Lower coast gazette., 1914-10-10

or the Board OF Liquidation. City 81
Debt, determined, as the case may be. q
The Board of Liquidation, City Debt, 80
shall have the right to prescribe the f0F
mount Of the deposit that shall accom-
pany each bid, the conditions under which LII
shall become forfeited, the time he
within which the bonds shall be delivered AFT
after the adjudication, and, generally, all NJ
terms and conditions appertaining to the nj
bids and adjudication not otherwise pro- iN
vided for by this act. 10
Section 4. Be it further enacted, etc,
That the Board of Liquidation, City Debt. s.
shall deposit the proceeds of the sale OF al
said bonds in such local bank or banks m
as may become the successful bidder tC
or bidders for said bonds in proportion {
to the amount of their respective bids, al
upon furnishing security satisfactory to a,
the Board of Liquidation, City Debt. and Ell
at such rate of interest as the Board Of 81
Liquidation, City Debt, may fix and an 81
nouncc in the advertisement calling for i:
bids, In the event that the successful, a
bidder or bidders for all or any part of 5
| the said bonds shall be some person, firm s
or corporation other than a local bank, t
then the proceeds of the sale of the bonds |
awarded to said successful bidder or
bidders shall be deposited in such local ]
bank or banks at such rate of interest 5
as the Board of Liquidation, 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
payment 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 pay
a ments are made out of said funds.
= Section 5. Be it further enacted, etc,
e That the annual installment of principal
amounting to fifty thousand dollars $780,
UOO) and the interest on said bonds shall
be payable out of the one-half of the
surplus of the one per cent, debt tax,
levied by the City of New Orleans by
~ virtue of Article 81 of the Constitu-
ton of the State of Louisiana, adopted
in the year 1913, and dedicated for the
use of the public schools OF the Parish
d. OF Orleans, after providing for the prln-
clpal and interest on the one hundred
and seventy-tour thousand, six hundred
and sixty-two dollars ($l74,GG2). in prin-
Slpdl SuIl, VI Ouu huO"A dS kSSuOOl
teachers Salary Bonds of the City of
y Of the General Assembly OF the State OF
Louisiana, session of 1906, and subse.
he quently adopted as an amendment to the
IT, Constitution OF this STATE; and the SAID
o. one-nalt Of the surplus of the one pei
NJ cent debt tax, subject to the exceptions
Ia. SPECIFIED and nerelnaDOve Immediately SCI
Inrth 10 hnrony dptIrotaI and nin1uo.
ms to the payment OF the bonds hereby au
IDS thorlzed to be issued, in principal ant
en- interest; and the Board OF Liquidation
City Debt, is hereby directed to en.pIo.
an SAID fund to the extent necessary to carr
INV out the purpose Of this act provided tina
nothing herein contained shall OlherWls
change affect or impair, the provisions {
.nn Article 81 OF the Constitution OF tn
State.
INV Section 6. Be it further enacted, etc
1ne That the Board of Liquidation, City Deb
roc Shall, on the hrst day OF January, l9ll
and annually thereafter pay and redee
Ms nifty thousand dollars ($oU,UUU), in prI
clpal sum Of SAID bonds. The plan al
,nds schedule OF redemption Shall be dete
mined by the Board Of Liquidation, Cl
ION. Debt, and announced by 1t IN detail
the advertisement calling for sealed bic
i tn Section Z. Be it turIner enacted, ct
r IN That in order to reimburse the Board
Directors of the Public Schools tor t
tne Parish Of Orleans for the deductions a
ttar payments which the Board OF LiQulC
,ra.. ZION, City Debt, is herein authorized
,uSu make out of said one-half OF the 81
. * plus of the one per cent. debt tax,
,ssn. City Of New Orleans, shall, and it
liars hereby made its duty TO pay over to
rao Board OF Liquidation, City Debt, beg
COM nlng on or before the first day of Jr
SOM. 1919, and annually thereafter up to 6
~ No including the year 1854, the sum of
staU. nunured thousand dollars ($1UO,OOO)
~", cash, and beginning on or before the +
~ - day of July, 1850, and annually tn,
ana after up to and including the year Il
the sum OF fifty thousand dollars ($
UUO) in cash, and such further sum
,le to may be necessary in each year to
the interest on the bonds herein aut
,omsn lzed and then outstanding. 10 enable
~ City OF New Orleans to make such
nina nual payments, the said city is author
,xnon, to issue and to sell SO mucn OF the pu
~ m improvement certificates authorized t.
$ bid, M suaM,h my 20 +ho Sto, 9 = !; wv
hun "p. ~ ,"e )" VI
existing thereto, or that may be here's
bonds ln aun' as m aNo oe Necessary ess. l rbaI Sa Az
United po'.' CIV suen NJ. m 49, on"h "
ard OF w - ~! wv L:.a a9: .
be eX- propU ss,ah aonda,
franc, 49, a;.m a. Nv nr,oons mou nnosl
:hange, ny M ~ W ~ Nou ns,o",s a sbox 1e ~
DEBT, t hn ~ roiaot env snd ai has fou
presi- c er heao p,osiut n sI"sl =, ' o"ns
OF the !ns ne1ein .on. u snai w .o"s
~ ~ anS nannei, go tne ~
ons annual payments herein designated {;
orotarv IN the event that the City OF New Or
nohf should fail to make any payment
n,,I no same shall become due, it shall b.
.taahod duty of the Board of Liquidation,
natnros Debt, to compel, by mandanus or
,roctorS appropriate remedy, the City Of Me-
r,Sh 81 leans to pay over to it the amount
Roar due. When, and as soon as the
,c1ivelv of Liquidation, City Debt, shall ha
davs =; ceived from the City Of New Orlean
IN zach such annual payment, the money
ohio IN ceived shall be forthwith paid ov
IN snch the Board of Liquidation. City DE
';dot;nn the Board Of Directors of the
s"rron' Schools for the Parish Of Orleans.
rasnoo Section 8. Be it further enacted
,oN,avor That the proceeds of the sale Of tW
by the .lon W uo; ;s.Sod ~ sh",I luI ho nSnandod
Ii;na for for the following purposes, to-wit
further, r;t tof 80 NJ M a.4 Hr1onun a;+hor h 49, M,
shall be 10y W .sew 1, t;am S,rooo n ~ ~ ~
lew Or VI NY Ab p ~ nomo ~ ,ha Gitv =
.nd ~, Orleans, of such sites as may be
ules and say W. ~ sohooI houses and tn,
uidation, iaigemene ~ ~ Df f"r tho ostahl;shm
be ex- pullenanues "a ~ etod;o c""nnctnd
rish and playsiv1nus ~ Sa s.stom &c ~.
vestment tae puoA oanS. oSd f nr Tho no
curat0rs y. WV olLeans, ~ ,no;ntono