Lower coast gazette., 1914-09-12

Debt determined, as the case may be. :,
The Board of Liquidation, City Debt, tno'
shall have the right to prescribe the lol
amount of the deposit that shall accom-
pany each bid, the conditions under which Tn
shall become forfeited, the time hel
within which the bonds shall be delivered att
after the adjudication, and, generally, all nc
terms and conditions appertaining to the NE
bids and adjudication not otherwise pro- lA
vided for by this act. 10
Section 4. Be it further enacted, etc,
That the Board of Liquidation, City Debt, Sc
shall deposit the proceeds of the sale OF al
said bonds in such local bank or banks m
as may become the successful bidder to
or bidders for said bonds in proportion G.
to the amount of their respective bids, al
upon furnishing security satisfactory to a,
the Board of Liquidation, City Debt. and Ell
at such rate of interest as the Board of 81
Liquidation, City Debt, may fix and an ST
nounce in the advertisement calling for is
bids. In the event that the successful a
bidder or bidders for all or any part Of 5
the said bonds shall be some person, firm s
or corporation other than a local bank, t
then the proceeds of the sale of the bonds ?
awarded to said successful bidder or
bidders shall be deposited in such local !
bank or banks at such rate of interest S
as the Board of Liquidation, 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 Board
of Liquidation, City Debt, setting forth
the amount thereof, the person to whom
, payment and the purpose for which the
1 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 pay
ments are made out of said funds.
Section 5. Be it further enacted, etc,
e That the annual installment of principal
amounting to fifty thousand dollars ESQ.,.
OOO) and the interest on said bonds shall
be payable out of the one-half of the
surplus of the one per cent, debt tax,
. levied by the City of New Orleans by
Z virtue of Article 81 of the Constitu-
ton of the State of Louisiana, adopted
in the year 1913, and dedicated for the
use of the public schools Of the Parish
a. of Orleans, after providing for the prin-
cipal and interest on the one hundred
and seventy-four thousand, six hundred
and sixty-two dollars ($174,662), in prin-
cipal sum-, of bonds known as School
Teachers Salary Bonds of the City of
H., New Orleans, authorized by Act No. 2
~ of the General Assembly of the State of
Louisiana, session of 1906, and subse-
he quently adopted as an amendment to the
Dr. Constitution of this State; and the said
OF one-half of the surplus of the one per
no cent debt tax, subject to the exceptions
Id. specified and he%reinabove Immediately set
itv forth, is hereby dedicated and pledged
me- to the payment of the bonds hereby au'
,ds thorized to be issued, in principal anG
cn. interest; and the Board of Liquidation
City Debt, is hereby directed to en.plo!
said fund to the extent necessary to carr.
s;tv out the purpose of this act; provided tina
nothing herein contained shall Otherwis
ont change affect or impair, the provisions o
,on Article 81 of the Constitution of thi
cihs State.
Section 6. Be it further enacted, etc
tho That the Board of Liquidation. City Deb
rac. shall, on the first day Of January, 1917
and annually thereafter pay and redeel
nts fifty thousand dollars ($5O,0OO), in pril
,no, cipal sum of said bonds. The plan an
,nds schedule of redemption shall be dete
mined by the Board of Liquidation, Gil
Inn Debt, and announced by it in detail
the advertisement calling for sealed bid
! ~ Section Z. Be it further enacted, ett
! RI ludI Ill OluCl W lCluUulSC luC DUdIu
state Dateetoi 20 H y. y ane ! fo ~ ~ a dndvot;ous !,
e .ne payments which the Board of Liquid
;v ton, City Debt, is herein authorized
1n;al make out of said one-half of the su
al'G ~ plus of the one per cent. debt tax, t
a, 40 City of New Orleans, shall, and it
'Hars hereby made its duty to pay over to t
,. atad Board of Liquidation, City Debt, beg
' aant ming on or before the first day of Ju
1915, and annually thereafter up to a
~ W. including the year 1894, the sum of
w. u hundred thousand dollars ($1OO,OOO)
GO cash, and beginning on or before the Fl
@'o, day of July, 1885, and annually the
~ " after up to and including the year 10
"a. anu the sum of fifty thousand dollars ($s
OOO) in cash, and such further sum
Ii - may be necessary in each year to
~ ~ the interest on the bonds herein auth
,-r: lied and then outstanding. To enable
aiisn City of New Orleans to make such
80 nual payments, the said city is authori
lunnn to issue and to sell so much of the pu
'Aeep' improvement certificates authorized to
" " issued under Act No. Sc Of the Gen,
> olu' Assembly of the State of Louisiana,
In: LUZ sion of 1908, or amendments presel
DiuueA existing thereto, or that may be herea
hn made, as may be necessary for said
11 nUnus pose; and such certificates shall be
o 10y of by the City of New Orleans under Sc
~ " proposals to. the highest bidder, in
&C tso 1m amounts and under such conditions
h h = the city of New Orleans may presc
LIT The City of New Orleans shall be
De titled to, reject any and all bids for
nres;. certificates provided, however, that
of the ins nAeu .mnS .s s ~ ~. ~.
Schools ~, = dnS &C. 4La ,h,;ao+;o, ~ ,oI
hall be view Uiisans u snt ouns" ao.: ~ Ia =
or one LII 49, ~ G;.. &c Snn n.
cretary - LIZ = ' een tn" n ~. ~ nonnoont
7 Debt. snouiu taii ~ maAe any 10y .hnn /,
.taahoJ duty of the Board of Liquidation,
a. ot,nea Debt, to compel, by mandamus or
;nao t appropriate remedy, the City of New
'r;sL ,nf leans to pay over to it the amount
d. due. When, and as soon as the !
of Liquidation, City Debt, shall ha,
'au n ceived from the City of New Orlean
;n oooh such annual payment, the money
ILL., a; ~ ceived shall be forthwith paid ov,
"a; aDt sro ~ the Board of Liquidation, City De
';aos;on the Board of Directors of the ]
s"nrom Schools for the Parish of Orleans.
I Section s. Be it further enacted
an,apor That the proceeds of the sale of tw
d by the lloh willis y h uJnuI "e asnn,aa u
and an e. " H. s"iina ~ Mt
ling for lor I'M 'ne ~ loilowns puip's ~, .om'
further, ror ne N ac4 nEsnnun III a;+h tme h la Il,
shall be Clty vi view Gi t;an ea andi ny ~
>e"' VI stituted in the name OF the City o.
md, ~ Orleans, of such sites as may be
Jules and sary lor .le ehee1J hs,s eA.e amd ~,
uidation, largemene VI ~ sen1 eon 4 4Ho es+o "hI tm'
be ex- purtenances, VI =. ~ suna.n1
IRISH and playgi9Inus vi stauaa eoln e tMa
vestment I'VE puonG scnooi sss'e en- ~ ~ %"
o,,ro fo,c | Oh NEW OIleduS ILL " Iuc wi