The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1914-09-12
ACT NO. 2sa,
House Bill No. G13-By Mr. Generally
AN ACT

PUBIC ScnOOIS VI TIC L dllol VI vi
leans to issue Two Million Dollars of
bonds for the purpose of acquiring
school sites, constructing school build
ings and their appurtenances in the
City 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 de-
fine the duties of the Board of Liqui-
dation, City Debt, in connection with
the issuance and sale of said bonds
the payment of the principal and in
terest thereon, and the retirement
thereof; to prescribe the duties and
obligations of the City of New Orleans
| in connection with the reimbursement
of the Board of Directors of the Pub
lie Schools for the Parish of Orleans
by certain annual payments; and to
define the method and manner in which
the proceeds of said bonds shall be
employed and disbursed.
Section l. Be it enacted by the General
Assembly of the State of Louisiana, two
thirds of all the members elected to each
House concurring That, subject to the
ratification of the people Of the State Of
Louisiana, by an amendment to the Con-
stituton of the State, hereinafter sub
Imitted to them, the Board of Directors of
the Public Schools for the Parish of Or
leans, of the State of Louisiana, is hereby
authorized and empowered 10 issue bonds
mot to exceed two million dollars (S2,000,-
10000 in amount, to be dated January l,
G,tn MT
annum interest, payable semi annually
the principal of which shall be payable in
forty (40) annual instalments of fifty
thousand dollars ($5000O) each, payable
on the first day of January in each of the
years 1916 to and including 1859 respec-
lively, as hereinafter set forth.
Said bonds shall be made payable to
bearer, and shall be styled Public School
Bonds, City of New Orleans and Parish
of Orleans"
Said bonds shall be of the denomination
lof one thousand dollars each, except that
at the option of any bidder, to be indi-
Gated in and as a part of his bid, bonds
of the denomination of five hundred dol
lars may be issued to such bidder if sue
ceSsful.
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, or same may be eX-
, pressed in pounds sterling or in franc, and
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 presidents, and the secretary Of
the Board of Liquidation, City Dent.
: The interest on said bonds shall be evi
S denced by interest coupons attached there
8 to bearing the fac-simile signatures O.
the secretary of the Board of Directors O.
5 the Public Schools for the Parish of Or
leans and the Secretary of the Board o
{ Liquidation, City Debt, respectively, an(
{ shall be payable on the first days of Jul!
s and January, respectively, in each year
s said interest shall be payable in the Cit!
6 of New Orleans and in such other citie
F as the Board of Liquidation, City Debt
: may determine, upon surrender and can
{ collation. of the said respective interes
s coupons; provided, however, that sucl
. cities shall be designated by the Board o
Liquidation, City Debt, and announced il
! the advertisement calling for competitiv
bids; and provided, further, that the prin
: cipal of said bonds shall be payable onl
: in the City of New Orleans, State o
8 louisiana
: Said bonds may be registered and re
: leased from registry under such rules an
:, regulations as the Board of Liquidation
). City Debt may determine; shall be eX
Z empt from taxation, State, parish an
& municipal shall be legal investment 70
) the tutors of minors and curators of in
3 terdcts; and shall be received as securit
3 for public deposits of the State of Louis
I lana or any political subdivision thereof
3 Section 2. Be it further enacted, etc
!. That as soon as constitutional authorit
4 for the issuance of said bonds shall hay
3 been obtained, the Board of Directors c
= the Public Schools for the Parish Of Or
y leans SHALL by resolution adopted by
, majority of the members thereof in reg
A | uidl VI opGSiCi liCSIlHS CetliCd 1Oi lid
Q purpose. call upon the Board of Liquida
D ton, City Debt to advertise for the sal
y of said bonds. When so called upon,
q shall be the duty of the Board of Liquida
!. ton, City Debt, to advertise said bonds fc
? sale in the official journal of the City {
Q New Orleans and in such other news
: papers in financial centers as the Boar
, of Liquidation, City Debt, may determine
q Said advertisement shall appear in eac
:. of said newspapers for thirty (30) day
? Immediately preceding the date fixed fc
e the receipt of bids; and the said bono
). shall be adjudicated and sold, under sea
? ed bids or proposals, to the highest bidds
e who shall have complied with the tern
b and conditions set out by the Board
? Liquidation City Debt, in the advertise
Q ment for said bids: provided that no sa
3 of said bonds shall be made unless all
p said issue be sold and unless the averae
. price obtained for the different maturitit
) shall at least equal par and accrued il
. terest for the entire issue. The Board
q Liquidation, City Debt, shall have tt
right to reject any and all bids.
Section 3. Be it further enacted, etc
~ That when the said bonds shall have bee
! adjudicated, as hereinafter set forth,
shall be the duty of the Board of Liqu
dalton, City Debt to immediately caus