St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1914-10-17

INSTITUTIONAL
I AMENDMENTS
i, CONTINUED from page ~
t3oard Of Liquidation, City, Debt, in
he advertisement for said bids; pro-
tided that NO sale of said bonds shall
se made unless all of said issue be
hold and unless the average price OBJ
sained for the different maturities
3hall at least equal par and accrued
interest for the entire issue. The
.s3oard of Liquidation, City Debt, shall
have the right to reject any and all
)ids.
: Section 8. Be it further enacted,
1tc., That when the said bonds shall
have been adjudicated, as hereinaf-
Ter set forth, it shall be the duty OF
The Board of Liquidation, City Debt,
% Immediately cause said bonds to
ebe engraved and executed in such
denominations and payable in the cur
.ency of such country or countries as
he successful bidder or bidders may
have indicated or the Board OF Llqul-
iation, City Debt, as the case may be.
The Board of Liquidation, City
Debt, shall have the right to pre-
scr.be the amount of the deposit that
shall accompany each bid, the con-
lions under which same shall be-
.sme forfeited, the time within which
the bonds shall be delivered after the
adjudication, and, generally, all
.erms and conditions appertaining to
she bids and adjudication not other
Wise provided for by this act.
Section 4. Be 1t further enacted,
stc.. That the Board of Liquidation,
city Debt, shall deposit the proceeds
81 the sale of said bonds In such local
bank or banks as may become the
successful bidder or bidders for said
bonds in proportion to the amount
Sc their respective bids, upon furnish
Ing security satisfactory to the Board
81 Liquidation, City Debt, and at such
rate OF interest as the Board Of Id
nuidation. City Debt, may fix and an
nounce in the advertisement calling
Cor bids. In the event that the sue
$essful bidder or bidders for all or
any part of the said bonds shall be
some person, firm or corporation oth-
er than local bank, then the pro-
kceeds OF the sale of the bonds award
ed to said successful bidder or bid
3aers shall be deposited 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 Directors of the Public Schools for
The parish of Orleans shall be made
" the form of warrants or drafts on
Ihe Board Of Liquidation, City Debt,
5etting forth the amount thereon, the
person to whom payable and the pur-
pose for which the payment Is made;
and the Board of Liquidation, City
Debt, is hereby charged with the duty
ne taking care that no irregular or
Improper or unlawful payments are
made out of said funds.
Section 5. Be 1t further enacted,
Dkc., That the annual installment OF
SF1ncipal amounting to fifty thousand
lollar ($5O,O0O) and the interest on
baid bonds shall be payable out OF
ne one-half of the surplus OF the one
~ cent, debt tax, levied by the City
81 New Orleans by virtue of Article
III Of the Constitution Of the State
5k Louisiana, adopted In the year
f112, and dedicated for the use OF
public schools Of the parish OF
kleans, after providing for the prin-
6pal and interest on the one hundred
md seventy-four thousand, six hum
lfed and sixty-two dollars ($174.-
b61.OO), in principal sum, of bonds
Known as School Teachers Salary
Bonds Of the City Of New Orleans.
by Act No. 2 OF the Cen
md Assembly OF the State Of LOUISE
N, session Of 1906, and subsequent j
= adopted as an amendment to the
of this State; and tho
sid one-half Of the surplus Of the
no per cent debt tax, subject to the
receptions specified herein above inn
nediately set forth, Is hereby dedi-
Ated and pledged to the payment Of
10 bonds hereby authorized to be Is
ned, In principal and interest; and
be Board of Liquidation, City Debt.
: hereby directed to employ said
und to the extent necessary to carry
mt the purpose of this act; provid-
a that nothing herein contained
hall otherwise change, affect or i'm
mir, the provisions of Article 317 of |
ho Constitution of this State.
4 Section s. Be 1t further enacted,
te., That the Board of Liquidation,
;ity Debt, shall, ON the first day Of |
anuary. 1916, and annually there
1ter pay and redeem fifty thousand
ollars ($50.000) in principal sum
said bonds. The plan and sched-
. Of redemption shall be determin-
BY the Board of Liquidation, City
1ebt, and announced by 1t In the
calling for sealed bids.
Section Z. Be 1t further enacted,
&C.. That in order to reimburse the
|Oard OF Directors Of the Public
chools for the parish Of Orleans for
10 deductions and payments which
be- Board Of Liquidation, City Debt,
j hereby authorized to make out of
Md one-half Of the surplus OF the
no per cent, debt tax. the city OF
|ew Orleans, shall, and it Is hereby
lAde its duty to pay over to the
GARD Of Liquidation, City Debt, be-
Inning on or before the first day OF
MY. 1915, and annually thereafter
5 to and including the year 1894,
Is sum of one hundred thousand dol
lrs ($1OO,O00) in cash, and begin
lng ON or before the first day OF
MY. 1885, and annually thereafter
- owN includ3n0 the wear 1884