New Orleans Republican., 1868-08-06


urer on the frat Monday of August and
| February of each year 10 set apart from
money in the treasury at the credit OF the
general fund an amount sut1clent to pay the
semi-annual interest on the outstanding
bonds issued under the provisions Of this
| act. eaH
| SEC. 6 Be it further enacted, ETC., That
to provide for the redemption Of bonds ia
| sued under the provisions OF this act, and
| for the prompt payment OF interest accru-
| ing thereon, the Auditor is hereby directed,
within thirty days after he shall have re-
ceived the assessment rolls from the several
parishes and city of New Orleans. to deter
| mine by accurate calculation what value of
| taxation ON the total assessed value of all
| the movable and immovable property in
| the State will be sufficient tor the purpose
| of paving the said interest, and for the an
Dual reduction Of fifty thousand dollars Of
the sald principal; and It shall also be his
| duty to notify the several 5heriffs and Tax
| Collectors of the rate of taxation as ascer-
tanned and fixed for the purpose aforesaid;
| and said tax, as annually ascertained aud
fixed, is hereby annually levied upon all the
movable and immovable property that may
be annually assessed in this State; and u
shall be the duy of the several Sheriff. a. d
| 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 other
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
az the 1.-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. 6. Be it further enacted, ETC., That
it 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
the sale of the same to the State of Loui
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 ac-
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, aud their proceedings report
ed to the General Assembly 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 lest preceding coupon.
SEC. I. Be il 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 eX-
peDses of printing, lithographing, or en-.
craving, or stamping said bonds, to be paid
on the warrant of the Governor.
SEC s. Be it further enacted, ETC., That
this act shall take effect from and after its
passage.
An act to authorize the Issue of bonds in
exchange for certificates of Indebtedness,
Auditors warrants natured interest cOu
pons on State bonds, and to provide for
the payment of interest and principal OF
said bonds.
SECTION /. Be it enacted by the Senate
and douse 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 bond.
If the State, to be signed by him, ana
countersigned by the Secretary of State
and sealed with the seal of the state to the
1 amount of three millions OF dollars, or 81
q | much thereof as NAV be necessary, payable
in twenty years. and bearing interest paya
BILE semi annually at the rate of six pei
= cent per annum. The said bonds shall bC
| registered in the books of the Auditor anC
Treasurer; shall he dated on the first day
) of September 1868; shall be made in suml
| of one hundred, five hundred, and ont
thousand dollars; shall be made payable t
/ 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.
|. ber aud the first day of March of each year
which interest cOu ons shall be signed Of
stamped by the Treasurer of the State.
SEC. 2 Be it further enacted, etc., Tha
;. the Governor, Treasurer, and AuditO
of Public Accounts are authorized to pub
lish notice when the said bonds are read
for issue, aud in such notice TO set fortl
| ha inf md "A inn fff or apf
o to continue the publication thereof for the
period of ninety days in the official iourna
of this State and such other journals as the
may deem necessary; and that during tn
|. said period of ninety days and no longer tn
Treasurer and Auditor of Public Accounts
shall deliver the bonds aforesaid to tn
u holders of certificates of indebtedness
against the State, the warrants of th
4 Auditor of Public Accounts and tn
= interest coupons on State bonds past du
IL which were due and payable on or befor
= the first day of July, 1868, in exchange fol
such certificates, warrants, coupons, an(
g other evidences of Indebtedness, and il
u amount equal to the amount Of all sue
:, certificates, warrants, coupons, and eve
} dences of Indebtedness, when in even sum
: of one hundred dollars, five hundred dol
: lars, and one thousand dollars, it being tn
q intent and purpose of this act to fund tn
y floating and unfunded debt of the State o
4 Louisiana herein mentioned, audited, aC
- justed, aud due on the said first day G
!, July, 1868. Provided, that no bouds sha
= be delivered in exchange for any coupons
= certificates of indebtedness, or audits {
= date prior to July l, 1868; and further, this
= after the expiration of the aforesaid ninet
:, days, dating from and a. ter the first day G
y the publication of the notice aforesaid, n
y bond shall be issued in exchange as abov
- authorized, and that all the said bonds r
e naming in the hands OF the Auditor of Publ
y Accounts shall be destroyed in presence G
- the Governor, Treasurer, and Auditor c
y Public Accounts, and a process Uerbdl of sue
Z destruction. .pa blished over their signature
- - in the official journal of the State, certiie
10 by the Secretary of State.
It SEC. 8. Be it further enacted, etc., This
IS after the expiration of the aforesaid ninet
days none of the certificates, warrants, an
coupons herein referred to shall constitut
~ u valid Claim against the State of Louisian;
lo but that the same are hereby declared nu
10 and Cancelled, it being the intent and puI
:, pose of this act to fund the entire foatin
!. and unfunded debt of the State herein mel
20 toned due and audited on the first day 9
a JHly, 1868.
SEC. 4. Be il further enacted, etc., This
= Immediately after the issue of the last {
" the honds herein above provided for, an
!. after the destruction of those remaining III
~ ~ issued as directed in section second of thi
= act, the Auditor of Public Accounts shal
! estimate the amount Of the annua
70 interest of all said bonds, adde'
~ to one-twentieth part of the principa
~ y and to levy on the assessment rolls of th
q year 1868, "a tax sufficient to meet the pa.
~ ment of the said annual interest, and
VI twentieth part of the principal, and to col
d | tinue TO estimate and levy annually Ii