Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1914-09-25
Act No. 262
House Bill No. e1s. By Mr.. Generally.
AN ACT

AUTHORIZING the Board of Directors OF
the Public Schools of the Parish of
Orleans to issue Two Million Dollars
or bonds for the purpose Of acuuir-
ing school sites. constructing school
buildings and their appurtenances in
the City of New Orleans: to provide
the terms and conditions under which
said bonds shall be issued and sold.
and the security for the payment of
the principal and interest thereof; to
define the duties of the Board of
Liquidation. City Debt in connection
with the issuance and sale of said
bonds. the payment of the principal
and interest thereon. and the retire
ment thereof: to prescribe the duties
and obligations OF the City of New
Orleans in connection with the re-
endorsement Of tie Board of Direc-
tors of the Public Schools for the
Parish of Orleans by certain annual
payments; and to define the method
and manner in which the proceeds or
said bonds shall be employed and
disbursed.
Section 1. BE 1t enacted by the Cen
eral Assembly of the State of Louis
lana. two-thirds of all the members
elected to each house concurring That
subject to ratification of the people of
the State of Louisiana by an amend
ment to the Constitution of the State.
hereinafter submitted to them. the
Board of Directors of the Public Schools
for the Parish of Orleans, of the State
of Louisiana. is hereby authorized ans
empowered to issue bonds not to ex-
coed two million dollars $4,000. 00O)
in amount, to be dated January l.
1915, bearing five per cent IS per
cent? per annum interest payable
semi-annually, the principal OF which
shall be payable in forty 40) annual
lnstallments of fifty thousand dollars
(S5o. Ooo) each. payable on the first day
of January in each of the years 1916
TO and including 1855, respectively. as
hereinafter set forth.
Said bonds shall be made payable TO
bearer. and shall be styled Public
school Bonds. City of New Orleans and
Parish of Orleans"
Said bonds shall be Of the denom-
except that at the option of any bid.
der, to be indicated in and as part
or his bid. bonds of the denomination
or five hundred dollars may be issued
to such bidder II successful
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 expressed in pounds ster-
ling or in franc. and at such arbitrary
rate of exchange. as said Board of Liz
uidation. City, Debt, may determine.
Said bonds shall be signed by the
president and secretary. respectively,
OF the Board of Directors Of the Pubic
Schools for the Parish of Orleans. and
| shall be countersigned by the presi,
dent. or one Of the vice presidents. ana
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-
| tion Of the said respective interest cou-
pons; provided. however. that such
| cities shall be designated by the Board
| of Liquidation. City Debt. and announc-
ed in the advertisement calling for
competitive bids: and provided. furth-
| err. that the principal of said bonds
shall be payable only in the City OF
| Said bonds may be registered and
rules and regulations as the Board of
Liquidation. City Debt. may deter
mine; shall be exempt from taxa
shall be a legal investment for the tu-
tors of minors and curators OF inter-
| diets: and shall be received as secur-
| ity for public deposits OF the state or
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 Liquidation. CITY Debt. to ad-
vertise for the sale of said bonds When
| 80 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-
| dation. City Debt, may determine.
Said advertisement shall appear in
each of said newspapers for thirty ESQ,
days Immediately preceding the date
fixed for the recent Of bids: and the
| said bonds shall he adjudicated 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 he sold and unless the average
price obtained for the different matur-
| 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 It further enacted. etc.
| That when the said bonds shall have
been adjudicated. as hereinafter set
| forth. II shall be the dutv 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
| country or countries as the successful
bidder or bidders may have indicated
| or the Board of Liquidation. City Debt.
determined as the case may he.
The Board of Liquidation. City Debt.
shall have 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 within which the bonds shall he
delivered after the adjudication. and.
generally: all termS and conditions APP
ton not otherwise provided for by this
| act.
Section l. 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 NAV 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-
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 he some person. rlrm or
corporation other than local bank
then the proceeds of the sale OF tne
bonds awarded to said successor bid
der or bidders shall be deposited in
such local hank or banks and at such
dalton. City Debt. may determine.
All paymeutS made by the Roard of