The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1914-10-10


at such rate of interest as the Board OF
City Debt, may determine.
All payments made by the Board of Dl-
rectors of the Public Schools for the Par
ish of Orleans shall be made in the form
of warrants or drafts on the Board of Lii
ouidation, City Debt, setting forth the
amount thereof, the person to whom pay
able and the purpose for which the pay
ment is made; and the Board of Liquida-
ton, 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 dollars (S5O,- |
0OO) and the interest on said bonds shall |
be payable out of the one-half of the sur
plus of the one per cent, debt tax levied
by the City of New Orleans by virtue of
Article 317 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 principal and in
terest on the one hundred and seventy
four thousand, six hundred and sixty-two
dollars ($174662), in principal sum, OF
bonds known as School Teachers Salary
Bonds of the City of New Orleans, au-
| thorized by Act No. 2 of the General AS
sembly of the State of Louisiana, session
! OF 1906 and subsequently adopted as an
amendment to the Constitution of this
State: and the said one-half of the sur
plvs of the one per cent debt tax, subject
TO The exceptions specified and herein
above Immediately set forth, is hereby
Dedicated and pledged to the payment of
the bonds hereby authorized to be issued,
in principal and interest; and the Board
of Liquidation, City Debt, is hereby di-
rected to employ said fund to the extent
necessary TO carry out the purpose of this
act; provided that nothing herein contain
ed shall otherwise change, affect or i'm
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 thereafter pay and redeem
Iffty thousand dollars (s5O00O), in princi-
pal sum of said bonds. The plan and
schedule of redemption shall be determined
by the Board of Liquidation, City Debt,
and announced by it in detail in the adj
vertisement 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 ant
payments which the Board of Liquidation
City Debt, is herein authorized to make
out of said one-half of the surplus OF thu
= one per cent, debt tax, the City of New
= :, Orleans, SHALL and it is hereby made it
=. duty to pay over to the Board of Liquida
! ton, City Debt, beginning on or befor'
the first day Of July, 1915, and annual.
thereafter up to and including the yea
: 1884, the sum of one hundred THOUSAND
,. . dollars C$1O0,0OO) in cash, and beginning
= on or before the fira day of July, 1885
land annually thereafter up to and includ
;, ing the year 1854, the sum of fifty thous
- and dollars ($50,000) in cash, and sue
further sum as may be necessary in eac
- wear to pay the interest on the bonds here
y in authorized and then outstanding. I
% enable the City of New Orleans to max
= such annual payments, the said city
:. authorized to issue and to sell so niue
- of the public improvement certificates au
~ thorized to be issued under Act No. 81 {
u the General Assembly of the State of Lou
~ tisana, Session of 1908, or amendment
&c presently existing thereto, or that may b
i hereafter made, as may be necessary fe
said purpose and such certificates sha
u be sold by the City of New Orleans undo
sealed proposals to the highest bidder, j
such amounts and under such condition
|" as the City of New Orleans may prescrib
III The City of New Orleans shall be entitle
& to reject any aid all bids for such Gel
III tifcates; provided, however, that nothir
u herein contained shall be construed I
u in any manner, relieve the City of Ne
" Orleans of the obligation to make the al
3 nual payments herein designated; and,
d. the event that the City Of New Orleal
c., should fail to make any payment whe
ty Isame shall become due, 1t shall be the du
We of the Board of Liquidation, City Debt,
of compel, by mandamus or other appropr
r. ate remedy, the City of New Orleans
d pay over 10 IL Tie diilouilL liloo uu0' VIM
g. and as soon as the Board of Liquidatio
at City Debt, shall have received from II
a. {City of New Orleans any such annual pa
lie ment, the money so received shall
it forthwith paid over by the Board of L
a quotation, City Debt, to the Board
'or Directors of the Public Schools for t
of Parish of Orleans
IS Section s. Be it further enacted, ct
I'd That the proceeds of the sale of two m
ne. lion dollars of bonds herein authorized
oh be issued shall be expe nded solely for
US following purposes, to-wit:
FOR For the acquisition in the lame of t
IDS City of New Orleans, either by purcha
al or by appropriation proceedings to be
Ter Istituted in the name of the City of NJ
ms Orleans, of such sites as may be niece
of sary for the erection, extension or e
Sc largement of school houses and their
ale purtenances, or for the establishment
Of Fairgrounds or stadia connected with
lge public school system of the City of N
les Orleans; and for the construction, or e
in largement, or maintenance Of school hous
of and school buildings and other edifit
the and appurtenances thereto.
Any and all contracts for the purchs
to-, of ground or the construction of buildir
zen shall be made by the Board OF Direct'
it of the Public Schools of the City of N