Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1914-10-30
Act No. 262
House Bill No. S13. By Mr.. Generally.

House Bill No. S1s. By Mr. Generally.
AN ACT
Authorizing the Board OF Directors OF
the Public Schools Of the Parish of
orleans to Issue Two Million Dollars
OF bonds for the purpose of acouir:.
ing school sites. constructing school
buildings and their appurtenances in
the City of New Orleans: to provide
the teSms and conditions under which
said PONDS shall be issued and sold:
the principal and interest thereof: to
define the duties of the BOARD OF
Liquidat ton. City Debt. in connection
with the issuance and sale of said
and interest thereon. and the retire
ment thereof: to prescribe the duties
and obligations of the City of New
Orleans in connection with the re-
endorsement of TIE Board of Direc-
tors of the Public Schools for tho
Parish Of Orleans by certain annual
payments; and to define the method
and manner In which the proceeds OF
disbursed.
Section 1. Be 1t enacted by the Cen
eral Assembly of the State of Louis
lana, two-thirds of all the members
subject to ratification of the people of
the State of Louisiana, by an amend
ment to the Constitution of the State.
hereinafter submitted to them. the
for the Parish of Orleans of the State
of Louisiana. is hereby authorized and
empowered to issue bonds not to ex-
coed two million dollars ($2.oOO.oOO)
1915. bearing five per cent 6 per
cent? per annum interest. payable
semi-annually. the principal OF which
shall be payable in forty t4o) annual
Hb0. 00o) each. payable on the first day
OF January in each of the years 1916
to and including 1855. respectively. as
hereinafter set forth.
Said bonds shall be made payable to
Sesnn, and shall be STYLED PUBLIC snS
| Parish of Orleans"
Said bonds shall be Of the demon
| nation OF one thousand dollars eacn'
except that at the option OF any oid.
der, to be indicated in and as q part
| of his bid. bonds Of the denomination
| OF five hundred dollars may be issued
to such bidder II successful.
The principal and interest OF said
bonds shall be payable in gold coin OF
the United States equal to the present
same may be expressed in pounds ster-
ling or in franc. and at such arbitrary
rate OF exchange. as said Board OF LIZ
uidation. City. Debt. may determine.
Said bonds shall be signed by the
president and secretary fe; ;Ps ps1Ic
Schools for the Parish Of Orleans. and
| shall be countersigned by the presi-
dent or one Of the vice presidents. and
ton. City Debt
Tho interest on said bonds shall be
evinced by interest coupons attached
| thereto bearing the fac-simile sigma
lures OF the secretary Of the Board or
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
Orleans and in such other cities as the
Board Of Liquidation, City Debt. may
determine upon surrender and cancella-
tion Of the said respective interest cou-
cities shall be designated by the Board
of Liquidation. City Debt. and announc-
ed in the advertisement calling Tor
competitive bids; and provided. furth-
shall be payable only in the City Of
New Orleans. State Of Louisiana
| Said bonds may be registered and
rules and regulations a. the Board Of
n. sS. CITY :. .1 DsS % 94sm d ssss
ton. State, parish and municipal
shall be q legal Investment for the tu-
tors Of minors and curators OF inter-
i 01cts. ana snail Do received - secur
fly for public deposits Of the State of
Louisiana or any political subdivision
| thereof.
| Section 2. Be It further enacted. etc.
l That as soon as constitutional authori-
~ for the issuance Of said bonds shall
tors OF the Public Schools for the Par
ish Of Orleans shall. by. resolution
| adopted by q majority of the members
thereof in regular or special meeting
Il Par hat
Board Of Liquidation. CITY Debt. to ad-
| vertise for the sale Of said bonds. When
30 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 Lioui-
dation. City Debt may determine;
each Of said newspapers for thirty l3o)
days Immediately preceding the date
fixed for the receipt OF bids; and the
said bonds shall be adjudicated and
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
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-
The The Board Of Liauidation. City Debt
shall have the right to reject any and
all bids.
Section 5. Be It further. enacted. etc,
That when the said bonds shall have
been adjudicated. a. hereinafter set
OF Liquidation. City Debt. to immedi-
| ately cause said bonds to be engraved
| and executed in such denominations
| and payable In the currency of such
/ trv mr. n n al r,1
bidder or bidders may have indicated
or the Board Of Liquidation. City Debt.
determined. az the case may he.
The Board OF Liquidation. City Debt
shall have the right to prescribe the
amount Of the deposit that shall accom-
rany 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
ton not otherwise provided for By thin
act.
Section e. Be II further enacted
etc. That the Board OF Liquidation
| of the sale of said bonds in such local
bank or banks as may become the sue
cessful bidder or bidders for said bonds
in proportion to the amount Of their
ity satisfactory to the Board Of Liqui-
dalton. City Debt. and at such rate OF
interest As the Board OF Liquidation
City Debt. may fix and announce in the
advertisement calling for bids. In the
ders for all or any part Of the said
bonds shall be some person. rlrm OF
corporation other than local bank
then the proceeds OF the sale OF rne
| bonds awarded to said successtuY bid.
der or bidders shall be deposited In
such local hank or banks and at such
rate Of interest as the Board OF Liqui.