St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1914-08-22
CONSTITUTIONAL
AMENDMENTS

AMENDMENTS
Continued from page ~ .
Board of Liquidation, City Debt, in
the advertisement for said bids; pro-
vided that no sale of said bonds shall
be made unless all of said issue be
sold and unless the average price OBJ
e tanned for the different maturities
shall at least equal par and accrued
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., That when the said bonds shall
have been adjudicated, as hereinaf-
ter set forth, it shall be the duty of
the Board of Liquidation, City Debt,
to Immediately cause said bonds to
be engraved and executed in such
denominations and payable in the cur
rency of such country or countries as
have indicated or the Board of Liqui-
dalton, City Debt, as the case may be.
The Board of Liquidation, City
Debt, shall have the right to pre-
scribe the amount of the deposit that
shall accompany each bid, the con-
ditions under which same shall be-
come forfeited, the time within which
the bonds shall be delivered after the
adjudication, and, generally, all
terms and conditions appertaining to
the bids and adjudication not other
wise provided for by this act.
Section 4. Be it further enacted,
ETC., That the Board of Liquidation,
City Debt, shall deposit the proceeds
of the sale of said bonds in such local
bank or banks as may become the
successful bidder or bidders for said
bonds in proportion to the amount
of their respective bids, upon furnish
ing security satisfactory to the Board
of Liquidation, City Debt, and at such
rate of interest as the Board of Lii
quotation, City Debt, may fix and an
nounce in the advertisement calling
for bids. In the event that the sue
cessful bidder or bidders for all or
any part of the said bonds shall be
some person, firm or corporation 9TH
er than local bank, then the pro-
ceeds of the sale of the bonds award
ed to said successful bidder or bid
ders shall be deposited in such local
bank or banks and at such rate of
interest as the Board of Liquidation,
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 pur-
pose 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 5. Be it further enacted,
ETC., That the annual installment of
principal amounting to fifty thousand
dollar ($5O,O0O) and 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
BIZ of the Constitution of the State
of Louisiana, adopted in the year
1913, and dedicated for the use of
the public schools of the parish of
Orleans, after providing for the prin-
cipal and interest on the one hundred
and seventy-four thousand, six hum
dred and sixty-two dollars ($174,-
662.O0), in principal sum, of bonds
known as School Teachers Salary |
Bonds of the City of New Orleans,
by Act No. 2 of the Cen |
oral Assembly of the State of Louisi- |
ana, session of 1906, and subsequent
" adopted as an amendment to the
of this State; and the
said 0ne-half of the surplus of the
me per cent debt tax, subject to the
specified herein. above Inn
set forth, is hereby dedi-
;ated and pledged to the payment of
he bonds hereby authorized to be is
ued, in principal and interest; and
he Board of Liquidation, City Debt,
$ hereby directed to employ said
und to the extent necessary to carry
ut the purpose of this act; provid-
d that nothing herein contained
hall otherwise change, affect or Inn
air. the provisions of Article BIT of
he Constitution of this State. ii
Section s. Be it further enacted,
&C.. That the Board of Liquidation, /!
ity Debt, shall, ON the first day of Il
anuary. 1916, and annually there K
tier pay and redeem fifty thousand
ollars ($5O,OO0) in principal sum
said bonds. The plan and sched-
e of redemption shall be determine,
by the Board of Liquidation, City i
ebt, and announced by it in; the +
calling for sealed bids:d
Section z. Be 1t further enaGte1, h;
c., That in order to reimburse che l{
bard of Directors of the Puhhsil.:
hools for the parish OF OrieansoforsA:
e deductions and payments wh3ch4
e Board of Liquidation, City Debt; 4
hereby authorized to make out-o&E
i'd one-half of the surplus of thed:
e per cent, debt tax, the city OF +,
w Orleans, shall. and it is hereby Z
ade its duty to pay over to the q
ard of Liquidation, City Debt, be- b
ming on or before the first Cay of Z
ly, 1915, and annually ther eater a
to and including the year 1894, e
? sum of one hundred Thousand dol f
s ($1OO,OOO) in cash, and begin
lg on or before the first day of 9
ly, 1885. and annually thereafter 3
to and including the year 1854, &
} sum of fifty thousand dollars b
O,OOO in cash, and such further y