The St. Mary banner., 1914-09-19
Bonds, City of New Orleans ano Parish

, OF one thousand dollars each, exc spt tha
! at the option of any bidder, to De ind
Gated in and as a part of his bic, bond
| OF the denomination OF tive hund ed dol
lars may be issued to such bidder if sue
ceSSftl
The principal and interest of said bond.
shall be payable in gold coin of the United
States equal to the present standard o.
weight and finenesS, or same may be eX
pressed in pounds sterling or in frame. ant
\ at such arbitrary rate of exchange as
said Board of Liquidation, City Debt. may
determine.
Said bonds shall be signed by the pres
ident and secretary, respectively, of the
Board OF Directors of the Public Schools
for the Parish of Orleans, and shall be
countersigned by the president. Or one OF
the vice-presidents, and the secretary OF
i the Board of Liquidation City Debt. -
t The-interest on said bonds shall be-evi-
Edenced by interest coupons attached there
the secretary of the Board of Directors OF
the Public Schools for the, Parish af Or
leans and the Secretary Of the Board OF
Liquidation, City Debts respectively. >ai1d
shall be payable on-the first days OF July
and. January, respectively, In each year;
said interest shall be payable in the City
of New Orleans and in such other cRies
as the Board of Liquidation, City Debt,
may determine upon surrender and callgef
Elation of the said respective. interest cDu-
pons; provided, however. that such cities
shall be designated by the Board of LiQui-
dation. City Debt, and announced in the ad-
vertisement calling for competitive bids:
and provided, further, ,that the principal of
said bonds shall be payable only lu the
City of;New Orleans, State of louisiana.
Said bonds may be registered and re-
leased from registry under such ,rt1les. and
regulations as the Board of,sI.iauidation,
City Debt, may determine; shall be ex,
municipal. shall be a legal investment for
the tutors of minors and curators of in
terdicts; and shall be received as security
for public deposits of the State of Louisi-
subdivision 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 Or
leans shall, by resolution adopted by a
majority of the members thereof in reg
purpose, call upon the Board of Liquida-
ton, City Debt, to advertise for the sale
of said bonds. When SO called upon,, it
shall be the duty of the Board of Liquida-
ton, City Debt. to advertise said bonds for
sale in the official journal of the City of
New Orleans and in such other news
| of Liquidation, 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 adjudicated and sold. under seal
ed bids or proposals, to the highest bidder
who shall have complied with the terms
Liquidation. City. DEBT, in the advertise
ment for said bids; provided that no sale
of said bonds shall be made unless all of
! price obtained for the different maturities
shall at least equal par and accrued in
/ terest for the entire issue. The Board OF
Ligudation; Ia City Debt shall aids have the
! Section s. Be; it further. enacted, etc,
That when the said bo1dss sshalfhave been
adjudicated. as -hereinaftsr Set forth, it
shall be the duty of the Board Of Liqui-
dation, City Debt. to immediately cause
said bonds to be engraved and executed
in such denominations, and payable tn the
Of dr sain she as
City Debt, determine. asEttfe case snlay be.
I The Board of Liquidation, City, Debt,
shall have the right to prescribe beth, the
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 appertaining to the
bids and adjudication not otherwise pro-
vided for by this act. .-
That the Board of Liquidation, City Debt.
lshall deposit the proceeds of the sale OF
said bonds in such local bank or banks as
may become the successful bidder or bid
derS for said bonds in proportion to the
amount of their respective bids, upon fur
nishing security satisfactory to the Board
of Liquidation, City Debt. and at such
the advertisement calIinx1for bids In the
event that the saccessfM bidder Or bid
shall be some persen fl I'm Of corporation
other than local bank, then the proceeds
of the sale of the bonds awarded to said
successful bidder or bidders. shall be de; de,
at such rate of interest as the Board of
Liquidation. City Debt. may determine,
All payments made by the Board of Di-
rectors of the Public Schools for the Par
ish of Orleans shall be made in the form
of warrants or drafts on the Board of Ii
quidation. City Debt, setting forth the
able , and the T purpose m for which the pay
ment is made; and the Board of Liquida-
ton, City Debt. is hereby charged with
the duty of taking care that no irregular ire ar
made out of said funds
Section s. Be it further enacted. etc;
That the annual installment Of principal
amounting to fifty thousand dollars ESQ.,,
000) and the interest on said bonds shall
be payable out of the one-half OF the sur,
plus of the one per cent, debt tax levied
Article 317 of the Constitution of the
State of Louisiana, adopted in the year
1913, and dedicated for the use Of the
after providing for the principal and in
terest on the one hundred and seventy
four thousand, six hundred and sixty-two
dollars 17ssss School in prqepSa ssSas su saar1
thorized by Act No. of the General AS
sembly of the State of Louisiana. session
of 1906 and subsequently adopted as an
amendment to the Constitution OF this
State and the said one-half of the sur.
plus of the one per cent debt tax. subject
to the exceptions specified and herein
above 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 Liquidation, City Debt, is hereby di-
rected to employ said fund to the exten,
necessary to carry out the purpose of this
act; provided that nothing herein contain
ed shall otherwise change, affect or i'm
pair, the provisions of Article 317 of the
Constitution of this State.
| Section 6. Be it further enacted. etc
That the Board of Liquidation, City Debt
shall, on the first2day of January, 1916
and annually thereafter pay and redeem
Ififtythousand dollafs I$50.000). in princi.
pal sum Of said bonds. The plan anC
Schedule of redemption shall be determined
by the Board of Liquidation, City Debt
and announced by it in detail in the ad-
lvertisement calling for sealed bids.
Section Z. Be. it. further: enacted, etc.
That In order to 'ynip1bnse the Board Of
Directors of the Public Schools for the
Parish of Orleans for the deductions ant
payments which the Board of Liquidation
City Debt, is herein authorized to make
out of said one-haH of the surplus of thu
one per cent, debt tax. the City Of New