New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1866-01-30
OFFICIAL.

NO. l.
STATE OF LOUISIANA, EXECUTIVE DEPARTMENT, l |
New Orleans, Dec. Is, 1863 |
In accordance with the provisions Of an act Of
the General Assembly, hereto annexed, proposals |
are invited and will be received for thirty days,
expiring January 3lst, 1865, 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-
ceeds 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 a statement is
annexed, prepared by the Register of the Land
Office, showing the number of acres of swamp
lands remaining unsoId, and from which, it will be
seen, the security offered for the redemption of
| the bonds andthe payment of the accruing inter-
est, is ample and certain. With the present depre
citation of paper currency below the standard of
gold, these bonds offer inducements for Investment
of capital that cannot fail to be appreciated by the
moneyed men Of the country.
| ]. MADISON WELLS,
| Governor of Louisiana.
| m mo. 35.]
| AN ACT TO AUTHORIZE THE GOVERNOR TO ISSUE THE
| BONDS OF THE STATE FOR THE AMOUNT OF ONE
| MILLION OF DOLLARS AND TO PROVIDE FOR THE
| PAYMENT OF THE SAME, TO DEFRAY THE EXPENSES
OF BUILDING LEVEES IN ACCORDANCE WITH THE
CONTRACTS MADE BY HIM AND THE LEvEE CoMMIs-
| sIoNERs, APPOINTED FOR THAT PURPOSE.
SECTION. l. Be 1t enacted by the Senate and
House of Representatives of the State Of Louisi-
ana in General Assembly conuened That the
Governor of this State is hereby authorized to
issue the bonds of the State to be signed by him,
and countersigned 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
lion of dollars payable in twenty years, and bear,
ing interest, payable semi-annually, at the rate OF
eight per centum per annum.
SEC. 2. Be it further enacted, etc., That the
Governor in conjunction with the Board of Levee
Commissioners shall 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 tt
carry out the provisions of this act, until thu
j. Legislature shall otherwise provide or direct
Sec. 3. Be it further enacted, etc., That to Sc
cure the payment the said bonds and all interes
that may accrue thereon, all the proceeds of tn
sale of the public or swamp lands belonging to tn
State arshereby pledged.
Sec. 4. Be 1t further enacted, etc., Thatif durin
the year, the proceeds Of the sale of the Public Q
Swamp Lands belonging to the State so pledge
for the redemption of said bonds after reservin
an amount sufficient to meet the interest coupons
there should be surplus, said surplus shall be az
piled to the purchase from the lowest bidder {
such bonds issued under this act, and the Governc
and the Commissioners or majority Of them, sha
have the right of rejecting all bids, demandin
: more than the face of the bonds, for which pu
pose, public notice shall be given by the GoVern'
in the official gazette and one other gazette in
out of the State, for sixty days. inviting propose
from bond helders for the sale of the bonds, her
in described.
- Sec. S. That this act shall take effect from a.
after date.
(Signed) DUNCAN S. CAGE,
Speaker of the House of Representative
(signed) ALBERT VOORHEES,,
Lieutenant Governor and President of the Sena
Approved December %, 1865.
(Signed) J. MADISON WELLS,
5Y Governor of the State of Louisial
J. &. HARDY,
Ii Secretarv of State