The Era-leader. [volume] (Franklinton, La.) 1910-current, 1914-09-24

at the option OF any bidder, to pe indi-
Gated IN and as part Of his Bic, bonds
OF The denomination OF i've hund ed dol
ltrS may be issued to such bidder if sue
ceSSfll.
The principal and interest Of said bonds
shall DC payable in gold com Of tn United
states equal to the present standard Of
weight and tineneSS, or same may be eX
pressed in pounds sterling or in frame, and
at such arbitrary rate of exchange as
said Board Of Liquidation City Debt, may
determine.
Said bonds shall be signed By the pres
ldent and secretary, respectively, of the
Board of Directors Of the Public Schools
Tor the Parish OF Orleans, and shah be
countersigned by tie 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
! 10 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, ana
shall be payable on the first days OF July
and January, respectively, 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 cancel
latlOn 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
tVertisement 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 l4ous
ana or any political subdivision thereof.
Section 2. Be it further enacted, etc,
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-
ton, City Debt, to advertise for the sale
OF said bonds. When so called upon it
shall be the duty of the Board of Liquda-
ton, City Debt, to advertise said bonds for
sale in the official journal of the City Of
New Orleans and in such other news
papers in financial centerS az the Board
of Liquidation City Debt. may determine.
Said advertisement shall appear in each
of said newspapers for thirty 500 days
immediately preceding the date fixed for
the receipt Of bids; and the said bonds
shall be adjudicated and Sold under seal
ed bids or proposals, to the highest bidder
who shall have complied with the terms
. and conditions set out by the Board of
Liquidation, City Debt, III 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 maturltes
shall at least equal par and accrued in
tereSt for the entire issue The Board OF
, Liquidation, City Debt, shall have the
right o. to reject any and all bids: oto
That when the said bonds shall have been
adjudicated, as hereinafter set forth, il
5 shall be the duty Of the Board of Llqui-
} dalton, 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
t pany each bid. the conditions under which
: same shall become forfeited, the time
9 within which the bonds shall be delivered
/ after the adjudication, and, generally. al
, terms and conditions appertaining to thu
! bids and adjudication not otherwise pro
t bvided for by this act.
Q Section 4. Be it further enacted, etc.
: That the Board Of Liquidation, City Debt
f shall deposit the proceeds of the sale o
V said bonds in such local bank or banks a
o may become the successful bidder or bid
h ders for said bonds in proportion to tn
g amount Of their respective bids. upon fur
= nishing security satisfactory to the Boar
of Liquidation, City Debt, and at sue
a rate Of interest as the Board of Iiquida
y ton, City Debt, may fix and announce i
- event that the successful bidder or bid
), ders for all or any part of the said bond
Il shall be some person. firm or corporatlo
q other than local bank, then the proceed
. Of the sale Of the bonds awarded to sal
- successful bidder or bidders shall be de
- posted in such local bank or banks an
. at such rate of interest as the Board {
y Liquidation, City Debt, may determine.
u u All payments made by the Board of D
II rectors of the Public Schools for the Pal
ish of Orleans shall be made in the fori
:, of warrants or drafts on the Board Of /.
u quotation. City Debt, setting forth tn
+, amount thereof. the person to whom pay
y able and the purpose for which the pay
i. ment is made: and the Board of Liquida
- ton, City Debt. is hereby charged wit
y the duty Of taking care that no irregulf
I; or improper or unlawful payments al
ii made out of said funds.
ie Section 5. Be it further enacted, etc
70 That the annual installment of princip
+. amounting to fifty thousand dollars $50
:. O0O) and the interest on said bonds sha
ct be payable out Of the one-half of the SUI
" plus of the one per cent debt tax levis
by the City of New Orleans by virtue
:, Article 317 of the Constitution of Il
in State Of Louisiana, adopted in the yet
lie 1913, and dedicated for the use of Il
r, public schools Of the Parish of Orlean
re after providing for the principal and !!
l. terest on the one hundred and sevent,
four thousand. six hundred and siXty-tv
lie dollars (s174,662), in principal sum-.
Id bonds known as School Teachers Sala1
TX Bonds Of the City of New Orleans, al
of thorized by Act No. 2 of the General A
re sembly Of the State Of Louisiana. sessit
of of 1906, and subsequently adopted as {
or amendment to the Constitution of tn
:" State; and the said half Of the su
c. plus of the one per cent debt tax. subje
in to the exceptions specified and herei
s: above Immediately set forth, is herel
o. dedicated and pledged to the payment
he the bonds hereby authorized TO be issue
nd In principal and interest; and the Boa
he of Liquidation, City Debt. is hereby &
by rected to employ said fund to the eXte
te. necessary to carry out the purpose of TT
~ act; provided that nothing herein contai
%. ed shall otherwise change, affect or II
0'' pair, the provisions of Article 81 Of T.
10 Constitution Of this State.
Section 6. Be it further enacted, ct
That the Board of Liquidation, City Del
n. shall, on the first day Of January. 49,
" and annually thereafter pay and redee
70 Ififtythousand dollars ($50,000), in primo
" pal sum of said bonds. The plan a
Schedule of redemption shall be determin
T.. by the Board of Liquidation, City Del
~. and announced by it in detail in the a
vertisement calling for sealed bids.
he Section 7 Re If further enacted eff