The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1914-10-03
Benda. City Of New Orleans ane Parish

Of Oh leans"
said bonds shall be of the demo, lination
of one thousand dollars each, exc pit that
at the option of any bidder, to &c iadi
Gated in ard as q part of his bic, bonds
o. the denomination of 1tve hund ed DOL
lars may be issued to such bidder II sue
CeSSfl !.
Inc principal and interest of SAIL bonds
shall be payable in gold coin Of the United
States equal TO the present standard OF
weight and fineneSS, same may be eX-
pressed in pounds sterling or in frame, 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, respectyely, OF the
for the Parish of Orleans. and shall be
Icountersigned by the president, or one Of
the vice presidents. and the secretary OF
the Board of Liquidation, city Debt.
The interest on said bonds shall be evil
denced by interest coupons attached there
10 bearing the fac -simile signatures OF
the secretary Of the Board OF Directors OF
the Public Schools for the Parish of Or
leans and the Secretary Of the Board of
Liquidation, City Debt, respectively, and
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 cities
as the Board of Liquidation, City Debt,
may determine upon surrender and cancel
lation of the said respective interest cou
pons; provided, however, that such cities
shall be designated by the Board of Liqul-
ulllOf,Clty Dent. ana announced III the dtl-
Ivertisement calling for competitive bids;
and provided, further. that the principal of
said bonds shall be payable only in the
City of New Orleans State of Louisiana
Said bonds may be registered and re-
leased from registry under such rules and
regulations as the Board of Liquidation,
City Debt may determine; shall be eX-
empt from taxation, State, parish and
the tutors of minors and curators OF in
terdicts: and shall be received as security
for public deposits OF the state Of louisl-
ana or any political SUBDIVISION thereof ato
| 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
ular or special meeting called for that
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
New Orleans and in such other news,
papers in financial centers as the Board
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
and conditions set out by the Board of
Liquidation, City. Debt, in the advertise
of said bonds shall be made unless all of
said issue be sold and unless the average
price obtained for the different maturitles
shall at least equal par and b Roerd n Of
Liquidation, City Debt, shall have the
right to reject any and all bids.
Section g. Be it further enacted, etc,
That when the said bonds shall have been
adjudicated as hereinafter set forth, II
shall be the duty of the Board OF Liqul-
dation, City Debt, to Immediately cause
in such denominations and payable in the
currency of such country or countries as
indicated or the Board of Liquidation.
City Debt, determine, as the case . may be
shall have the right to prescribe the
amount of the deposit that shall accom-
pany each bid. the conditions under when
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-
Section 4. Be it further enacted. etc,
That the Board of Liquidation, City Debt
shall deposit the proceeds OF the SAFE OF
said bonds in such local bank or banks as
fmay become the successful bidder or bid
ders for said bonds in proportion TO the
amount of their respective BIDS, upon 1ur,
nishing security satisfactory to the Boarc
of liquidation. City Debt, and at such
rate OF interest as the Board of Liquida-
ton, City Debt, may fix and announce l
the advertisement calling for bids IN h iae
lders for all or any part of the SAID ponds
shall be some person. firm or corporation
other than local bank: then the proceeds
of the sale of the bonds awarded to salo
successful bidder or bidders shall be De
posted in such local bank or banks ano
at such rate of interest as the Board OF
Liquidation, City Debt, may determine
All payments made by the Board OF Dl-
lrectors of the Public Schools for the Par
fish of Orleans shall be made in the TORN
quidation. City Debt, setting forth tn
amount thereof, the person to whom pay
able and the purpose for which the pay
ment il made; and the Board OF hiqu neiai
the duty of taking care that no irregular
!, or improper or unlawful payments arr
made out of said funds.
Section g. Be it further enacted, etc.
} That the annual installment OF principa
amounting to fifty thousand dollars (s5o,;
O0O) and the interest on Salu Donus sndi
by the City of New Orleans by virtue o
Article 317 of the Constitution. Of tn
| State of Louisiana, adopted in the yea e,
public schools of the Parish OF orleans
J after providing for the principal and IN
terest on the one hundred ana seventy
four thousand. six hundred and sixty-tw'
bonds known as School Teachers Salar!
, Bonds of the City of New Orleans, au
I thorized by Act No. of the General AS
, sembly of the State of Louisiana. session
+ of 1906 and subsequently adopted as al
, amendment to the Constitution OF TN
State; and the said one-half of the sur
plus of the one per cent dept TAX, suDyec
, to the exceptions specified and herein
/: above Immediately set FORTH Is herep
. dedicated and pledged to the payment 9
, the bonds hereby authorized to be ISSUED
! in principal and interest; and the Boar
= of liquidation, City Debt, is hereby dl
, rected to employ said fund to the exten
necessary to carry out the purpose OF thu
act: provided that nothing herein contain
ed shall otherwise change, affect or I'M
pair. the provisions of Article 81 OF IN
CONSTITUTION of this State.
Section G. Be it further enacted, etc
That the Board of Liquidation, City Dep,
shall on the first day OF January, i9l'
and annually thereafter pay ana redeei
fiftythousand dollars (s50,000), in primer
pal sum of said bonds The plan an
schedule of redemption shall be determine
by the Board of Liquidation, city Dep
:. and announced by it in detail IN the ao
yertisement calling for sealed bids.
e Section 7. Be it further enacted, etc
: That in order to reimburse the Board {
f Directors of the Public Schools for Tn
2 Parish of Orleans for the deductions an
. payments which the Board of Liquidatlol
q city Debt, is herein authorized to max
@ out of said one-h half of the surplus or IN
a one per cent, debt tax. the City OF Ne