Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1914-09-18
Act No. 262
House Bill No. sl3. By Mr.. Generelly.



Authorizing the Board of Directors Of
the Public Schools Of the Parish of
| Orleans to issue Two Million Dollars
or bonds for the purpose Of acuuir-
ing school sites. constructing school
buildings and their appurtenances in
the City OF New Orleans: to provide
the terms and conditions under which
said bonds shall be issued and sold,
the principal and interest thereof; to
define the duties of the Board of
| Liquidation. City Debt. in connection
with the issuance and sale Of said
bonds. the payment Of the principal
and interest thereon. and the retire
ment thereof: to prescribe the duties
and obligations of the City of New
| Orleans in connection with the re-
tors of the Public 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 1. Be II enacted by the Cen
| 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
for the Parish of Orleans. of the State
| OF Louisiana. Is hereby authorized and
empowered to issue bonds not to ex-
| coed two million dollars (s2 .000. 00O)
1915. bearing five per cent ,5 per
cent? per annum interest. payable
semi-annually. the principal OF which
shall be payable in forty t4o) annual
installments of fifty thousand dollars
tSbo.oOO) each. payable on the first day
or January in each Of the years 1915
| TO and including 1855, respectively, 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 demon
nation OF one Thousand dollars each.
| except that at the option of any bid
| der, to be indicated In and as a part
| or 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 be payable in gold coin or
the United States equal to the present
standard of weight and fineness. or
same may be expressed in pounds ster-
ing or In franc. and at such arbitrary
| rate of exchange. as said Board of Liq-
uidation. City. Debt, may determine
Said bonds shall be signed by the
president and secretary. respectively.
Schools for the Parish of Orleans. and
shall be countersigned by the presi-
dent. or one Of the vice presidents, and
the secretary Of the Board Of Liquida-
| 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 or
| Directors OF the Public Schools for the
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-
p pTns provided hOwsver that hat p ssr r6
of Liquidation. City Debt. and announc-
ed in the advertisement calling for
competitive bids; and provided. furth-
err that the principal Of said bonds
! New Orleans. State Of Louisiana
Said bonds may be registered and
released from registry under such
rules and regulations as the Board of
Liquidation. City Debt. may deter
ton. state. parish and municipal.
shall be a legal investment for the tu-
tors of minors and curators OF inter-
diets: and shall be received as secur-
ity for public deposits Of the State OF
Il
1 thereof.
| Section 2. Be II further enacted. etc,
| That as soon as constitutional euthori-
| ty for the issuance of said bonds shall
tors of the Public Schools for the Par
| fsh OF Orleans shall. by resolution
| adopted by a majority Of the members
| thereof in regular or special meeting
Board Of LIQUIDATION. CITY Debt. to ad-
vertise for the sale of said bonds When
80 called upon. II shall be the duty OF
the Board OF Liquidation. City Debt.
official journal of the City of New Or
| leans and in such other newspapers In
financial centers as the Board Of Liuui-
dalton. City Debt. may determine.
each of said newspapers for thirty (3O)
| days Immediately preceding the date
fixed for the recent of bids: and the
said bonds shall be adjudicated and
the highest bidder who shall have COM
piled with the terms and conditions set
| out by the Board of Liquidation Citv
Debt, in the advertisement for said
bids: provided that no sale Of said
bonds shall he made unless all Of said
Issue be sold and unless the average
price obtained for the different matur-
| tiles shall at least equal par and ac-
crued interest for the entire issue.
shall have the right to reject any and
all bids.
Section 3. Be It further enacted etc.
| That when the said bonds shall have
1 heen adjudicated. as hereinafter set
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
bidder or bidders may have Indicated
or the Board of Liquidation. City Debt.
determined. as the case may he
The Board Of Liquidation. CITY Debt.
shall have the. right TO prescribe the
amohnt Of the deposit that shall accom-
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 ap-
pertaining to the bids and adiudica-
tion not otherwise provided for by this
act.
Section 4. Be It further enacted,
etc. That the Board of Lipuidation
City Debt. shall deposit the proceeds
| of the sale OF said bonds in such local
bank or banks 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 Liuui-
dalton. City Debt and at such rate of
| 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
bonds shall be some person. rirm or
corporation other than local bank.
then the proceeds OF the sale OF me
bonds awarded to said successfuy bid
der or bidders shall be deposited in
| such local hank or banks and at such
rate OF interest as the Board Of Liaui-
dation. City Debt. may determine.
All payments made by the Board Of
Directors of the Public Schools for the