The Caldwell watchman. (Columbia, La.) 1885-1946, 1914-09-18

insta,,oos payable in forty 4o) annual
l (s50 nnnfhts Of fifty thousand dollars
Of iovV, each, payable on the first day
4 to ~, Sun,uary In each Of the venrs 1915
] heraIn including 1855, respectively, as
e'Hafter set forth.
be.n..u bonds shall be made pavable to
! Schoeal,' and Shall be styled public
Paris honds: City Of New Orleans and
as'sh of Orleans"
] ;,a sad bonds shall be Of III. senom-
eycan or one thousand dollars each,
do, epl that at the option of any bid
| Of ,i - De indicated in and as a part
OF fiw. plu, bonds of the denomination
20 such bidder II successful.
bonhhse principal and interest of said
thus e snail be payable in gold coin Of
. s.e United States equal to the present
s sma OF weight and fineness, or
linz linz 1T may be expressed in pounds ster-
rate 20 III franc, and at such arbitrary
| MA. exchange. as said Board of LID
uie Sa, City, Debt, may determine.
nr san ponds shall be signed by the
~ msesloent and secretary, respectively,
Sine me Board Of Directors of the Public
sbnn Tor the Parish Of Orleans. and
daa. oe countersigned by the presi-
vent, or one Of the vice presidents, and
ton. City Debt, ~ "a
I Inc interest on said bonds shall be
ttSlnced by interest coupons attached
ssmereto bearing the fac-simile sigma
m rures OF the secretary Of the Board Of
directors of the Public Schools for the
- st .s of Orleans and the Secretary
u r.,. ahe Board Of Liquidation. City Debt,
tssspectlvely. and shall be payable on
.ne first days of July and January. re-
ssppe em in each year; said interest
n snail be payable in the City of New
dreams and In such other cities as the
Soard of Liquidation, City Debt, may
t,s a upon surrender and cancella-
.aon OF the said respective interest cou-
poas; provided. however. that such
| stues snail be designated by the Board
"a "a LIQUIDATION. City Debt, and announc-
ca IN the advertisement calling for
competitive bids; and provided, furth-
e. that the principal Of said bonds
snail be payable only in the City of
New Orleans. State Of Louisiana.
| SAID bonds may be registered and
released from registry under such
T9les and regulations as the Board of
| LIQUIDATION, City Debt may deter
mine; shall be exempt from taxa
shall be legal investment for the tu-
| tors of minors and curators of inter-
acts; and shall be received as secur-
nv Tor public deposits Of the State Of
| Louisiana or any political subdivision
| thereof.
Section 2. Be It further enacted. etc,
mat as soon as constitutional authori-
| " for the issuance of said bonds shall
| have been obtained, the Board of Direc-
Ism OF Orleans shall, by resolution
adopted by 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
so called upon. it shall be the duty Of
tine 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 Liuui-
dation.' City Debt, may determine.
Said advertisement shall! appear in
each of said newspapers for thirty 900
days Immediately preceding the date
fixed for the receipt Of Bids: and the
said bonds shall be 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
bonds shall be made unless all Of said
issue be 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.
seStion 3. Be it further enacted, etc.
That when the said bonds shall have
Hy<an Sa&O - al nfvo fnr cal
Efeffh II shall be the duty OF athe Board
az fIiauidation. City Debt. to finmedi.
itely 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-
rany each bid. the conditions under
which same shall become forfeited, the
time within which the bonds shall be
delivered after the adjudication, and
generally. all terms and conditions ap-
pertaining to the bids and adjudica-
tion not otherwise 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 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-
dalton. City Debt. and 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. firm or
corporation other than local bank
then the proceeds Of the sale of the
bonds awarded to said successtn bid
der or bidders shall be deposited In
such local bank or banks and at such
rate OF interest as the Board Of Liuui-
dation, 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 purpose for
which the payment Is made; and the
hereby charged with the duty Of takinc
care that no irregula~ or Improper or
unlawful payments are made out of
said funds.
Section S. Be 1t further enacted
etc, That the annual installment of
principal amounting to fifty thousand
dollars ($50,000) and the interest on
said bonds shall be payable out Of the
one-haif of the surplus Of the one per
cent, debt tax levied by the City of New
Orleans by virtue Of Article BIT or the
constitution of the State of Louisiana,
adopted in the year 1918, and dedica
ted for the use of the public schools