The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1914-10-17
Bondr. city Of New orleans and Parish

bo1ds. CITY OF new orleans dno PARISH
said bonds shall be of the denomination
of one thousand dollars each, except that
at the option of any bidder, to- be indi-
Gated in and as part of his bic, bonds
of the denomination of five hund ed dol
lars may be issued to such bidder II sue
cessful.
The principal and interest of said bonds
shall be payable in gold coin OF the United
States equal to the present standard OF
weight and fineness, or same may be ex-
at such arbitrary rate Of exchange as
said Board Of Liquidation, City Debt, may
determine.
Said bonds shall be signed by the pres
Board Of Directors of the Public Schools
for the Parish of Orleans, and shall 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
denced by interest coupons attached there.
to bearing the fac-simile signatures of
the secretary Of the Board Of Directors of
the Public Schools for the Parish of Or
leans and the Secretary of the Board of
shall be payable on the first days Of July
and January. respectively, 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 cancel
lation Of the said respective interest cou-
shall shall be designated by the Board Of Idqui-
dation. City Debt, and announced in the adj
|yertisement calling for competitive bids;
and provided, further. that the principal Of
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 and
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 Louisi-
ana or any political subdivision thereof.
Section 2. Be 1T 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
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 Liquida-
ton, City Debt, to advertise said bonds for
sale in the official journal of the City Of
New Orleans and IN such other n news
of Liquidation, City Debt, may determine.
Said advertisement shall appear In each
of said newspapers for thirty GOD days
Immediately preceding the date fixed for
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 p be sold and unless the average
price obtained for the different maturities
shall at least equal par and accrued in
ferest f9r the entire Issue ahe b soard tS o
right to reject any and all BIDS
Section s. Be it further enacted. ETC..
That when the said bonds shall have been
,x1fa fnI ofv.of fnx~ unf f.y-ff,
shall be the duty of the Board of Liqui-
dalton, City Debt, to Immediately cause
said bonds to be engraved and executed
in such denominations and payable in the
Indicated or the Board of Liquidation,
City Debt, determine, as the case may be.
shall lie have ave. the right to prescribe the
amount of the deposit that shall accom-
pany each bid. the conditions under which
same shall become forfeited, the time
after the adjudication, and, generally, all
terms and conditions appertaining to the
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 of
may become the successful bidder or bid
ders for said bonds in proportion to the
amount Of their respective bids, upon fur
of e,f'' liquidation. City Debt. and at such
rate of interest as the Board of Liquida.-
1 ton, 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, firm or corporation
other than local bank, then the proceeds
of the sale of the bonds awarded to said
successful bidder or bidders shall be de-
posted in such local bank or banks and
at such rate of interest as the Board OF
Liquidation, City Debt, may determine.
An payments made by the Board of Di-
rectors of the Public Schools for the Par
ish of Orleans shall be made in the form
quotation. City Debt. setting forth the
amount thereof. the person to whom pay
able and the purpose for which the pay
ment is made; and the Board OF Liquida-
ton, 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 g. Be it further enacted, etc.
That the annual installment of principal
amounting to fifty thousand dollars ESQ.,
4 000) and the interest on said bonds shall
plus of the one per cent. debt tax levied
by the City of New Orleans by virtue OF
Article ,sI7 Of the Constitution of the
1918, and dedicated for the use of the
public schools Of the Parish Of Orleans
after providing for the principal and in
err hs s a and
bonds known as School Teachers Salary
Bonds of the City of New Orleans, au-
thorized by Act No. 2 Of the General As
sembly of the State. of Louisiana. session
of 1906, and subsequently adopted as ar
amendment to the Constitution of this
State; and the said one-half of the sur
plus of the one per cent debt tax, subjec'
to the exceptions specified and herein
above Immediately set forth. is hereby
dedicated and pledged to the payment @
the bonds hereby authorized to be issued
in principal and interest; and the Boart
of Liquidation, City Debt. is hereby d.
rected to employ said fund to the extern
necessary to carry out the purpose of thi.
act; provided that nothing herein contain.
ed shall otherwise change. affect or i'm
pair. the provisions Of Article 81 of thu
4 Constitution of this State.
Section 6. Be II further enacted, etc.
That the Board of Liquidation, City Debt
shall, on the first day Of January, 1916
and annually thereafter pay and redeem
lfiftythousand dollars ESQ. 000). in princi
pal sum of said bonds. The plan ant
schedule of redemption shall be determined
by the Board of Liquidation, City. Debt
land announced by it in detail in the adj
lyertisement calling for sealed bids.
i Section z. Be 1t further enacted. etc.
That in order to reimburse the Board o