St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1914-08-22
ACT NO 262.

All NJ. ZOZ.
House Bill No. 613 BY Mr.. Generally
l AN ACT.
] authorizing the Board of Directors
| ~of the Public Schools of the Parish
of Orleans to issue Two Million
I Dollars of bonds for the purpose
of acquiring school sites, construct
ing school buildings and their app
purtenances in the Ciyt 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 connec-
ton with the issuance and sale lof
said bonds, the payment of the
principal and interest thereon. and
the retirement thereof; to pre-
scribe the duties and obligations
of the City of New Orleans in con-
nection with the reimbursement of
the Board of Directors of the Pub
lie Schools for the parish of Or
leans by certain annual payments;
and to define the method and man
ner In which the proceeds of said
bonds shall be employed and dis
bursed.
Section 1. Be 1t enacted by the
IEeneral Assembly of the State OF
llouisiana, two-thirds of all the men,
hers elected to each house concurr-
ny, That, subject to the ratification
the people Of the State of Louisi-
ma. by an amendment to the Con-
stitution OF the State, hereinafter
I'm ri M -.
rectors of the Public Schools for the
parish of Orleans, Of the State OF
Louisiana, is hereby authorized ana
empowered to issue bonds not to ex-
coed two million dollars ($2, 600. O0O)
in amount, to be dated January !,
1915, bearing five per cent 60 per
cent? per annum interest, payable
the principal OF which
shall be payable In forty (4O) annual
|installments OF fifty thousand dol
lars ESQ, 00O) each, payable on the
first day OF January in each OF the
years 1916 to and including l955,
respectively, az hereinafter set forth.
Said bonds shall be made payable
to bearer. and shall be styled Pub
Lie School Bonds, City OF New Or
leans and Parish Of Orleans.
Said bonds shall be OF the denomi-
..s &c. ono fhonaand dollars each,
a~cs7,4 that a. the option Of any bid
80 - IA indicate IN and as a part OF
his htd bonds OF the denomination
- avs hundred dollars may be issued
- snch hidder If successful.
= rsa nr;ncina1 and interest Of said
h..as hall ho navable ii gold coin
~ ~ I1n;tad state eoual to the pres-
~ vi ST sVonaara - weight and finene5s,
CIV =. .a er ,saav ha exnTessed In pounds
~ : - - franz and at such ar
s s;tr soto nf exchange. as said
n III - sc,,id tion CITY Debt. may
! a.arro;na
60 horda shall he signed by the
,,,,.asiaart and secretary. respectively,
~ TIA BOARD Of Directors OF the Pub
liz schools for the parish of Orleans,
ia .ho1I ha countersiened by the
s.s.iaant or one OF the y.ce-presi-
e md tho secretary Of the Board
u - -, CITY Debt.
- rha II tarasf IN said bonds shall be-
o,,,danrad Nv interest coupons at
tached thoreto hearing the fac-simile
s;snetnrae ~ the secretary OF the
neasa n niractnrs of the Public
c.hae,, ~ tha rarisf az Orleans and
the secretary OF the Board Of Liqui-
dafion. CITY Debt. respectively, and
u osam ~ ~ nsvo hla IN the first days Of
1n1v and january. respectively, in
zach wear: said interest shall be pay
able in the city Of New Orleans and
n snch other cities as the Board OF
liquidation. City Debt, may deter
nine nnon surrender and cancella-