New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1866-01-05
OFFICIAL:
6rArH OF LOUISIANA, EXECUTIVE DEPARTMENT,
New Orleans, Dec. %, 1896.

No. IL
6rArH OF LOUISIANA, EXECUTIVE DEPARTMENT
New Orleans, Dec. 20, 1896.
In accordance with the provisions of an act Of
che General Assembly, hereto annexed, proposals
are invited and will be received for thirty days,
expiring January 3lst 1866, for the purchase Of
one million Of dollars Of bonds of the State. paya-
BILE in twenty years, bearing interest, payable
semiannually, at the rate of eight per centum per
annum and secured by the pledge of all the pro-
eeeds of the sales of the public or swamp lands
belonging to the State.
Bids will be received as low as one thousand
dollars. to be addressed to the Governor of the
State, and Endorsed " Proposals for the Purchase
of Bonds"
For the information of capitalists and others who
may wish to invest in these bonds, statement is
annexed. prepared by the Register of the Land
Office, showing the number of acres of swamp
lands remaining unsold, and from which, it will be
seen, the security offered for the redemption of
the bonds and the payment of the accruing inter
est, is ample and certain With the present deprc-
citation of paper currency below the standard of
gold ,abese bonds offer inducements for investment
of capital that cannot fail to be appreciated by the
moneyed men of the country.
J. MADISON WELLS,
Governor of Louisiana.
mo. 35.l
AN ACT TO AUTHORIZE THE GOVERNOR ISSUE THE
BONDS OF THE STATE FOR THE AMOUNT OF ONE
MILLION OF DOLLARS AND TO PROVIDE FOR THE
PAYMENT OF THE SANE, TO DEFRAY THE EXPENSES
OF BUILDING LEvEEs, IN ACCORDANCE WITH THE
CONTRACTS MADE BY HIM AND THE LEvEE coMMts-
8IONBRS, APPOINTED FOR THAT PURPosE.
SECTION. l. Be ii enacted by the Senate and
House of Representatives Of the State Of Louisi-
ana In General Assembly, concerned, That the
Governor of this State is hereby authorized to
Tissue the bonds of the State, to be signed by him,
and countersighed by the Secretary of State, and
sealed with the seal of the State, in sums as he
shall think proper, up to the amount Of one mil
bon of dollars, payable in twenty years, and bear
ingNinterest payable semiannually, at the rate Of
eight per centum per annum.
SEQ. 2. Be it further enacted, etc., That the
Governor, in conjunction with the Board of Levee
Commissioners shal! advertise for thirty days in
the official paper, and two other papers, published
In the city of New Orleans, for proposals for the
purchase of the bonds issued under the provisions
of this act and upon the receipt of the bids the
Governor and Board Of Commissioners shall have
the power to accept or reject the same, as they
may deem best; provided that in the event Of the
bids being under par and rejected, the Governor
and Board of Commissioners shall be and are
hereby authorized to pledge said bonds, or any
part thereof, to borrow the money necessary to
carry ont the provisions of this act, until the
Legislature shall otherwise provide or direct.
SEC. 3. BE it further enacted, etc, That to Sc
cure the payment ofthc said bonds ana all interest
that may accrue thereon, ali the proceeds Of the
sale Of the public or swamp lands belonging 10 the
State are hereby pledged.
SEC. L. Re 1t FURTHER enacted, etc, That If during
the year the proceeds OF the sale of the Public or
Swamp Lands belonging to the State SO pledged
for the redemption of said bonds after ceseTvug
an amount sufficient to meet the interest coupons
there shor be a surplus, said surplus shall be ap
piled to the purchase from the lowest bidder OF
such bonds issued under this act, and the Governor
and the Commissioners or amajority Of them, shall
have the right Of rejecting all bids, demanding
more than the facc of the bonds, for which pur-
pose, public notice shall be given by the Governor
in the official gazette and other gazette in oil
out Of the State for sixty days inviting proposals
from bond holders for the gale of the bonds, here
in described.
after date.
(Signcdl DUNCAN s. CAGE,
Speaker Of the House OF Representatives
(Signed) ALBERT VOORHEES,,
Lieutenant Governor and President of the Senate
Approved December o. 1865.
{Sigucd) j. MADISON WELLS
Governor of the State Of Louisiana
A true copy:
J, H. HARDY,
orE