The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1914-10-24

or ons thousand collars each, exc ;pt that
at the option of any bidder, to De indi-
Gated in and as part Of his biz bonds
Of tho denomination Of five hund ed dol
lars may be issued TO such bidder IL sue
cessftl i.
The principal and interest Of said bonds
shall be payable in gold coin OF the United
States equal to the present standard OF
pressed in pounds sterling or in franc. and
at such arbitrary rate OF exchange as
said Board Of Liquidation. City Debt may
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 shau be
countersigned 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
to bearing the fac simile signatures OF
the secretary of the Board OF Directors OF
the Public Schools for the Parish OF Or
liquidation. City Debt. respectively, and
shall be payable on the first days of July
and January, respectively, IN eacn year,
said interest shall be payable IN the Sity
of New Orleans and in such other cities
as the Board of Liquidation. City Debt,
may determine upon surrender and cancer
lation of the said respective interest cou-
shall be designated by the Board Of Liqui-
dation, City Debt, and announced in the adj
vertisement calling for competitive bios:
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 ana
regulations as the Board of Liquidation,
City Debt, may determine; shall be ex,
empt from taxation. State, parish and
municipal. shall be legal investment for
the tutors OF minors and curators OF in
for public deposits OF the State of LOUISE
ana or any political subdivision thereof.
Section 2 Be il further enacted. etc.
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
majority Of the members thereof in reg
ular or special meeting called for that
purpose, call upon the Board OF Liquida-
ton, City Debt, to advertise for the sale
shall be the duty Of the Board of Lfquida-
ton. City Debt, to advertise said bonds for
sale in the official journal of the City Of
New Orleans and IN such other news news
of Liquidation. City Debt may determine.
Said advertisement shall appear In each
| Of said newspapers for thirty (SOl DAYS
the receipt OF bids: and the said bonds
shall be adjudicated and sold, under seal
ed bids or proposals. to the highest bidder
and conditions set out by the Board OF
Liquidation, City Debt, in the advertise
ment for said bids. provided that no sale
said dis issue be sold and unless the average
price obtained for the different naturittes
shall at least equal par and accrued In
Liquidation, City Debt, shall have the
fright to reject any and all bids.
| Section 3. Be ii further enacted, ETC.,
That when the said bonds shall have beer
adjudicated. as hereinafter set forth, II
shall be the duty of the Board OF Liqui-
dation, City Debt, to Immediately cause
said bonds to be engraved and executed
in such denominations and payable in tht
currency of such country or countries a.
Indicated or the Board of Liquidation
City Debt. determine, as the case may be
shall have the right to prescribe thu
amount OF the deposit that shall accom-
lpany each bid. the conditions under which
within which the bonds shall be Delivers
after the adjudication. and. generally. al
terms and conditions appertaining to tn
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 sale
. may become the successful bidder or bid
ders for said bonds in proportion to tn
! amount OF their respective bids. upon FUR
Of S LIQUIDATION. City Debt. and at sue
, rate OF interest as the Board of Liquida
ltion. City Debt, may fix and announce 4
the advertisement calling for bids In IN
, ders for ali or any part OF the said bond
, shall be some person, firm or corporatio
, , other than a local bank, then the proceed
of the sale of the bonds awarded to sal
: successful bidder or bidders shall be de
: lposited in such local bank or banks an
at such rate of interest as the Board
Liquidation, City Debt. may determine.
Ali payments made by the Board Of Di
rectors OF the Public Schools for the Par
ish Of Orleans shall be made in the forI
4 quotation, City Debt. setting forth tn
: amount thereof the person to whom pay
7 able and the purpose for which the pay
: ment is made; and the Board of Liquida
9 ton, City Debt, is hereby charged wit
: the duty of taking care that no irregula
e or improper or unlawful payments ar
i made out OF said funds.
e Section 5. Be il further enacted. etc
o That the annual installment OF princip;
: amounting to fifty thousand dollars 600
;. OO0) and the interest on said bonds sha
pius Of the one per cent. debt tax ievie
:. Article az Of the CONSTITUTION OF ii
s Of a fopp the use he Of
(, public schools Of the Parish Of Oriean
e after providing for the principal and II
: terest on the one hundred and . feveI,s
d bonds known as school teachers salal
K Bonds of the City Of New Orleans, az
e sembly Of the State Of louisiana sessic
II of 1906, and subsequently adopted as .
n amendment to the Constitution OF IN
. State; and the said one-half OF the su
!, plus of the one per cent debt tax. sub5e
n to the exceptions specified and hereil
!: above Immediately set forth. Is heret
) dedicated and pledged to the payment
,e THE bonds hereby authorized to be issue
n in principal and interest; and the Bcal
,e of Liquidation. City Debt. is hereby d
" lrected to employ said fund to the extel
= necessary to carry out the purpose OF tn
act; provided that nothing herein contain
. led shall otherwise change. affect or IN
" pair, the provisions Of Article 311 OF q
a CONSTITUTION OF this State
Section s. Be 1t further enacted, ct
That the Board Of Liquidation, City Del
, shall, on the first day of January. 19l
O. and annually thereafter pay and redee
q lfiftythousand dollars ESQ, 000). In prime
pal sum OF said bonds. The plan al
schedule of redemption shall be determin
by the Board Of Liquidation, City Del
y. and announced by ii in detail in the a
vertisement calling for sealed bids.
,el Section z. Be it further enacted. ct
r That in order to reimburse the Board