The Natchitoches enterprise., 1914-09-10

snafI De payEpIe IN forty tIpJ annuS
! installn1ents OF fifty thousand dollar:
! $3.50, 00D) each. payable on the first ia
of January in each of the years --l9l
to and including 1855, respectively, as
| hereinafter set forth.
Said bonds shall be made PAYABLE tr
! bearer. and shall he styled PUBIC
: School Bonds City of New Orleans ano
! Parish of Orleans"
Said bonds shall he of the demon
ination of one thousand dollars eat id
! except that at the option of any DID,
der, to be indicated in and as a part
of his bid, bonds of the denomination
| of five hundred dollars may be issued
! to such bidder If successful
The principal and interest of said
! bonds shall he payable in gold coin 0!
the United States equal to the present
! standard of weight and fineness' OF
| same may be expressed in pounds ster-
| ling or in franc and at such arbitrary
! rate Of exchange. as said Board OF l'lq-
| uidation. City, Debt. may determine.
| Said bonds shall be signed by inc
president and secretary. respectively,
of the Board of Directors ct the Pubic
| Schools for the Parish of Orleans. and
shall be countersigned by the presl-
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
lures of the secretary of the Board OF
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-
n q n rpEDpctiTe interest
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 the principal of said bonds
shall be payable only in the City of
New Orleans State of Louisiana.
Said bonds nay be registered and
rules and regulations as the Board of
Liquidation, City Debt may deter
mine: shall be exempt from taxa
ton, STATE, parish and municipal
shall be legal ihysstnent Tor the tu-
tors of minors and curators OF inter
diets; and shall be received as secur-
fly for public deposits of the State OF
Louisiana or any political subdivision
thereof.
see,ieH : Is i further enacted, etc,
That as soon az constitutional author1-
ty for the issuance of said bonds shall
have been obtained. the Board of Dlrec-
tors of the Public Schools for the Par
fish of Orleans shall. by resolution
ldoptsd by a majority of the members
thereon Ii feguIaf or speciai meeting
called for that purpose, sail upGn me
Board of Liquidation. City Debt TO ad~
vertise for the sale of said bonds When
so called upon. 1t shall be the duty of
the Board of Liquidation. City Debt
to advertise said bonds for sale In the
official journal of the City of New Or
leans and in such other newspapers IN
r6 n ia
dalton. City Debt. may determine
Sata advertisement shall appear in
eachNef said newspapers feF FhirtS i3ni
days Immediately preceding the GATE
fixed for the receipt of bids; and the
said bonds shall he adtudicated and
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 Liquidation. City
Debt, in the advertisement for said
bids: provided that no sale of said
bonds shall be 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-
The Board 81 Iiauidatlen, ely Debt
shall have the right TO reject any and
= section 3: be ii rurtner enacted. etc.
That when the said bonds shall have
been adjudicated, as hereinafter set
forth. it 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
sountrE or countries as the successful
bidder OF bidders may nave indicated
or the Board of Liquidation. City Debt.
determined. as the case may he,
The Board of Liquida ton. City Debt.
shall have the right to prescribe the
amount of the deposit that shall accom-
pany each bid the conditions under
81. .4za
time within which the bonds shall he
delivered after the adjudication and.
generally. all terms and conditions APP
pertaining to the bids and adjudica-
ton pot otherwise provided for by this
act.
Section l. Be IT further enacted,
etc. That the Board of LlGuidation
City Debt, shall deposit the proceeds
of the sale of said bonds in such local
bank or banks 8 may become the sue
cessful bidder or bidders for said bonds
in proportion to the amount of their
respective bids. upon furnishing secur-
ity satisfactory. to the Board of Liqui-
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 ali ef any part of the said
bonds snail be some person. r1rm or
corporation other than a local bank.
then the proceeds of the sale Of Cne
bonds awarded to said successfuT bid
der or bidders shall be deposited in
such local hank or banks and at such
rate of interest as the Board of Liqui-
dation, City Debt. may determine
All payments made by the Board of
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 purpose 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 or improper or
unlawful payments are made out of
said funds.
Section S. Be it further enacted,
etc. That the annual installment of
principal amounting to fifty thousand
dollars (s50,o06) ana the interest on
said bonds shall be payable out of the
one-half of the surplus OF the one per
cent. debt tax levied by the City of New
Orleans by virtue Of Article BIT or the
Constitution of the State of Louisiana.
adopted in the year 1913 and dedios-
ted for the use of the public schools
of the Parish Of Orleans. after provid.
ing for the principal and interest on
the one hundred and seventy-four thou
sand. six hundred and Sixty-two dol
lars (s174,662). in principal sum, Of
bonds known as School Teachers Sal
airy Bonds of. the City of New Orleans
authorized by Act No. of the General
Assembly of the State OF Louisiana
ed as an amendment to the Constitution
of this State; and the said one-haIf of
the surplus of the one per cent debt
tax, subject TO the exceptions speci-
forth, is hereby dedicated and pledged
TO the payment of the bonds hereby
authorized to he issued in principal ard
interest: and the Board OF Liquidation,