The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1914-09-05
Bonds. city of New Orleans and Parish

Said bonds shall be of the denomination
OF one thousand dollars each, exc spt tina
Gated in and as part Of his bic. bonds
of the denomination of live hund ed dol
lars may be issued to such bidder If sue
cessftl.
The principal and interest of said bond.
shall be payable in gold coin of the United
States equal to the present standard o.
weight and fineness. or same may be ex.
pressed in pounds sterling or In franc. ant
at such arbitrary rate of exchange as
said Board Of Liquidation. City Debt, ma,
determine.
ident and secretary. respectively, of the
Board of Directors Of the Public Schools
for the Parish OF Orleans. and shall be
countersigned by the president. or one OF
the yice-presidenfs, and the secretary OF
the Board of Liquidation. City Debt.
The interest on said bonds shall be evil
denced by interest coupons attached there
to bearing the fac-simile signatures Of
the Public Schools for the Parish Of Or
leans and the Secretary of the Board OF
Liquidation. City Debt. respectively, and
and January. respectively. in each year:
said interest shall be payable In the City
of New Orleans and in such other cities
may determine upon surrender and cancel
lation of the said respective interest cou-
pons; provided, however. that such cities
shall be designated by the Board OF Liqui-
vertisement 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
the tutors of minors and curators Of in
terdicts; and shall be received as security
for public deposits of the State Of Louisi-
ana or any political subdivision thereof.
That as soon as constitutional authority
for the issuance OF said bonds shall have
been obtained, the Board Of Directors Of
leans shall. by resolution adopted by a
majority of the members thereof in reg
ular or special meeting called for that
purpose. cali upon the Board of Liquida-
of said bonds. When SO called upon, 1t
shall be the duty Of the Board of Liquida-
ton, City Debt, to advertise said bonds for
New orleans and in such other news
papers in financial centers as the Board
of Liquidation, City Debt. may determine.
Said advertisement shall appear in each
Immediately preceding the date fixed for
the receipt of bids: and the said bonds
shall be adJudicated and sold. under seal
who shall have complied with the terms
and conditions set out by the Board Of
Liquidation. City Debt. in the advertise
nad 0f Bs ade no
said issue be sold and unless the average
price obtained for the different maturities
shall at least equal par and accrued in.
Liquidation, City Debt, shall have the
right to reject any and all bids.
Section 3. Be 1t further enacted, etc.
That when the said bonds shall have been
adindipa hQraina SET forth IF
shall be the duty Of the Board of Lqui-
dation, City Debt. to Immediately cause
said bonds to be engraved and executed
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,
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 appertaining to the
bids and adjudication not otherwise pro-
vided 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 bid
ders for said bonds in proportion to the
amount of their respective bids, upon fur
nishing security satisfactory to the Board
rate Of interest as the Board Of Liquida-
ton. City Debt, may fix and announce in
the advertisement calling for bids. In the
event that the successful bidder or bid
ders for all or any part of the said bonds
shall be some person, firm or corporation
other than a local bank, then the proceeds
of the sale of the bonds awarded to said
successful bidder or bidders shall be de-
posted 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 Di-
rectors of the Public Schools for the Par
fish of Orleans shall be made in the form
of warrants or drafts on the Board Of Lii
quotation, City Debt setting forth the
able and the purpose for which the pay
ment Is made: and the Board of Liquida-
ton. City Debt, is thereby charged with
the duty of taking care that no Irregular
made out of said funds.
Section 5. Be 1T further enacted, etc..
That the annual installment of principal
amounting to fifty thousand dollars ESQ.,
000) 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 81 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,
terest on the one hundred and seventy
four thousand, six hundred and sixty-two
dollars (s174.662), in principal sum. of
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
plus of the one per cent debt tax. subject
to the exceptions specified and herein
above immediately set forth. is hereby
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 BIT of the
Constitution of this State.
Section 6. Be ii further enacted, etc,
That the Board of Liquidation, City Debt
shall, on the first day Of January, 1916
dollars ESQ, 000), 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 1t in detail in the adj
vertisement calling for sealed bids.
Section z. Be it further enacted, etc.,