The Donaldsonville chief. [volume] (Donaldsonville, La.) 1871-current, 1914-10-10

f!-St3iin6nIS or lilly LI4OoSehihNt
(s5o o0o) each, payable on the flrst o 20 :
or January in each of the years az
to ami including 1865. respectively oS
hereinafter set forth.
Said bonds shall be made pagaple ~
bearer. and shall be styled Foolld
School Bonds. City of New orleans SAo
Parish of Orleans
Said bonds shall be Of the danom-
nation Of one thousand dollars eaca'
except that at the option OF any b1d.
der, to be indicated In and as a par.
of his bid bonds of the denomination
of five hundred dollars may be lssueo
to such bidder IL successful
The principal and interest of said q
bonds shall be payable In gold coin OF
the United States equal to the present
standard of weight and ftneness, or
same may be expressed In pounds ster-
rate of exchange. as said Board OF L1a-
uidation. City, Debt. may determine.
Said bonds shall be signed by the
president and secretary, respectively,
OF the Board of Directors of the Punllc
Schools for the Parish of Orleans, and
shall be countersigned by the presl-
dent. or one of the vice presidents, ana
the secretary of the Board Of L1qu1da-
ton. City Debt.
The interest on said bonds shall De
evinced by interest coupons attached
thereto bearing the fac-simile sigma
lures Of the secretary Of the Board ol
Directors of the Public Schools for tne
Parish of Orleans and the SecFetars
Of the Board of Liquidation, City Dent,
respectively. and shall be payable on
the first days Of July and January, re.
spectively, in each year; saad lnterest
shall be payable In the CITY OF Ne"
Board of Liquidation, city Debt, may
determine upon surrender and cancella-
ton of the said respective interest cou-
pons; provided, however, that suc en-
cities shall be DESIGNATED by the soara
ed In the advertisement calling FOR
competitive bids; and provided. furth-
er. that the principal OF said bonds
shall be payable only in the CITY OF
New Orleans, State Of Louisiana.
Said bonds may be registered ana
released from registry under sucn q
rules and regulations as the Board OF
Liquidation, City Debt, may deter
mine; shall be exempt from 1t,nte eana-
shall be a legal investment for the tu-
tors of minors and curators of inter
diets: and shall be received as secuf.
fly for public deposits Of the State OF
Louisiana OR any political SUBDIVISION
thereof.
Section 2. Be II further enacted, etc.
That as soon as constitutional authoft,
ty for the issuance of said bonds shall
tors of the Public Schools for the Par
ish of Orleans shall. by resolution
adopted by majority of the members
thereof In regular or special meeting
called for that purpose. cali upon the
Board of Liquidation. City Debt, to adj
verttse 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
financial centers as the Board Of Lioui-
dalton, City Debt, may determine
Said advertisement shall appear In
each of said newspapers for thirty lso)
fixed for the receipt Of bids; and the
said bonds shall be adjudtcated and
sold under sealed bids or proposals. to
the highest bidder who shall have COM
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
price obtained for the different rnatlir-
tiles shall at least equal par and ac-
crued interest for the entire issue.
The Board Of Liquidation, City Debt,
shall have the right to reject any and
all bids.
Section 3. Be 1t further enacted. etc,
That when the said bonds shall have
been adjudfcated. as hereinafter set
forth: 1t shall be the duty OF the Board
of Liquidation. City Debt. to imfnedf-
ately cause said bonds to be engraved
and executed in such denominations
and payable in the currency of such
country or countries as the successful
bidder or bidders may have indicated
determined. as the case may he.
The Board Of Liqutaation, City Debt
shall have the right to prescribe the
amount Of the deposit that shall accom-
which same shall become forfeited. the
time within which the bonds shall be
delivered after the adjudication. and
generally. all terms and conditions ap-
ton not otherwise provided for BY this
act.
Section 4. Be 1t 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 suc-
cessfu1 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 ard 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, r1rn or
corporation other than a local bank
then the proceeds of The sale of rne
bonds awarded to said successruY hid
such local bank or banks and at such
rate of interest as the Board of Liouf-
dation. City Debt, may determine.
y, Al payments ms It's. made IA by the, Board of
Parish of Orleans shall be made in the
form OF warrants Or drafts or tha
Board Of Liquidation City Debt, setting
forth the amount thereof. the person
TO r,, ~hoH n payapIe and the purpose for
Board Of Liquidation, CITY, p ahu me 3e
hereby charged with the duty Of tai,ine
care that no IRREGULAR or improper or
uniawfui payments are made out Of
said funds.
Section s. Be 1t further enacted
ETC. That the annual installment OF
prlneipaI amounting to fifty thousand
dollars tS5o,oooo and the interest on
said bonds shall be payable out of the
one-Ealf Of the surplus of the one ner
cent debt tax levied by the CITY Of Nov
Orleans by virtue of Article SIT or w.
Constitution Of the State of Louisiana.
adopted in the year 1918, and dedIea-
ted for the use of the public schools
of the Parish of Orleans, after nrap;as
Ing for the principal and interest IN
the one hundred and seventy-four thou
lars (S174.663), In principal sum. of
bonds known as School Teaeherss Sal
airy Ponds Of the City OF New 0r1esns
authorized by Act No. 2 Of the General
Assembly or the State Of Louisiana,
:, - 1e', 1Aiu consequently adopt
ed as an amendment to the Constitution
of this state; and the said one-ha1f ~
the surplus of the one per cent debt
tax, subject to the exceptions sneet-
fled and hereinaboye Immediately set
forth is hereby dedicated and pledged
to the payment of the bonds herehv
authorized to be issued, in principal and
interest; and the Board of Liuujdatton
City Debt. is hereby directed to emuiov
said fund 70 the extent necessary to
carry out the purpose of this aef. nro-
vided that nothing herein contained
shall otherwise change. affect or I'm
pair. the provisions of Article SIT Of
the Constitution OF this State
Section 6. Be it further enacted.
etc, That the Board of liquidation. City