The Donaldsonville chief. [volume] (Donaldsonville, La.) 1871-current, 1914-09-26

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tsoo.oo each, payable on the first day
| Of January in each of the years 1915
| 20 ami including 1855, respectively. as
1 hereinafter set forth.
Said bonds shall be made payable to
| bearer. and shall be styled Public
school Bonds City Of New Orleans and
/ Parish Of Orleans
Said bonds shall be Of the denom-
| nation Of 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 If successful.
The principal and interest Of said
the United States equal to the present
standard of weight and ftneness or
/ same may be expressed in pounds ster-
ling or in franc, and at such arbitrary
| uidation City Debt, may determine.
| Said bonds shall be signed by the
/ president and secretary, respectively
of the Board OF Directors of the Public
| Schools for the Parish Of Orleans, and
/ shall be countersigned by the presi,,
dent or one of the vice presidents, and
/ the secretary of the Board of Liau1da-
| tfon. City Debt.
| The interest on said bonds shall be
| evinced by interest coupons attached
| thereto bearing the fac-simile sigma,
lures of the secretary Of the Board 90, OF
| Directors OF the Public Schools for the
| Parish of Orleans and the secretary
Of the Board of Liquidation, City Debit
| respectively, and shall be payable on
| the first days Of July and January, re-
spectively, 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-
| pons. provided however, that such
cities shall be designated by the Board
| of I.fguidatio City Debt, and announc-
ar In tha adv ica
| competitive bids; and provided. furth-
| er. 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
| released from registry under such
| rules and regulations as the Board OF
LIQUIDATION; City Debt. may may deter Letter
ton: State. parish and municipal.
shall be a legal investment for the tu-
| tors of minors and curators OF inter-
ity for public deposits OF the State of
| Louisiana or any political subdivision
| thereof.
Section q Be 1t further enacted, etc.
| That as soon as constitutional authorl-
| 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
thereof in regular or special meeting
called for that purpose, call upon the
Board of Liquidation. City Debt, to adj
vertise for the sale of said bonds. When
so called upon 1t 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 IiQui-
dalton, City Debt. may determine.
Said advertisement shall appear IN
each OF said newspapers for thirty go,
days Immediately preceding the date
said bonds shall be adjudfcated 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 all of said
issue be 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 Liquidation, City Debt.
shall have the right to reject any and
all bids.
Section 8 Be 1t further enacted, etc.
That when the said bonds shall have
forth, it shall be the duty of the Board
Of Liquidation. City Debt. 10 immedi-
ately cause said bonds to be engraved
and executed In such denominations
country or countries as the successful
bidder or bidders may have indicated
or the Board of Liquidation, City Debt,
determined. as the case may be.
shall have the right to prescribe the
amount of the deposit that shall accom-
pany each bid. the conditions under
which same shall become forfeited. the
time within which the bonds shall be
delivered after the adjudication, and,
generally all terms and conditions APP
pertaining to the bids and adjudica-
ton not otherwise provided for by this
act.
Section a. Be 1t further enacted,
etc. That the Board of Liquidation.
City Debt, shall deposit the proceeds
Of the sale of said bonds In such local
cessfui bidder or bidders for said bonds
in proportion to the amount OF their
respective bids, upon furnishing secur-
ity satisfactory to the BOARD Of Liqul-
dation. City Debt. and at such rate of
interest as the Board of Liquidation,
City Debt, may FIX and announce in the
event that the successful bidder or bid
ders for all or any part of the said
| bonds shall be some person r1rm or
corporation other than a local bank,
bonds awarded to said successrur bid
der or bidders shall be deposited In
such local bank OF banks and at such
rate of interest as the Board of Liqui-
dation. 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
forth the amount thereof, the person
|, to whom payable and the purpose for
which the pa 1srasatto is made nat and the
| hereby charged with the duty OF taking
care that no irregular or improper or
unlawful payments are made out of
said funds.
Section s.. Be it further enacted,
etc, That the annual installment or
principal amounting to fifty thousand
dollars (s50,000} and the interest on
said bonds shall be payable out of the
one-haif of the surplus of the one per
cent. debt tax levied by the City of New
Orleans by virtue Of Article at or sne
adopted In the year 1913, and dedica-
ted for the use Of the public schools
of the Parish of Orleans, after previd-
Ing for the principal and Interest on
! sand. six hundred and sixty-two dol
lars (S174.663), In principal sum- of
bonds known as School Teachers Sal
airy Ponds Of the City of New Orleans,
authorized by Act No. 2 of the General
Assembly OF the State Of Louisiana,
session of 1906. and subsequently adopt
ed as an amendment to the Constitution
of this State; and the said one-half OF
tax, subject TO the exceptions speci-
fled and hereinabove Immediately set
forth. is hereby dedicated and pledged
10 the payment Of the bonds hereby
authorized to be issued. In principal and
interest; and the Board of Liquidation.
city Debt, is hereby directed to employ
said fund 10 the extent necessary to
carry out the purpose Of this act: pro-
vided that nothing herein contained
shall otherwise change. affect or i'm
| the Constitution of this State.
Section 6. Be It further enacted