The Rice belt journal. (Welsh, Calcasieu Parish, La.) 1900-19??, 1916-08-11

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deposit with the said party Of the
second part, at its bank in Elton, the
pro rata amount authorized by law, as
one of the fiscal agents of said road
fund save and except the amounts re-
served for it's joint fiscal agents; that
after the exhaustion of said special
road fund, then the party of the Sec
ond part shall receive for deposit as
such joint fiscal agent an equitable
distribution of the regular and ordi-
nary funds of the parish; all such de-
posts to be made promptly as funds
are collected.
2. Party of the second part hereby
agrees and obligates itself to pay
said party of the first part interest
at the rate of three per cent "a per
cent? per annum on ali deposits so
made with it, said interest payments
to be credited monthly on the aver
age daily balances deposited by the
said party of the first part as herein
provided.
g. Party Of the second part fur
Their obligates and binds itself to cash
all warrants legally issued by the
party of the first part presented to it
during the existence of the contract;
said party of the first part to pay
and said second party to accept inter-
est at the rate of eight per cent e
per cent? per annum on all payments
so paid by it, statement for interest
from their respective dates so made by
said party of the second part; said in
terest to be paid monthly on the daily
average of the amount of warrants
due said party of the second part to
be rendered and approved monthly.
4. 1t is mutually stipulated and
agreed that said party of the first
part shall redeem all warrants so
cashed by said party Of the second
part in the order in which said war
rants are issued and as rapidly as
funds on deposit to the credit of the
said party of the first part, as herein
provided, shall make possible.
5. It is further understood and
agreed that either party to this con-
tract shall have the right to terminate
it by giving the opposite party thir-
ty (3O) days written notice of said in
tention; provided however, that said
party of the first part shall exercise
its right to terminate this contract on
ly after it shall have redeemed its war
rants which said party of the second
part shall have csshed under the
terms of this contract and shall have
paid all interest that may be due said
bank.
Be it further resolved, etc, that j.
S. IRENE, President of the Police Jury,
be and he is hereby authorized to ex-
ecute said contract on behalf of the
said Police Jury in his capacity as
President thereof, on said Bank fur
nishing bond in the sum of Ten Thou
sand Five Hundred Dollars (S10,500)
to be continued during the period of
continuance of this contract, that
said party of the first part to pay its
pro rata premium tor said bond; and
the said lbank furnishing bond MS
aforesaid for the period of this con-
tract for all purposes under its said
agency.
Adopted August 8, 1916.
J. S. IRENE,
President Police Jury.
Attest:
JOHN T. HOOD,
Clerk of Police Jury.
The Police Jury then went into Ex-
ecutive session.
The Police Jury went into the cleo
ton of an Engineer to supervise the
construction of the system of improv-
ed highways contemplated by the
S5OOO0O.OO authorized bond issue for
good roads, and Col. W. H. Stevens
was elected subject to his entering in
to a contract approved by the District
Attorney and this Police Jury.
Motion by Mr. Pitre and Seconded
by Mr.. Guidry that the District At
torney be instructed to draw up a con-
tract between the Police Jury and
the Highway Engineer and to submit
the same to the Police Jury for its
consideration and approval at meet
ing to be called on Monday, August
the 7th, 1916. Carried.
Executive session closed.
ACCOUNTS ALLOWED.
Police Jury mileage and per
diem --------------------S102.40
Public printing and stationery 1928
Criminal expense ----------- 1885
Court house bond issue 90
Bridge keepers salary ------- ESQ
Light and water ------------ 1905
Pauper fund --------------- 1000
Salaries for July ,.--------- 369O7
Public improvement -------- 1925
Contingent ---------------7 03.03