The Madison journal. (Tallulah, Madison Parish, La.) 1888-current, 1914-09-12
Act No. 262
House Bill No. s13. BY Mr.. Generally
AN ACT


Authorizing the Board of DireC-ors NJ
| the Public Schools Of the Parish OF
Orleans to issue Two Million Dollars
| or bonds for the purpose OF acqui--
| ing school sites. constructing school
| buildings and their appurtenances in
| the city OF New Orleans: to provide
| the terms and conditions under which
| said bonds shall he issued and sold
| and the security for the pavrent Of
| the principal and interest thereof: 70
| define the duties of the Poard OF
| Liquidation. city Debt. in connection
| with the issuance and sale of said
| bonds. the payment of the principal
| and interest thereon. and the retire
| ment thereof: to prescribe the dvtias
| and obligations Of the City OF New
| Orleans in connection with the -a
| endorsement OF tie Board of Direc-
| tors Of the Public Schools for the
| Parish OF Orleans by certain annual
| payments, and to define the method
| and manner in which the proceeds or
| said bonds shall be employed and
! diSburSed.
| Section l. BE II enacted by the Cen
| eraI Asse mhly of the State of Louis
| lana. two-thirds of all the members
| elected to each house COncurring That
| subject to ratification of the people of
| the state of Louisiana. by an amend
| ment 10 the Constitution of the State.
| hereinafter submitted 70 them the
/ Board OF Directors of the Public Schools
| for the Parish OF Orleans OF the State
| of Louisiana. is hereby authorized and
| empowered 10 issue bonds not 10
! coed two million dollars tS2 .OOO. 0UOI
| in amount, to he dated January I.
1915, bearing five per cent - per
| cent? per annum interest, payable
Semi-annually. the principal OF which
shall be payable in forty t4OD annual
| installments of fifty thousand dollars
| 100000 each. payable on the first day
OF January in each of the years 1916
! 10 and including 1855. respectively, as
! hereinafter set forth.
1 Said bonds obaI ba r,aJa y-able to
bearer. and shall be styled Public
School Bonds, City OF New Orleans and
Parish of Orleans"
Said bonds shall be Of the denou-
/ except that at the option of any bid
! der, TO be indicated in and as a part
OF MS bid, bonds of the denomination
or five hundred dollars may be Issued
to such bidder If successful.
The principal and interest OF said
bonds shall be payable in gold coin OF
the United States equal to the present
standard OF weight and fineness' OF
same may be expressed in pounds ster-
ing or in franc. and at such arhitrary
rate of exchange. as said Board OF LIZ
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. ana
shall be countersigned by the presl,
dent. or one of the vice presidents. ana
the secretary of the Board of Liqulda-
ton, City Debt.
evinced by interest coupons attached
thereto bearing the fac-simile SIGMA :
lures Of the secretary of the Board OF
| Directors OF the Public 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-
spectively, in each year: said interest
l -E,1l - Il l.. 10
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 Liquidation. City Debt. and announc-
, ed in the advertisement calling for
eGt that the o princi T Of 0 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
Liquidation. City Debt. may deter
mine; shall be exempt from taxa
ton. State. parish and municipal
shall be a legal investment for the tu-
diets; and shall be received as secur-
ity for public deposits of the State OF
Louisiana or any political subdivision
thereof
Section 2. Be II further enacted. etc,
> That as soon as constitutional authort-
: ty for the issuance of said bonds shall
> have been obtained, the Board OF Dtrec-
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
r Board of Liquidation. CITY Debt. to ad-
{ vertise for the sale of said bonds. When
E so called upon. it shall be the duty Of
2 the Board Of Liquidation. City Debt
= to advertise said bonds for sale in the
5 official journal of the City of New Or
leans and in such other newspapers ir
e financial centers as the Board of Li1ui-
dation. City Debt. may determine
r Said advertisement shall appear . II
l. each of said newspapers for thirty go
e DAYS Immediately preceding the date
z fixed for the receipt OF bids; and the
4 said bonds shall be adjudicated and
y sold. under sealed bids or proposals. &c
o the highest bidder who shall have com
y piled with the terms and conditions SCI
n | out by the Board OF Liquidation. CITY
: Debt in the advertisement for SAID
: bids: provided that no sale OF sale
| bonds shall he made unless all Of saiC
|, issue be sold and unless the averag,
e price obtained for the different matur
: tiles shall at least equal par and &C
s crued interest for the entire issue
n The Board OF Liquidation. City Debt
= shall have the right to reject any ant
r all bids.
Y Section 3. Be IL further enacted. etc.
5 That when the said bonds shall hav'
/. been adjudicated. as hereinafter Sc
! | forth II shall be the dutv of the Boar
!, Of Liquidation. City Debt. to immedi
= | ately cause said bonds to be engraved
i | and executed in such denomination
and payable in the currency OF sucl
. | country or countries as the surcessfu
{ bidder or bidders may have indicated
:, or the Board of Liquidation, City Debt
y determined. as the case may be
;, The Board of Liquidation. CITY Debt
shall have the right to prescribe tn
amount OF the deposit that shall accom-
| pany each bid. the conditions undo
= which same shall become forfeited. tn
: time within which the bonds shall h
= delivered after the adjudication. and
e generally all terms and conditions ap
% pertaining to the bids and adjudica
y ton not otherwise provided for by thi
= act.
a section 4. Be II further enacted
. etc, That the Board OF Liquidation
: City Debt shall deposit the proceed
- | of the sale Of said bonds in such loca
n bank or banks as NAV become the sue
p cessful bidder or bidders for said bond
a in proportion to the amount of thei
- respective bids. upon furnishing secur
dation. CITY Debt and at such rate q
=, interest as the Board OF Liquidation
~ CITY Debt. may fix and announce in tn
~ advertisement calling for bids In tn
:, | event that the successful bidder or bid
% ders for all or any part OF the sal
10 bonds shall he some person, rirm o
- corporation other than a local banl
- | then the proceeds OF the sale OF IN
= | bopds aua rded TO said ,lIcceSS~ur bid