St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1914-09-26
CONSTITUTIONAL
AMENDMENTS
CONTINUED from page ~

Board of Liquidation, City Debt, in
the advertisement for said bids; pro-
yided that no sale of said bonds shall
be made unless all of said issue be
sold and unless the average price OBJ
tanned for the different maturities
shall at least equal par and accrued
interest for the entire issue. The
Board of Liquidation, City Debt, shall
have the right to reject any and all
bids.
Section 8. Be it further enacted,
etc., That when the said bonds shall
have been adjudicated, as hereinaf-
ter set forth, it shall be the duty OF
the Board of Liquidation, City Debt,
ia Immediately cause said bonds to
he en-raved and executed in such
denominatiors and payable In the cur
rency of such coL.rtry or countries as
the successful bidder or bidders may
have indicated or the Board OF .'aui-
dation, City Debt, as the case may be.
The Board of Liquidation, City
Debt, shall have the right to pre-
scribe the amount of the deposit that
shall accompany each bid, the con-
ditions under which same shall pc
come forfeited, the time within wnlch
the bonds shall be delivered after the
adjudication, and, generally, all
terms and conditions appertaining to
the bids and adjudication not other
wise provided for by this act.
SECTION 4. Be it further enacted,
etc. That the Board of Liquidation,
City Debt, shall deposit the proceeds
of the sale Of said bonds in such local
hank or banks as may become the
successful bidder or bidders for said
bonds in proportion to the amount
of their respective bids, upon FURNISH
ing security satisfactory to the boaru
Of Liquidation, City Debt, and at such
rate of interest as the Board OF h1-
ouidation, City Debt, may fix and an
nounce in the advertisement calling
for bids. In the event that the sue
cessful bidder or bidders for all OF
any part of the said bonds shall De
some person, firm or corporation OH
er than local bank, then the pro
ceeds of the sale of the bonds award
ed to said successful bidder or DID,
ders shall be deposited in such local
bank or banks and at such rate OF
interest as the Board of Liquidation,
city Debt. may determine.
All payments made by the Board
NJ 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 payable and the pur-
pose 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 OF
improper or unlawful payments are
made out of said funds.
Section s. Be It further enacted,
etc, That the annual tnstallment OF
principal amounting to fifty thousand
dollar ($50,00O) and the interest on
said bonds shall be payable out OF
the one-ha1f OF the surplus OF the one
per cent. debt tax, levied by the City
of New Orleans by virtue OF Article
317 OF the Constitution of the State
of Louisiana, adopted In the year
1913. and dedicated for the use OF
the public schools Of the parish OF
Orleans, after providing for the prin-
cipal and interest on the one hundred
and seventy-four thousand, six hum
dred and sixty-two dollars {$174-
$4,000, in principal sum, of bonds
known as school Teachers Salary
Bonds OF the City Of New Orleans,
authorized by Act No. 2 Of the Cen
oral Assembly o1 the State of Louist-
Is