St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1914-09-12
CONSTITUTIONAL
AMENDMENTS
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AMENDMENTS
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Board of Liquidation, City Debt, in
the advertisement for said bids; pro
vided that no sale of said bonds shall
be made unless all of said issue be
sold and unless the average price OBJ
tanned for the different maturities
shall at least equal par and accrued
interest for the entire ISSUE, The
Board of Liquidation, City Debt, shall
have the right to reject any and all
bids.
Section 3. Be it further enacted,
etc., That when the said bonds shall
have been adjudicated, as hereinaf-
ter set forth, it shall be the duty Of
the Board of Liquidation, City Debt,
to Immediately cause said bonds to
be engraved and executed in such
denominations and payable in the cur
rency of such country or countries as
the successful bidder or bidders may
have indicated or the Board of Liqui-
dation, City Debt, as the case may be.
The Board of Liquidation, City
Debt, shall have the right to pre-
scribe the amount of the deposit that
shall accompany each bid, the con-
ditiOns under which same shall be-
come forfeited, the time within which
the bonds shall be delivered after the
adjudication, and, generally, all
terms and conditions appertalnlng to
the bids and adjudication not other
wise provided for by this act.
Section 4. Be it further enacted,
ETC., That the Board of Liquidation,
City Debt, shall deposit the proceeds
of the sale of said bonds in such local
bank or banks as may become the
successful bidder or bidders for said
bonds in proportion to the amount
of their respective bids, upon furnish
ing security satisfactory to the Board
of Liquidation, City Debt, and at such
rate Of interest as the Board OF LII
quotation, City Debt, may fix and an
nOunce in the advertisement calling
for bids In the event that the sue
cessful bidder or bidders for all OF
any part of the said bonds shall pc
some person, firm or corporation oth-
er than a local bank, then the pro-
ceeds of the sale of the bonds award
ed to said successful bidder or bid
ders shall be deposited in such local
bank or banks and at such rate OF
interest as the Board of Liquidation,
City Debt, may determine.
All payments made by the Board
of Directors of the Public Schools for
the parish of Orleans shall be made
in the form of warrants or drafts on
the Board of Liquidation, City Debt,
setting forth the amount thereof, the
person to whom payable and the pur-
pose for which the payment is made;
and the Board of Liquidation, City
Debt, is hereby charged with the duty
of taking care that no irregular or
improper or unlawful payments are
made. out of said funds.
Section 5. Be it further enacted,
ETC.. That the annual installment of
principal amounting to fifty thousand
dollar ($50,OO0) and the interest on
said bonds shall be payable out OF
the one-half of the surplus OF the one
per cent, debt tax, levied by the City
Of New Orleans by virtue of Article
BIT of the Constitution of the State
of Louisiana, adopted in the year
1913, and dedicated for the use of
the public schools of the parish OF
Orleans, after providing for the prin-
cipal and interest on the one hundred
and seventy-four thousand, six hun
dred and sixty-two dollars ($174,-
662.OO), in principal sum, of bonds
known as School Teachers Salary
Bonds of the City of New Orleans,
authorized by Act No. of the Cen
eral Assembly of the State Of Louisi-
ana, session of 1906, and subsequent
ly adopted as an amendment to the
Constitution of this State; and the
said one-half of the surplus of the
one per cebt debt tax, subject to the
exceptions specified herein above i'm
mediately set forth, Is hereby ded1-
Gated and pledged to the payment of
the bonds hereby authorized to be is
sued, in principal and interest; aud
the Board of Liquidation, City Debt,
Is hereby directed to employ said
fund to the extent necessary to carry
out the purpose of this act; provid-
ed that nothing herein contained
shall otherwise change, affect or Inn
pair, the provisions of Article 317 of
the Constitution of this State.
Section 6. Be it further enacted,
ETC., That the Board of Liquidation,
City Debt, shall, On the first day of
January, 1916, and annually there
after pay and redeem fifty thousand
dollars ($5O,OOO) in principal sum
Of said bonds. The plan and sched-
ule of redemption shall be determin-
ed by the Board of Liquidation, City
Debt, and announced by it in the
advertisement calling for sealed bids.
Section Z. Be it further enacted,
ETC., That in order to reimburse the
Board Of Directors of the Public
Schools for the parish of Orleans for
the deductions and payments which
The Board of Liquidation, City Debt,
Is hereby authorized to make out of
said one-half of the surplus of the |
Dne per cent, debt tax, the city of !
New Orleans, shall, and it is hereby |
made it's duty to pay over to the |
Board of Liquidation, City Debt, be- |
ginning on or before the first day of |
July, 1915, and annually thereafter |
Up to and including the year 1884,
he sum of one hundred thousand dol
ars ($100,OOO in cash, and begin
ling on or before the first day of /
tufy, 1885, and annually thereafter
Up to and including the year 1854,
he sum of fifty thousand dollars
[$50,000) in cash, and such further
'um as may be necessary in each year
o pay the interest on the bonds here