The Caldwell watchman. (Columbia, La.) 1885-1946, 1914-09-25

! install ment aus IN forty t40) annual
1850, 0OO( 80 OF fifty thorsand dollars
OF January in each of I'll the ."e es lrs 1 az
hereinafter set forth h. Respectfully do
sa.r bonds Shall BIZ mads navabie to
S SehOn, and and Shall be styled public
S norish n os City Of New Orleans and
s s,n ponds shall he Of the denom-
Ii." aant ,I vi one thousand dollars each,
eNeet. Ilat at the ontion Of any bid
u e bis ne Ne Indicated in and as a part
~ five ~ ponds of the denomination
"a .rch hundred dollars NAV be issued
" ~" bidder II successful
,.n nMs principal and interest Of said
w. Irn I.a,i be payable in gold coin of
.tordarS states equal to the present
noo w., OF weight and fineness. or
s.nn or ICY De expressed in pounds ster-
nus ~ III franc, and at such arbitrary
a1otian eAehahge. as said Board Of Liq-
uie SaiS City, Debt, may determine.
ns,d uohos Shall be signed by the
pse tns d. ana secretary, respectively,
O. 'eard or Directors of the Public
ocnuo,s ior the Parish Of Orleans. and
ueh'. VI one of the vice presidents, and
ton, City Debt,
ino interest on said bonds shall be
eFinosu py interest coupons attached
theleto bearing the fac-simile sigma
lures VI the secretary of the Board of
directors of the Public Schools for the
PARISH or Orleans and the Secretary
o. .iIe board of LiuuiAation. City Debt,
respectively. and shall be payable on
t1H tirs1 days of July and January. re-
sper,ively, in each year; said interest
| shall De payable In the City of New
Orleans and in such other cities as the
| Board or Liquidation. City Debt, may
netefHine upon surrender and cancella-
non VI the said respective interest cou-
pons, provided, however. that such
| cues snail be designated by the Board
or .lauidation CITY Debt. and announc-
ed IN the advertisement calling for
competitive bids; and provided. furth-
er. mat the principal of said bonds
shall be payable only in the City of
New orleans, State Of Louisiana.
SAID bonds may he registered and
rules and regulations az the Board of
Liquidation. City Debt. may deter
mine. shall be exempt from taxa
tionl. State, parish and municipal,
shall be legal investment for the tu-
! tors OF minors and curators Of inter
diets, and shall be received as secur-
| ito for public deposits of the State OF
Louisiana or any political subdivision
thereof
Section 2 Be 1t further enacted. etc
| That as soon as constitutional authori-
ty for the issuance of said bonds shall
| have been obtained. the Board of Direc-
tors of the Public Schools for the Par.
ish of Orleans shall, by resolution
adopted by a majority Of the members
| thereof In regular or special meeting
! called for that purpose, call upon the
Board Of Humiliation. CITY Debt, to adj
Vert1Se 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 ir
financial centers as the Board Of Lioui'
Said advertisement shall appear ir
each Of said newspapers for thirty t3o)
days Immediately preceding the date
fixed for the recent Of bids: and the
said bonds shall be adjudicated and
sold. under sealed bids or proposals, t
the highest bidder who shall have com
piled with the terms and conditions gel
out by the Board Of Liquidation, Cit,
Debt, in the advertisement for sait
bids: provided that no sale Of sale
bonds shall he made unless all Of sale
Issue be sold and unless the average
price obtained for the different matur
tiles shall at least equal par and &C
crued interest for the entire issue
The BOARD Of Liquidation. City Debt
shall have the right to reject any an,
1 Isesfon 3. Be it further enacted. etc
i ZSAAwhen the said bonds shalt hav
lf5ttkf shall be the duty Of the Boar
Of Emulation. City Debt, to immedi
atelyEause said bonds to be engrave
and e1ecuted in such denomination
and rAyable in the currency Of sue
biddersnr bidders may have Indicate
or theI3oard of Liquidation. City Debt
determined as the case may he.
The Board Of Liquidation. City Debt
shall have the right to prescribe tn
amount of the deposit that shall accom-
rany zach bid, the conditions unde
which same shall become forfeited tn
time within which the bonds shall b
delivered after the adjudication. and
generally all terms and conditions ar
pertaining to the bids and ad1udica
ton not otherwise provided for by thi
act.
Section 4. Be 1t further enacted
etc. That the Board Of Liquidation
City Debt. shall deposit the proceed
Of the sale of said bonds in such loca
bank or banks as may become the sue
cessful bidder or bidders for said bond
In. proportion to the amount Of thei
respective bids, upon furnishing secul
ity satisfactory to the Board Of Liqu
dation City Debt. and at such rate Q
interest as the Board Of Liauidatio,
City Debt, may fix and announce in tn
advertisement calling for bids. In tn
event that the successful bidder or bic
ders. for all or any part Of the sal
bonds shall be some person, firm q
corporation other than a local banl
then the proceeds of the sale Of en-
bonds awarded to said successful bic
such local bank or banks and at sue
rate Of interest as the Board Of Liqu
dation City Debt may determine.
All payments made by the Board {
Directors Of the Public Schools for til
Parish of Orleans shall be made in til
forga OF warrants or drafts on tn
Board Of Liquidation. City Debt, settin
forth the amount thereof. the perso
to whom PAYABLE and the purpose fl
which the payment Is made: and tt
Board of Liquidation. City Debt.
hereby charged with the duty Of takin
care that no irregula- or improper
unlawful payments are made out .
said funds.
Section s.. Be It further enacte
principal amounting to fifty thousar
dollars ts50,000) and the interest {
said bonds shall be payable out Of Il
one-half Of the surplus of the one d.
cent. debt tax levied by the CITY of Ne