Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1914-10-16
Act No. 262
House Bill No. s13. BY Mr. Generally
AN ACT

the Public Schools of the Parish of
Orleans to issue Two Million Dollars
o. oonds Tor the purpose Of acauir-
ing school sites. constructing school
buildings and their appurtenances in
the City Of New Orleans; to provide
the terms and conditions under which
saia ponds shall be issued and sold.
the principal and interest thereof: to
DEFINE the duties of the Board of
LIQUIDATION. City Debt. in connection
bonds. the payment of the principal
and interest thereon. and the retire
ment thereof: to prescribe the dutie
and obligations of the City Of New
| endorsement of tke Board of Direc-
tors of the Public Schools for the
| Parish of Orleans by certain annual
payments; and to define tire method
and manner in which the proceeds of
said bonds shall be employed and
disbursed.
Section 1. Be II enacted by the Gem
eral Assembly of the State of Louis
lana two-thirds Of all the members
elected to each house concurring That.
subject to ratification of the people of
| the state of Louisiana, by an amend
ment to the Constitution of the State.
| hereinafter submitted to them, the
Board of Directors of the Public Schools
| for the Parish Of Orleans, of the State
| OF Louisiana. is hereby authorized and
empowered to issue bonds not to ex-
L
in amount. to be dated January 1.
1915, bearing five per cent (5 per
| cent? per annum interest, payable
semi-annually. the principal of which
installments of fifty thousand dollars
ts5o.O0O) each. payable on the first day
or January In each of the years 1916
TO and including 1855. respectively. as
! hereinafter set forth.
Said bonds shall be made payable to
1 ho he fxlnd
school Bonds. City Of New Orleans and
Parish of Orleans."~
| Said bonds shall be Of the denom-
| nation OF one thousand dollars each.
| except that at the option of any bid
DER TO be indicated in and as part
of his bid. bonds of the denomination
or five hundred dollars may be issued
to such bidder II successful.
| The principal and interest Of said
| bonds shall he payable in gold coin OF
standard of weight and fineness. or
| same may be expressed in pounds ster-
ling or In franc. and at such arbitrary
rate or exchange, as said Board OF LiQ-
ufdation. City. Debt, may determine.
Said bonds shall be signed by the
president and secretary, respectively
OF the Board of Directors of the Public
Schools for the Parish of Orleans. and
shall be countersigned by the presi-
dent or one Of the vice presidents, and
ton. City Debt
The interest on said bonds shall be
evinced by interest coupons attached
thereto bearing the fac-simile sigma
lures OF the secretary Of the Board OF
Parish OF Orleans and the Secretary
| of the Board Of Liquidation. City Debt.
respectively. and shall be payable on
the first days Of July and January. re-
spectively. 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 cancella-
ton OF the said respective interest cou-
pons; provided. however, that such
cities shall be designated by the Board
OF Liquidation City Debt. and announc-
ed in the advertisement calling for
er. that II. V principal aai q '' said bond.
New Orleans. state of Louisiana
Said bonds may be registered and
released from registry under such
Liquidation. City Debt. m may '. deter
mine: shall be exempt from taxa
ton: State. parish and municipal.
shall be q legal investment for the tu-
diets: u and shall - be received a. sec1r-
ity for public deposits Of the State Of
Louisiana or any political subdivision
thereof.
Section 2. Be Il further enacted. etc.
a. ns as n o.S
have been obtained, the Board of Direc-
tors OF the Public Schools for the Par
ish Of Orleans shall. by resolution
by :.ss1 Sy Of ns
called for that purpose. call upon the
Board Of Liquidation. City Debt, to adj
vertise for the sale Of said bonds When
20 called upon. It shall be the duty Of
- NJ az nAf
to advertise said bonds for sale in the
official Journal Of the City of New Or
leans and In such other newspapers in
financial name ssntsrc z: the Board Of Li.ui-
s.id :dvers,.emsns shall y appear Gsssl%R 'in
each Of said newspapers for thirty (30)
days Immediately preceding the date
sne bonds shaft 3. tns
sold, under sealed bids or proposals. to
the highest bidder who shall have COM
piled with the terms and conditions set
out by the Board Of Liauidation. City
bids; provided that no sale Of said
bonds shall be made unless all Of slid
issue be sold and unless the average
Price I, s obtained for the different matur-
crued interest for the entire issue.
The Board of Liquidation. City Debt.
shall have the right to reject any and
all bids.
Section 3. Be it further enacted. etc.
been adjudicated. ~ hereinafter set
forth. II shall be the duty Of the Board
Of Liquidation. City Debt. to immedi-
ately cause said bonds to be engraved
and executed in such denominations
and payable In the currency of such
country or countries as the successful
bidder or. bidders may have indicated
or the Board Of Liquidation. City Debt.
determined. AZ the case may be.
The Board Of Liquidation. City Debt.
shall have the right 70 prescribe the
rany 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 APP
pertaining to the bids and adjudica-
tion not otherwise provided for By this
act.
Section T. Be It further enacted.
etc. That the Board of I.iuuidatiou.
City Debt. shall deposit the proceeds
bank or hanks as NAV become the sue
cessful bidder or bidders for said bonds
in promotion to the amount of their
respective bids. upon furnishing secur-
ity satisfactory. to the Board Of Liqui-
interest as the Board Of Liquidation.
City Debt. may fix and announce in the
advertisement calling for bids. In the
event that the successful bidder or bid
ders for all or any part OF the said
then the proceeds Of the sale of me
bonds awarded to said successr1Y hid
der or bidders shall be deposited in
such local hank or banks and at such
rate Of interest a. the Board Of Liqui-
dation. City Debt. may determine
All payments made by the Board of
Directors Of the Public Schools for the