St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1914-09-12
ACT NO. 262.


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 it enacted by the
eneral Assembly of the State OF
louisiana, two-thirds Of all the men,
ers elected to each house concurr-
ng, That, subject to the ratification
the people of the State of Louisi-
ma, by an amendment to the Con-
stitution of the State, hereinafter
submitted to them, the Board OF D.
rectors of the Public Schools for the
parish of Orleans, of the State OF
Louisiana, is hereby authorized ana
empowered to issue bonds not to ex-
coed two million dollars ($2 ,OOO,OOO)
in amount, to be dated January /,
1915, bearing five per cent % per
cent? per annum interest, payable
semi-annually, the principal OF which
shall be payable in forty (4OO annual
installments of fifty thousand dol
lars ($5O,OOO) each, payable on the
first day of January In each OF the
years 1916 to and including 1893.
respectively, as hereinafter set forth.
Said bonds shall be made payable
to bearer, and shall be styled PUB
lie 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 a part o.
his bid. bonds Of the denomination
of five hundred dollars may be issued
to such bidder il successful.
The principal and interest OF SAG
bonds shall be payable in gold coin
of the United State equal to the pres
emit standard of weight and finenesi,
or same may be expressed In pounds
sterling or in franc. and at such ar
hitrary rate of exchange, as SAID
Board of Liquidation, City Debt, may
Said bonds shall be signed by the
president and secretary, respectively
Of the Board of Directors OF the PUP
lie Schools for the parish OF Orleans.
and shall be countersigned by the
PRESIDENT. or one Of the vice-presi-
ients. and the secretary of the Board
Of Liquidation; City Debt.
The interest on said bonds snail %
evidenced by interest coupons at
kached thereto bearing the fac-simiie
of the secretary OF the
Board of Directors of the Pupnc
Schools for the parish OF Orleans ana
the secretary of the Board OF Llqul,
aation. City Debt, respectively, ana
shall be payable on the first days Of
July and January, respectively IN
ZACH year; said interest shall be pay
able in the city Of New Orleans ana
m such other cities as the Board OF
City Debt, may deter
nine unon surrender and cancella-
tion of the said respective interest
COUPONS; provided, however, that
auch cities shall be designated Dy
the Board Of Liquidation, CITY DeDt,
and announced in the advertisement
ca1linp for competitive bids; and pro-
yided. further, that the principal OF
aaid bonds shall be payable only IN
the City of New Orleans, state "
-
Said bonds may be registered ana
from registry under SUE.
rules and regulations as the boaIo
Of Liquidation, City Debt, may oe-
termine; shall be exempt from TAX
alton. State, parish and municipal
shall be a legal investment for 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 suDoi-
vision thereof.
Section 2. Be it further enacted.
etc. That as soon as constitutions!
authority for the issuance OF SAID
bonds shall have been obtained, the
Board Of Directors of the PuDhc
schools for the parish 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 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
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