The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1914-10-10

Bonds, City, of New Orleans and Parisl
of Orleans"
said bonds shall be Of the denomination
of one thousand dollars each, except tina
at the option of any bidder, to De indi
Gated in and as part of his bid. bonds
of the denomination of i've hundred dol
lars may be issued to such bidder IL sue
cessful.
sThe principal and interest Of said bond.
shall be payable in gold coin of the United
weight and fineness, or same may be ex-
pressed in pounds sterling or in franc, ano
at such arbitrary rate of exchange as
said Board Of Liquidation, City Debt, may
Said bonds shall be signed by the pres
ident and secretary, respectively, of the
Board of Directors of the Public Schools
for the Parish of Orleans, and shall be
lcountersigned 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
Liquidation. City Debt, respectively, and
shall be payable on the first days of July
said interest shalt 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
pons; provided. however, that such cities
shall be designated by the Board of Liqui-
dation. City Debt, and announced in the adj
lvertisement 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
terdicts; and shall be received as security
for public deposits of the State of Louisi-
ana or any political subdivision thereof.
Section 2. Be ii 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 a
majority of the members thereof in reg
ular or special meeting called for that
ton. City Debt. to advertise for the sale
of said bonds. When so called upon, it
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 news
papers in financial centers as the Board
Of Liquidation. City Debt. may determine
of said newspapers for thirty (3o) days
Immediately preceding the date fixed for
the receipt of bids; and the said bonds
ed bids or proposals, to the highest bidder
who shall have complied with the terms
and conditions set out by the Board Of
ment for said bids: provided that no sale
of said bonds shall be made unless all of
said issue be sold and unless the average
price obtained for the different maturities
shall at least equal par and accrued in
terest for the entire Issue. The Board Of
Liquidation, City Debt. shall have the
right to reject any and all bids.
Section 8. Be it further enacted, ETC.,
That when The said bonds shall have been
adjudicated. as hereinafter set forth, ID
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
currency OF. such country or countries as
City Debt. determine. as the case may be.
The Board Of Liquidation, City Debt,
shall have the right to prescribe the
amount Of the deposit that shall accom-
same shall become 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 otherwise pro-
vided 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 successful bidder or bid
m gs to he
nishing security satisfactory to the Board
of Liquidation, City Debt. and at such
rate Of interest as the Board of Liquida-
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
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
Liquidation, City Debt. may determine.
All payments made by the Board of Di-
ish of Orleans shall be made in the form
of warrants or drafts on the Board of Lii
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
made out of said funds.
Section 5. Be ii further enacted. ETC.,
That the annual installment of principal
000) and the interest on said bonds shall
be payable out of the one-half of the sur
plus OF the one per cent, debt tax levied
Article 81 Of the Constitution V Of the ne
State of Louisiana. adopted in the year
1913, and dedicated for the use of the
public schools Of the Parish Of Orleans.
terest on the one hundred and seventy
four thousand. six hundred and sixty two
dollars (s174.662), in principal sum. of
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 an
amendment to the Constitution of this
State; and the said one-half of the sur
plus of the one per cent debt tax. subject
to the exceptions specified and herein
above Immediately set forth, is hereby
dedicated and pledged to the payment Of
the bonds hereby authorized to be issued,
in principal and interest; and the Board
of Liquidation, City. Debt. is hereby d.
rected to employ said fund to the extent
necessary to carry out the purpose OF this
act; provided that nothing herein contain
ed shall otherwise change. affect or inn
pair. the provisions of Article 3I7 Of the
Constitution of this State.
Section 6. Be it further enacted, ETC.,
That the Board of Liquidation. City Debt,
shall. on the first day of January. 1916.
and annually thereafter pay and redeem
fiftythousand dollars ESQ, O00), in princi-
pal sum Of said bonds The plan and
schedule Of redemption shall be determined
nv the BOARD 0f Humiliation (ffv Dahf