of New
| Orleans by virtue of Article sir or ,ne
! Constitution of the State of Louisiana,
adopted in the year 1918, and dedica-
ted for the use of the public schools
of the Parish of Orleans, after provfd-
ing for the principal and interest on
the one hundred and seventy-four thou
sand, six hundred and sixty-two dol
lars ($174,662), in principal sum. of
bonds known as School Teachers Sal
| airy Bonds of the City of New Orleans
authorized by Act No of the General
Assembly of the State Of Louisiana.
session of 1905, and subsequently adopt
ed as an amendment to the Constitution
of this State; and the said one-half of
| the surplus of the one per cent debt
| tax subject to the exceptions speci-
fled and hereinabove Immediately set
| forth, is hereby dedicated and pledged
to the payment of the bonds hereby
authorized to be issued, in principal ana
interest; and the Board of Liquidation,