The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1914-08-29
Bonds, City Of New Orleans anc Parish

of O1leans'
Said bonds shall be of the denomination
OF one thousand dollars each, exc 4pt that
at the option of any bidder, to De indi-
Gated in and as a part of his bic, bonds
of the denomination of five hund ed dol
lars may be issued to such bidder if sue
ceSSful.
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, or same may be eX-
at such arbitrary rate of exchange as
said Board of Liquidation, City Debt, may
determine.
Said bonds shall be signed by the pres
ident and secretary, respectively, of the
Board of Directors of the Public Schools
for the Parish of Orleans, and shall be
the vice-presidents, 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 secretary of the Board of Directors of
the Public Schools for the Parish of Or.
Liquidation, City Debt, respectively, and
shall be payable on the first days of July
and January. respectively, in each year;
said interest shall be payable in the City
of New Orleans and in such other cities
as the Board of Liquidation, City Debt,
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-
dation, City Debt and announced in the ad-
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
City Debt, may determine; shall be ex
empt from taxation, State, parish and
municipal. shall be a legal investment for
the tutors of minors and curators of in
a raPQiVa6
for public deposits Of the State of Louisl-
ana or any political subdivision thereof.
Section 2. Be it further enacted. etc,
That as soon as constitutional authority
for the issuance of said bonds shall have
been obtained, the Board of Directors of
the Public Schools for the Parish of Or
majority of the members thereof in reg
ular or special meeting called for that
purpose, call upon the Board of Liquida
Of ' said bonds. When SO called upon, it
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
of said newspapers for thirty 900 days
Immediately preceding the date fixed for
the receipt Of bids; and the said bonds
shall be adjudicated and sold, under seal
ed bids or proposals, to the highest bidder
who shall have complied with the terms
and conditions set out by the Board of
LIQUIDATION. City Debt, in the e, advertise Ise
of said bonds shall be made unless all of
said issue be sold and unless the average
price obtained for the different maturities
terest for the entire Issue. The Board of
Liquidation, City Debt, shall have the
right to- reject any and all bids.
Section 3. Be it further enacted, etc,
That when the said bonds shall have been
adjudicated. as hereinafter set forth, 1t
shall be the duty of the Board of Liqui-
dation, City Debt, to Immediately cause
said bonds to be engraved and executed
in such denominations and payable in the
currency of such country or countries as
Indicated or the Board of Liquidation.
The Board of Liquidation. City Debt,
shall have the right to prescribe the
amount of the deposit that shall accom-
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. ,.tan efc
seet ,Sa aI Be i Il farnfidation 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
amount of their respective bids. upon fur,
nishing security satisfactory to the Board
of Liquidation, City Debt, and at such
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 sald Donds
other than a local bank. then the proceeds
of the sale of the bonds awarded to said
successful bidder or bidders snail pc 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-
! - <1,o Dbl 1io
ish of Orleans shall be made In the form
of warrants or drafts on the Board of Ii
quotation. City Debt. setting forth the
able and the purpose for which the pay
ment is made; and the Board of Liquida-
tipn, City Debt, is hereby charged with
or improper or unlawful payments are
Imare cut of said funds.
Section 5:-Belt further enacted, etc;
That the annual instamentd o 81 ps fsBo
OOO) and the interest on said bonds sisa.l
be payable out of the one-half OF the sur,
plus of the one per cent. debt tax levied
Article 317 Of the Constitution Of the
State of Louisiana. adopted in the year
1913, and dedicated for the use of the
after providing for the principal and in
terest on the one hundred and seventy
four thousand. six hundred and sixty two
dollar dollars sess school IN pr1sIa sum
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
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 d.
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 BIZ 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, 1915.
and annually thereafter pay and redeem
Ifftythousand dollars ($50.000). 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 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 and
payments which the Board of Liquidation,
City Debt. is herein authorized to make
out of said one-half of the surplus OF the
one per cent, debt tax. the City OF New