The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1914-09-26
Bonds, city of New Orleans and Parish

of Orleans"
Said bonds shall be of the denomination
at the option of any bidder, to DE indi-
Gated in and as part OF his bic, bonds
of the denomination of tive hund; ed dol
lars may be issued to such bidder if sue
cessfrl.
The principal and interest Of said bonds
shall be payable in gold coin of the United
weight and fineness. or same may be ex-
pressed in pounds sterling or in franc, and
at such arbitrary rate OF exchange as
said Board of Liquidation, City Debt, may
determine.
Said bonds shall be signed by the pres
ident and secretary, respectively, of the
for the Parish of Orleans. and shall be
countersigned 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
and January January; respectively, IN each year ear,
of New Orleans and in such other cities
as the Board of Liquidation, City Debt.
may determine upon surrender and cancel
lation of the said respective interest cou-
pons; provided, however, that such cities
shall be designated by the Board of Liqui-
dation, City Debt, and announced in the adj
vertiSement 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.
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
purpose. call upon the Board of Liquida-
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 NAL of the City Of
papers in financial centers as the Board
of Liquidation. City Debt, may determine.
Said advertisement shall appear in each
of said newspapers for thirty (30) days
Immediately preceding the date fixed for
the receipt Of bids; and the said bonds
shall be adjudicated and sold, under seal
who shall have complied with the terms
and conditions set out by the Board of
Liquidation, City Debt. in the advertise
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
Liquidation, City Debt, shall have the
right to reject any and all bids.
Section 3. Be II further enacted. ETC.,
That when the said bonds shall have been
a6i1lGiPqfQd hQraina ffaF forth III
shall be the duty of the Board of Liqui-
dation, 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
indicated or the Board of Liquidation,
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-
pany 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 appertaining to the
bids and adjudication not otherwise pro-
vided for by this act.
Section 4. Be ii further enacted, ETC..
That the Board of Liquidation. City Debt,
shall deposit the proceeds of the sale of
may become the successful bidder or bid
ders for said bonds in proportion to the
amount Of their respective bids, upon fur
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
ders for all or any part of the said bonds
shall be some person. firm or corporation
other than a local bank. then the proceeds
successful bidder or bidders shall be de-
posted in such local bank or banks and
at such rate of interest as the Board of
Liquidation. City Debt, may determine.
a hu I'd IF
rectors of the Public Schools for the Par
ish of Orleans shall be made in the form
of warrants or drafts on the Board of Lii
amount thereof. the person to whom pay
able and the purpose for which the pay
ment Is made; and the Board of Liquida-
the duty of taking care that no Irregular
or improper or unlawful payments are
made out of said funds.
That the annual installment of principal
amounting to fifty thousand dollars ESQ.,
000) and the interest on said bonds shall
be payable out of the one-half of the sur
by the City of New Orleans by virtue of
Article 317 of the Constitution of the
State of Louisiana, adopted in the year
public schools of the Parish of Orleans,
after providing for the principal and in
terest on the one hundred and seventy
four thousand. six hundred and sixty two
dollars ($174,662), 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-haf 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 i'm
pair, the provisions OF Article 317 of the
Constitution Of this State.
Section 8. 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
dollars $50.00o). in. princi-
pal sum Of said bonds. The plan and
schedule of redemption shall be determined
by the Board of Liquidation, City Debt,
and announced by it in detail IN the adj
vertisement calling for sealed bids.
D.