St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1914-10-17
ACT NO. 262.
louise Bill No. 613 By Mr.. Generally

prlnC3p61 /000 interest tnereO1s 10
define the duties Of the Board OF
Liquidation, City Debt, in connec-
ton with the issuance and sale Of
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 /. BE It enacted by the
General Assembly Of the State OF
Louisiana, two-thirds Of all the menu
bers elected to each house concurr-
ing, That subject to the ratification
Of the people OF the State Of LOU
isiana, by an amendment to the Con-
stitution Of the State, hereinafter
submitted to them, the Board Of Di-
Irectors Of the Public Schools for the
parish Of Orleans, Of the State Of
Louisiana, is hereby authorised and
empowered to issue bonds not to ex-
eeed two million dollars ($2,000,00
in amount, to be dated January /.
1915, bearing i've per cent Is per
Icent) per annum interest, payable
the principal Of which
shall be payable In forty (4O) annual
|instAllments Of fifty thousand dol
lars $3.50, 000) each. payable on the
first lay OF January In each OF the
years 1916 to and including 1856.
respectively, as 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-
nation Of one thousand dollars each,
except that at the option OF any bid.
der, to be indicated in and Is part Of
his bid, bonds Of the denomination
OF flve hundred dollars may be issued
to such bidder IL successful.
The principal and interest OF said
bonds shall be payable In gold coin
|0f the United State equal to the pres
Fent standard Of weight and ffneness,
|or same may be expressed In pounds
sterling or in franc, and at such ar
|bitrary rate Of exchange, as said
Board Of Liquidation. City Debt. may
determine.
Said bonds shall be- signed BY the
|president and secretary. respectively.
Of the Board Of Directors Of the Pub
lie Schools for the parish OF Orleans,
and shall be countersigned by the
president, or one Of the vice-preed-
dents, and the secretary OF the Board
of Liouidation. City Debt,
The interest ON said bonds shall bo
evidenced by interest coupons At
tachad thereto bearing the facsimile
sirnatures OF the secretary OF the
noard sof Directors OF the Public
|schools for the parish Of Orleans and
tha secrefary az the Board of Liuui-
dation. city Debt. respectively, and
shal1 ha Dayable on the 1irst days OF
INV and january. respectively. in
each wear: said interest shall be pay
ahle in the city of New Orleans and
n such other cities n the Board OF
Iiouidation. city Debt, may deter-
mine. upon surrender and cancella-
Hon Of the said respective interest
counons: provided. however. that
|snck cities shall be DESIGNATED By
tha Board Of Liouidation. CITY Debt.
ana announcad IN ina acknowledgements
calline for comnetitiye bids: and pro.
vided. further. that the principai Of
said hnnds shall lie nayable only ia
ma CIV az New Orleans. state or
I.nuisiana.
said bonds may be rasistered and
|raieased from reeistry under such
rn1es ana raeulations a the Board
III Idnuidation. CITY Debt. may de-
|tarmine: ahall be exempt from tax
alton state. narish and municipal.
shal1 he . legal Investment for the
tutors ~ minor and curators Of In
|tardicts: and shall be received al re-
|curity for public deposits OF the state
~ T.ouisiana or any Dolitieal subdi-
Section 3. Be It further enacted,