The Rice belt journal. (Welsh, Calcasieu Parish, La.) 1900-19??, 1916-08-11
POLICE JURY MINUTES
Continued from page onel

StdtS VI hOh'S'@N
Parish of jefferson Davis.
Know all men by these presents:
This contract made and entered IN.
to by and between the Police Jury Oh
the Parish of jefferson Davis, hereih
represented by J. S. Ireme' its duly
authorized President, party OF the
first part; and the Calcasieu National
Rank of Southwest Louisiana at Lake
Charles, a corporation organized un-
der the laws of Louisiana, at Its Of
flee in the City of Jennings, Louisiana
herein represented by H. H. Hoag, its
duly authorized manager, herein call
ed party of the second part:
Witnesseth-Whereas, 1t is neces-
sarv for the party of the first part
to make arrangements fer the pay
ment of the legally authorized oOi:ga-
tons of the Parish of JeIIe-son Da-
Wis, prior to the time any OF the tax,
es of 1916 will become available, and
whereas said party of the second part
is willing to furnish the funds neces-
sarv to pay said legal obligations on
the terms and conditions herein pro-
vided, as follows:
/. Party of the first part during
the existence of this contract shall de-
post with said party Of the second
part, at its office in Jennings Louisi-
ana, Welsh, Louisiana, and Lake Ar
thur, Louisiana, all the revenues OF
the Parish of jefferson Davis over
which said party Of the first part shall
have control. save and except the
amount authorized by law, reserved
for deposit, out of the special road
fund, an equitable distribution of the
regular and ordinary funds of the
Parish; such deposits to be made
promptly as funds are collected.
2. The said party of the second
part hereby agrees and obligates it.
self to pay said party of the first part
interest at the rate of three per cent
per annum on all deposits so made
with it, said interest payments to be
credited monthly on the average daily
balances deposited by said party of
the first part as herein provided.
8. Said party of the second part
further binds and obliges itself to
cash all warrants legally issued by
the said party of the first part pre-
scented to it during the existence of
this contract; said party of the first
part to pay to said second party in
terest at the rate of eight per cent
per annum on all payments from their
respective dates so made by said par
ty of the second part; said interest to
be paid monthly on the daily aver
age of the amount of warrants so paid
by it, statements for interest due said
party of the second part to be render
ed and approved monthly.
A. 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
herein provided, shall make possible.
5. 1t is further understood and
agreed that either party to this con-
tract shall have the right to terminate
it by giving the opposite party thirty
days written notice of said intention;
provided however, that said party of
the first part shall exercise it's
right to terminate this contract only
after it shall have reGeemed its war
rants which said party of the second
part shall have cashed under the terms
of this contract and shall have paid
all interest that may be due said
bank.
Be it further resolved that J. S.
IRENE, President or the Police Jury,
be and is hereby authorized to exc
cute said contract on behalf of the
said Police Jury in his capacity as
President thereof, en- said Bank fur
nishing bond in the sum of Seven
Thousand Five Hundred Dollars (s7,-
100000 to be confined during the pc
Rod of continuance of this contract
the said party of the first part to pay
the premium for said bond; and said
bank furnishing bond in the sum of
One Hundred Thousand dollars ($1O0,.
OOO.0O) to be continued for such time
as the Parish of jefferson Davis shall
have on deposit with the said Bank an
amount of One Hundred Thousand
Dollars ($10O,OO0.OO) or more of the
good roads fund of said parish; all
premiums for said bond to be paid by
the Bank.
Adopted August 8, 1916.
j. S. IRENE,
President of the Police jury
Attest
JOHN T. HOOD,
Clerk of Police Jury.
Mr. Hathaway moved the adoption
of the following resolution, which was
seconded by Mr.. Pitre and on being
put was carried unanimously.
"Be it resolved by the Police jury
Of Jefferson Davis Parish, Louisiana
that the following contract be enter.
ed into between the said Police jury
and the Peoples Bank of Elton, at ri.
ton, Louisiana, viz:
State Of Louisiana.
Parish of Jefferson Davis.
Know all men by these presents:
This contract made and anta,.ad =,