The Madison journal. (Tallulah, Madison Parish, La.) 1888-current, 1914-09-19
Act No. 262
House Bill No. 6I3. BY Mr. Generally.
AN ACT

House Bill No. 6I3. 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 acquir-
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: 10
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 the 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.
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 or Directors of the Public Schools
for the Parish of Orleans, OF the State
empowered to issue bonds not to ex-
coed two million dollars $4,000. 0O0)
in amount. to be dated January /.
1915. bearing five per cent (5 per
semi-annually, the principal OF which
shall be payable in forty (40l annual
installments of fifty thousand dollars
100000 each. payable on the first day
OF January in each of the years 1916
10 and including 1885, 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 demon
nation Of one thousand dollars each.
except that at the option Of any bid
DER; 70 be indicated in and as part
or his bid, bonds of the denomination
OF five hundred dollars may be issued
to such bidder IL successful.
The principal and interest OF said
bonds shall be payable in gold coin or
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 or Liq-
uidation. City, Debt may determine
Said bonds shall be signed by the
Of the Board of Directors of the Public
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 Liauida-
ton, City Debt
evinced by interest coupons attached
thereto bearing the fac-simile sigma
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-
ton 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-
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 and
rules and regulations as the Board of
mine; shall be exempt from taxa
ton. State, parish and municipal
tors OF minors and curators Of inter
diets; and shall be received as secur.
fty for public deposits OF the state oil
Louisiana or any political subdivision
thereof.
Section 2. Be 1t further enacted. etc.
That as soon as constitutional authort-
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
,tNar
thereof in regular or special meetine
called for that purpose. call upon the
Board of Liquidation. City Debt. to ad
vertise for the sale of said bonds Wher
so called upon, II 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 Liuui
dalton. City Debt, may determine
each of said newspapers for thirty go
days Immediately preceding the date
| fixed for the receipt OF bids; and thu
| said bonds shall be adjudicated and
| sold, under sealed bids or proposals. Il
| the highest bidder who shall have com
piled with the terms and conditions SCI
| out by the Board OF Liquidation. Cit,
Debt. In the advertisement for sale
bonds shall be made unless all Of sait
| issue be sold and unless the average
price obtained for the different matur
| tiles shall at least equal par and &C
| crued interest for the entire issue
| The Board Of Liquidation, City Debt
shall have the right to reject any ant
all bids.
| Section 3. Be Il further enacted, etc.
That when the said bonds shall hav'
| been adjudicated. as hereinafter Sc
forth. II shall be the duty Of the Boar
| OF Humiliation, City Debt to immedi
| ately cause said bonds to be engraved
and executed in such denomination
| and payable In the currency of sucl
| country or countries as the successful
| bidder or bidders may have indicate,
| or the Board of Liquidation, City Debt
| determined. as the case may be.
| The Board Of Liquidation. City Debt
| shall have the right to prescribe tn
/ amount of the deposit that shall accom-
/ pany each bid. the conditions unde
| which same shall become forfeited. tn
| time within which the bonds shall b
| delivered after the adjudication. and
generally. all terms and conditions ap
ton not otherwise provided for by thi
act.
| Section e. Be Il further enacted
etc. That the Board OF Liquidation
City Debt. shall deposit the proceed
| of the sale OF said bonds in such loca
| bank or banks as may become the sue
cessful bidder or bidders for said bond
in proportion to the amount of thei
respective bids. upon furnishing secur
ity satisfactory to the Board of Liqui
dation, City Debt. and at such rate o
interest as the Board of Liquidation
City Debt. may fix and announce in tn
advertisement calling for bids. In tn
event that the successful bidder or bid
ders for all or any part of the sal
l hon ha -