The Madison journal. (Tallulah, Madison Parish, La.) 1888-current, 1914-10-03
Act No. 262
House Bill No. 6l3. BY Mr.. Genere,lv
| AN ACT

| House Bill No. 6l3. BY Mr.. Generally.
AN ACT
| Authorizing tho Board Of Directors Of
| the Public Schools Of tho Parish Of
! orleans to issue Two Million Dollars
| or bonds for the purpose OF aCruir-
| ing school sites. constructing srboo,
buildings and their appurtenanC.s in
the CITY of New Orleans: to prnviJe
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: 70
define the duties of the BOARD ~
LIQUIDATION, City Debt. in connection
with the issuance and sale of said
bonds, the payment of the princinaI
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 tie Board OF Djrec-
tors Of the Public Schools for tn
Parish of Orleans by certain annual
payments; and to define the method
and manner in which the proceeds OF
said bonds shall be employed and
disbursed.
Section l. Be II enacted by the Cen
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 OF Directors of the Public Schools
for the Parish of Orleans, Of the State
OF Louisiana, is hereby authorized and
empowered to issue bonds not to ex-
coed two million dollars $4,000. 0OO)
IN amount. to be dated January l.
1915, bearing five per cent % per
cent? per annum interest payable
semi-annually, the principal OF which
Shail be payable in forty 600 annual
IIRtSsI Gdnnts of fifty thousand dollars
SSoOoOO) each. payable on the first day
OF January in each of the years 1916
10 ana including 1855. respectively. as
hereinafter set forth
Said bonds shall be made payable to
nearer and shall be styled Public
farlsh of Orleans"
Said bonds shall be Of the denom-
marion OF one thousand dollars each,
except that at the option of any bid
uer, 10 be indicated in and as part
or his bid. bonds of the denomination
or five hundred dollars may be issued
TO such bidder If successful.
The principal and interest OF said
ponds shall be payable in gold coin of
tne United States equal to the present
standard OF weight and fineness. or
same may be expressed in pounds ster-
ing or In franc. and at such arbitrary
rate or exchange. as said Board of Liq-
uidation. City. Debt, may determine.
said bonds shall be signed by the
president and secretary, respectively.
VI tic OF directors OF tne
Schools for the Parish of Orleans. and
shall be countersigned by the presi-
cent, or one of the vice presidents. and
the secretary of the Board of LiQuida-
ton. City Debt
The interest on said bonds shall be
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
nf in,tt lot
respectively, and shall be payable on
the first DAYS of July and January. re-
spectvely, 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-
p pons: provided. however. that such
of Liquidation, City Debt. and announc-
ed in the advertisement calling for
competitive bids; and provided, furth-
er. that the principal of said bonds
New Orleans. State of Louisiana
Said bonds may be registered and
released from registry under such
rules and regulations as the Board of
Liquidation: City Debt. may deter
ton. State. parish and municipai,
shall be legal investment for the tu-
tors of minors and curators of inter
diets: and shall be received az secur-
ity for public deposits of the State of
Louisiana or any political subdivision
thereof.
Section 2. Be II further enacted. etc,
That as soon as constitutional authori
ty for the issuance of said bonds shall
tors OF the Public Schools for the Par
ish of Orleans shall. by resolution
adopted by a majority of the members
thereof in regular or special meeting
called for that purpose: call upon the
Board of Liquidation, CITY Debt, to ad-
vertise for the sale of said bonds. When
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. |
Said advertisement shall appear in
each of said newspapers for thirty 800 |
days Immediately preceding the date |
fixed for the receipt of bids: and the |
said bonds shall be adjudcated and |
sold. under sealed bids or proposals to |
the highest bidder who shall have COM |
piled with the terms and conditions set |
out by the Board OF Liquidation. CITY |
Debt, in the advertisement for said |
bids: provided that no sale of said |
bonds shall be made unless ali OF said |
issue he sold and unless the average |
price obtained for the different matur- |
tiles shall at least equal par and ac-
crued interest for the entire issue. |
The Board of Linuida ton, City Debt. |
shall have the right to reject any and |
all bids.
Section ?. BE II further enacted, etc.
That when the said bonds shall have |
been adjudicated. as hereinafter set
forth. II shall be the dutv of the Board |
Of Liquidation, City Debt TO immedi-
ately cause said bonds to be engraved
and executed in such denominations
and payable in the currency of such
or countries as the successful |
or the Board of Liquidation. City Debt.
as the case may he
The Board Of Liquidation. CITY Debt.
shall have the right TO prescribe the
amount of the deposit that shall accom-
panv each bid. the conditions under
which same shall become forfeited. the
time within which the bonds shall be
delivered after the adjudication. and.
all terms and conditions ap-
pertaining to the bids and adiudica-
ton not otherwise provided for by this
act.
Section T. BE II further enacted.
tic. That the Board of Liquidation
City Debt. shall depOs't the proceeds
Of the sale of said bonds In such local
bank or hanks as NAV become the sue
,essful bidder or bidders for said bonds
In propOrtion to the amount Of their |
bids. upon furnishing secur-
ty satisfactory to the Poard of Liuui-
iation. city Debt. and at such rate of
interest as the Board OF Liquidation |
Tity Debt. may fix and announce in the
calling for bids. In the
went that the successful bidder or bid
1ers for all or any part of the said
ponds shall he some person. rIrm or
corporation other than a local bank
hen the proceeds OF the sale OF me |
Aa cd 70 L,