The Natchitoches enterprise., 1914-10-01

instanments of &fty thousand dollars
$50,0oo) e6eh. PAYABLE on the first gay
of January in each of the years VI
to and including 1855. respectively az
hereinafter set forth.
Said bonds shall be made payable 70
bearer. and shall be styled Hupllg
School Bonds. City of New Orleans ano
Parish of Orleans"
Said bonds shall be of the demon
nation of one thousand dollars eacn
except that at the option of any bid.
der, to be indicated in and as part
of his bid, bonds of the denominatloi,
Of five hundred dollars may be issued
to such bidder IL 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' VI
same may be expressed in pounds ster-
ling or in franc and at such arbitrary
rate Of exchange, as said Board OF Llq-
uidation. City, Debt may determine.
Said bonds shall be signed by the
president and secretary, respectively
of the Board of Directors Of the Pubic
Schools for the Parish of Orleans, ana
shall be countersigned by the. presl5,
dent or one of the vice presidents, and
the secretary of the Board of Llqulda-
ton, City Debt
The interest on said bonds shall be
evinced by interest coupons attached
thereto bearing the fac-simile sigma
Directors of the Public Schools for the
Parish of Orleans and the Secretary
of the Board of Liquidation, City Dent,
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 or New
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-
pons; provided, however, that such
cities shall be designated by the Board
of Liquidation, City Debt. and announc-
ed in the advertisement calling for
competitive bids; and provided, furth-
shall be payable only in the City OF
New Orleans, State of Louisiana.
Said bonds nay be registered and
released from registry under sucn
Liquidation. City Debt, may deter
mine; shall be exempt from taxa
ton. State. parish and municipal
shall be legal investment for the tu-
tors of minors and curators of inter
diets; and shall be received as secur.
ity for public deposits of the State OF
Louisiana or any political subdivision
thereof.
Section 2 Be 1t further enacted, etc,
That as soon as constitutional authori-
ty for the issuance of said bonds shall
have been obtained. the Board of D1rec-
tors of the Public Schools for the Par
ish of Orleans shall, by resolution
adopted by majority of the. members
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 or
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 Liqut-
dalton, City Debt, may determine
Said advertisement shall appear IN
days Immediately preceding the date
fixed for the receipt of bids; and the
said bonds shall be adjudicated and
sold, under sealed bids or proposals, to
the highest bidder who shall nave COM
piled with the terms and conditions set
out by the Board of Liquidation. City
Debt, in the advertisement for said
bids; nsaxiasd that no sale ,, Of sad sad
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
been adjudicated, as hereinafter set
forth. it shall be the dutv of the Board
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
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.
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
- ia
time within which the bonds shall be
delivered after the adjudication, and,
generally, all terms and conditions ap-
pertaining to the bids and adjudica-
ton not otherwise provided for by this
act.
Section 4. Be it further enacted,
etc, That the Board of Iiuuidation.
City Debt shall deposit the proceeds
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
respective bids, upon furnishing secur-
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
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 Cne
bonds awarded to said successfuI bid
der or bidders shall be deposited in
such local bank or banks and at such
rate of interest as the Board of Lfuuf-
dalton, 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 payment is made; and the
Board of Liquidation, 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 s. Be it further enacted,
etc. That the annual installment of
9osre and % the Stereef
said bonds shall be payable out of the
one-ha1f of the surplus of the one per
cent, debt tax levied by the City of New
Orleans by virtue Of Article BIT or the
adopted in the year 1918, and dedica-
ted for the use of the public schools
of the Parish of Orleans, after provfd.
ing for the principal and interest on
the one. hundred and seventy-tour thou
sand, six hundred and sixty-two dol
lars f$174,662), in principal sum, of
bonds known as School Teachers Sal
airy Bonds of the City of New Orleans
authorized by Act No. 2 of the General
Assembly of the State of Louisiana,
session OF 1905, and subsequently adopt
ed as an amendment to the Constitution
of this State: and the said one-half of
the surplus of the one per cent debt
tax. subject to the exceptions speci-
fled and hereinabove 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,
~. ~ IL
said fund to the extent necessary to
carry out the purpose of this act; pro-