The Rice belt journal. (Welsh, Calcasieu Parish, La.) 1900-19??, 1914-09-15

- and including 1855, respectively as
hereinafter set forth.
Said bonds shall be made payable to
bearer and shall be styled 'PuDnC
School Bonds, City of New Orleans and
Parish of Orleans"
Said bonds shall be Of the denom-
nation or one thousand dollars each'
EXCEPT that at the option of any bid
der, to be indicated in and as a part
Of his bid, bonds of the denomination
of five hundred dollars may be issued
to such bidder II successful
The principal and interest or SAID
bonds shall be payable in gold coin OF
the United States equal to the present
standard Of weight and fineness, or
same may be expressed in pounds ster-
ling or in franc, and at such arbitrary
rate OF exchange, as said Board or LID
uidatiOn. City, Debt, may determine.
Said bonds shall he signed by the
president and secretary, respectively,
Of the Board of Directors of the Public
Schools for the Parish of Orleans. and
Shall he countersigned by the presl-
dent. or one of the vice presidents. and
the secretary Of the Board of Liquida-
ton. City Debt.
The interest on said bonds shall be
evinced by interest coupons attached
thereto bearing the fac-simile sigma
Directors of the Puh1ic Schools for the
Parish of Orleans and the Secretary
Of the Board of Liquidation. City Debt
respectively. and shall be payable on
the first DAYS Of July and January, re-
snectiVely, in each year; said interest
shall he payable in the CITY OF New
Orleans and in suCh other cities as the
Board Of humiliation, City Debt. may
determine uDOn surrender and CanCela-
ton Of the said respective interest cou-
pons; provided however, that such
cities shall be designated by the Board
Of Humiliation, CITY Debt. and announc-
cd in the advertisement calling for
competitive bids; and provided. furth-
nr. that the principal Of said bonds
Shall he PAYABLE only in the City OF
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
mine; shall be exempt from taxa
ton. State, parish and municipal
shall he legal investment for the tu-
tors Of minors and curators OF inter
diets: and shall be received as secur-
ity for public deposits of the State OF
Louisiana or any political subdivision
thereof
Section ., Be it further enacted. etc
That as soon as constitutional authori-
ty for the issuance OF said bonds shall
have been obtained, the Board Of Direc-
tors of the Public Schools for the Par
ish OF Orleans shall, by resolution
adopted by 4 majority Of the members
thereof in regular or special meeting
called for that purpose call upon the
Eoard Of Liquidation. City Debt to ad-
vertise for the sale IF said bonds. When
so called upon, it 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 oerters as the Board OF Linui
Said advertisement shall apnear in
each of said newspapers for thirty 500
days Immediately preceding the date
fixed for the receipt Of bids; and the
said bonds shall he adjudicated 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, Citv
Debt, in the advertisement for said
bids; provided that no sale of said
bonds shall he made unless all Of said
issue he sold and unless the average
price obtained for the different matur-
tiles shall at least equal mar and ac-
orued interest for the entire issue.
The Board Of L~ui1at ton. Citv Debt
shall have the right to reject any and
all bids
Section ?. Re IT further enacted etc.
That when the said bonds shall have
been adiUdioate9 rs hereinafter set
forth it shall be the dutv Of the Board
Of Liquidation City Debt. to fmmedi-
ately cause said bonds to he engraved
and executed in such denominations
and payable in the currency of such
country or countries as the successful
bidder or bidders may have indicated
or the Board of Liquidation. City Debt.
determined as the case may he
The Board Of Tioufdation CITY Debt.
shall have the right to prescribe tSle
amount of the deposit that shall accom-
narv each hid. the conditions under
which same shall become forfeited. the
time within which the bonds shall he
delivered after the adjudication, ana,
generally, all terms and conditions ap-
nertaining to the bids and adtudira-
ton not otherwise provided for by this
act
Section 4. Be II further enacted
etc. That the Board Of Humiliation.
City Debt. shall deposit the proceeds
OF the sale of said bonds in such local
bank or banks as nav become the sue
cessful bidder or bidders for said bonds
in prOnortiOn to the amount of their
respective bids, upon furnishing secur-
itv satisfactory to the ROard Of Liuui-
dation, City Debt. and at such rate of
interest as TIE Board of Liuuidation
city Debt, may fix and announce in the
advertisements calling for bids In the
event that the successful bidder or bid
ders for al or any part of the said
bonds shall be some pefVon. firm or
"oTo0Tation other than local hank
then the proceeds Of the sale Of rna
bonds AWARDED to said success~rT hid
der or bidders shall be 1nDosf+ad 4,
such local bank or banks and az sucb
rate of interest as the Board of T,fnui-
dation. City Debt, may determioe
All payments made by the Board or
Directors OF the Public Schools for mo
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 purpose for
8n1ch the payment is made; and the
Board of Liquidation. CITY Debt, is
hefeby, charged with the duty Of taking
care that no irre9uOar or improper or
said funds u
Section S. Be it further enacted
etc, That the annual installment Of
princ'nal amounting to fifty thousand
dollars CS5O,OOO) and the interest on
SAID bonds shall he payable out Of the
one-half of the surplus of the one neT
cent debt tax levied by the City of New
Orleans by virtue Of Article 3I7 or rne
Constitution of the State of Louisiana
ADOPTED in the year 1913, and dpdina.
ted for the use of the public schools
OF the Parish of Orleans, after provid-