New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1868-08-07

the movable and immovable property IL
the State will be sufficient Tor the purpose
of paving the said interest, and for the an
nual reduction Of fifty thousand dollars o
the said principal; and it shall also be hi:
duty to notify the several Sheriffs and Tax
Collectors of the rate of taxation as ascer
tanned and fixed for the purpose aforesaid
and said tax, as annually ascertalned anG
fixed is hereby annually levied upon all the
movable and immovable property that may
be annually assessed in this State; and il
shall be the duy of the several Sheriffs and
Tax Collectors to collect said tax, and the
collection of the same shall be enforced
as the law provides, or may here.
after provide for the collection of ether
taxes; and as the proceeds of said tax shall
be paid into the treasury the same shall be
placed to the credit of fund to be known
as the Two Million Relief Fund.- which
fund is hereby declared sacred deposit for
the sole purpose of paying interest on and
effecting the redemption OF the bonds issued
under this act.
SEC. G. Be it further enacted, etc, That
1t shall be the duty of the Auditor and
| Treasurer at least once in every year to give
| public notice for thirty days in one or more
newspapers published in the cities OF New
! Orleans and New York of the amount in
the treasury applicable to the redemption Of
the bonds issued under the provisions of
this act, and to invite sealed proposals for
INC cd4S VI llLe StIut 10 the state OF LOul-
! siana, which sealed proposals shall be
opened on the day and at the hour named
IN the advertisement by the Auditor and
| Treasurer, in the presence of the Governor,
or in his absence, the Secretary OF State,
and the lowest bids then made shall be &C.
| cepted to the extent Of the money in the
| treasury applicable to the purchase; and
| the bonds thus purchased shall be de-
| faced and cancelled by the officials
above named, and their proceedings report.
| ed to the General Ass 3mbly at its next SEES
sion. Provided, however, that no bid shall
be accepted which demands more than the
face of the bond and the interest accrued
since the last preceding coupon.
SEC, Z. Be it further enacted, etc., That
the sum of five thousand dollars, or so much
thereof as may be necessary, be and the
same is hereby appropriated to pay the ez-
peDses of printing, Hthographing, or en-
craving, or stamping said bonds, to be paid
on the warrant of the Governor.
Sec 8. Be it further enacted, etc, That
this act shall take effect from and after it's
passage.
An act to authorize the issue of onds in
exchange for certificates of indeb tedness,
auditors warrants, matured interest cou-
pons on State bonds, and to provide for
the payment of interest end principal OF
said bonds.
| oEGIlON l. De II enacted DJ the oendte
| and House Of Representatives of the State
of Louisiana in General Assembly convened,
That the Governor OF this State is hereby
authorized and directed to issue the bonds
OF the State, to be signed by hlrn, and
| countersigned by the Secretary of State,
| and sealed with the seal of the State, to the
amount of three millions of dollars, or so
much thereof as may be necessary, payable
in twenty years, and bearing interest psya-
| BILE semi.adnually at the rate of six per
| cent per annum. The said bonds shall be
registered in the books of the Auditor and
Treasurer; shall be dated on the first day
of September, 1858; shall be made in sums
Of one hundred, five hundred, and one
| thousand dollars; shall be made payable to
bearer, and shall have interest coupons at
tached, made payable in the city of New
York at such place as the State Treasurer
may designate, on the first day of Septem-
Der and the first day of March of each year.
which interest coupons shall be signed or
stamped by the Treasurer of the State.
SEC. 2. Be it further enacted, ETC., That
/ the Governor, Treasurer, and Auditor
of Public Accounts are authorized to pub
fish notice when the said bonds are ready
for issue, and in sucn notice to set forth
freely the intent and design of this act, and
to continue the publication thereof for the
period of ninety days in the official journal
of this State and such other journals as they
;
said period of ninety days and NO longer the
Treasurer and Auditor of Public Accounts
shall deliver the bonds aforesaid to the
holders of certificates of Indebtedness
against the State, the warrants of the
Auditor of Public Accounts and the
interest coupons on State bonds past due
which were due and payable on or before
the first day of July, 1868, in exchange for
such certificates, warrants coupons, and
other evidences Of Indebtedness, and in
amount equal TO the amount of all such
certificates, warrants, coupons, and evil
dences of Indebtedness, when in even sums
of one hundred dollars, i've hundred dol
lars, and one thousand dollars, it being the
intent and purpose of this act to fund the
floating and unfunded debt of the State of
Louisiana herein mentioned, audited. adj
iusted, and due on the said first day Of
July, 1868. Provided, that no bonds shall
be delivered in exchange for any coupons
certificates of indebtedness, or audits Of
date prior to July !, 1868; and further, that
after the expiration of the aforesaid ninety
days, dating from and after the first day 81
the publication of the notice aforesaid, nc
bond shall be issued in exchange as above
/ authorized, and that all the said bonds re
manning in the hands of the Auditor Of Public
!, Accounts shall be destroyed in presence OF
/, the Governor, Treasurer, and Auditor Of
Public Accounts, and process UeTbdl of sucf
destruction published over their signature,
,, in the official journal of the State, certified
by the Secretary of State.
. SEC. 8. Be it further enacted, ETC., Tha
J after the expiration of the aforesaid ninet,
days none Of the certificates, warrants, AM
coupons herein referred to shall constitut
/ q valid claim against the State Of Louisiana
! but that the same are hereby declared null
and cancelled, 1t being the intent and pur
{ pose of this act to fund the entire floating
| and unfunded debt of the State herein men
! toned due and audited on the first day o.
July, 1868.
SIC. 4. Be it further enacted, etc., Tha
! | Immediately after the issue of the last O
the bonds herein above provided for, AM
| | after the destruction of those remaining uu
! issued as directed in section second of THU
act, the Auditor of Public Accounts shall
e estimate the amount of the annua
interest of all said bonds. adde,
3 to one.twentieth part of the principal
e and to levy on the assessment rolls of tn
i year 1868, tax sufficient to meet the pay
) ment of the said annual interest, and
E twentieth part of the principal, and TO COZ
/ tinue to estimate and levy annually tn
!. said tax on assessment of each year, unit
0 all the bonds issued under this act, and tn
: interest coupons thereon shall be redeeme
It and paid; said tax, to be known as the ia
T Of floating debt bonds. and all sums PAL
: into the treasury therefrom to be placed
!. the credit of the fund known as the doAtih
g debt fund, which fund shall be issued e.
u Clusively In payment of interest on, an
}, redemption of the above described bond
/ and for no other purpose whatsoever.
Il SEC. 8. Be it further enacted, ETC., Tins
/. this act SHAH take effect from and after il
e PASSAGE
! Mr.. Brewster, chairman Of the Committc
- -. ..h..t4aoa a..