The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1914-09-12

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
ish of Orleans shall be made in the form
of warrants or drafts on the Board of lii
quotation, City Debt, setting forth the
amount thereof, the person to whom pay
able and the purpose for which the pay
ment is made; and the Board Of Liquida-
ton, 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 5. Be it further enacted, etc,
That the annual installment of principal
amounting to fifty thousand dollars $780,
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 317 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,
after providing for the principal and in
terest on the one hundred and seventy
| four thousand six hundred and sixty two
dollars (s174,662), in principal sum, of
bonds known as School Teachers Salary
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
iabove 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 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
lpair, the provisions of Article 81 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, 1916,
and annually thereafter pay and redeem
fifty thousand dollars ($5OOO0), in princi-
lpal 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
Orleans, shall, and it is hereby made Its
duty to pay over to the Board of Liquida.
ton, City Debt, beginning on or before
the first day of July, 1915, and annually
thereafter up to and including the veal
1894, the sum of one hundred thousand
dollars ($100,Q00) in cash, and beginning
on OR before the first day of July, 1885
and annually thereafter up to and includ
, ing the year 1854, the sum of fifty thous
. and dollars ($50,0OO) in cash, and suci
further sum as may be necessary in eacl
, Iyear to pay the interest on the bonds here
in authorized and then outstanding II
enable the City of New Orleans to maxi
such annual payments, the said city il
authorized to issue and to sell so mucl
of the public improvement certificates au
. thorized to be issued under Act No. Sc o
: the General Assembly of the State of Lou
i sana, Session of 1908, or amendment
presently existing thereto, or that may b.
hereafter made, as may be necessary TO
J. said purpose; and such certificates shal
= be sold by the City of New Orleans unde
sealed proposals to the highest bidder, il
i, such amounts and under such condition
y as the City of New Orleans may prescribe
y The City of New Orleans shall be entitle
:, to reject any and all bids for such Ger
u tifcates; provided, however, that nothin
Il herein contained shall be construed tc
in any manner, relieve the City of Ne,
y Orleans of the obligation to make the an
;. nual payments herein designated; and i
L the event that the City Of New Orlean
:, should fail to make any payment whe
y same shall become due, it shall be the dut
e of the Board of Liquidation, City Debt, t
IT compel, by mandamus or other appropri
: ate remedy, the City of New Orleans t
a pay over to it the amount thus due. WheI
= land as soon as the Board of Liquidation
It City Debt, shall have received from tn
' City of New Orleans any such annual pay
lie ment, the money so received shall b
it forthwith paid over by the Board of Ii
v LIQUIDATION, City Debt, to the Board {
,r Directors of the Public Schools for tn
If Parish of Orleans.
j. Section 8. Be it further enacted, etc
d That the proceeds of the sale of two mil
e. lion dollars of bonds herein authorized
h be issued shall be expended solely for tn
IS following purposes, to-wit:
'r For the acquisition in the lame of tn
Is City of New Orleans, either by purchas
l. or by appropriation proceedings to be ir
sr stituted iE the name of the City of Ne
IS Orleans, of such sites as may be neces
IF sary for the erection, extension or er
= largement of school houses and their al
lie purtenances, or for the establishment
Of Fairgrounds or stadia connected with tn
se public school system of the City of Ne
IS Orleans; and for the construction, or er
l. largement,or maintenance of school house
Of and school buildings and other edifice
lie and appurtenances thereto.
ANY and all contracts for the purchas