The Bossier banner. [volume] (Bellevue, Bossier Parish, La.) 1859-1952, 1870-03-26
An Act

10 DFONlu C HnCduo toi WIZ pay hfVht
OF work done, or to be done on
the levees of the State, under
contract by the Board OF PUBLIC
Works, by The Issue of the bonds
of the State to the amount of
three millions OF dollars, and to
provide for the redemption of
said bonds.
Section /. Be it enacted by tle
Senate and House of Representa-
tives of the State of Louisiana in
General Assembly convened, That
immediately after the passage of
this act, the Governor of the State
be. and he is hereby authorized
and required to issue the hOHtls of
the State, TO be signed by himand
c0untersigned 10y the Secretary of
States and sealed with the seal oil
the tate, to the amount of three
millions of dollars, payable in five
years from the date. OF issue, aud
bearing interest, payable Semi AN
nually, at the rate of eight per
centum per annum. The said
bonds shall be registered iii the
books of the Auditor and TreaSur-
er; shall be dated on the first day
of March, 1870; shall be. made i'll
sums OF 5000 each; shall be made
payable to bearer; and shall have
interest coupons attached. payable
in the city of New Orleans, or the
city of NewgYork, al the option of
the holder, on the first of Septem-
Der and first OF March of each
wear, which interest coupons shall
be signed or stamped hy the
Treasurer of the State. For the
paymept of the principal and in
terpst ofsaid bonds the faith of
the State is Internationally pleds
ed to the holder thereof.
See. 3. BE it further enacted,
etc, That the bonds issued under
the provisions of this act shall be
deposited il, the Site treasury,
subject to the order OF the follow
ing persons, or a majority ofthen,
to wit: the fiscal agent OF the
State, acting Ia conjunction with
the Governor and President of
the Board of Public Works.
See. 3. BE il further enacted,
etc, That the more eifectnally to
carry out the purpose "f this act,
the President OF the Citizens Bank
of Louisiana shall be dertued the
fSe;Ghageni of tite State tor the
purposes solely of this act, AID is
in conjunction With the Governor
and President Of the Board OF
Public Works, or IA majority of the
above named persons '1are" here
by Authorized to sell said bonds
or any portion OF them, at their
highest ffark ct svalue. hut never
at less rate than 80 cents 0n the
dollar, al such tiale and in such
manm.r as they may deem rxIedi-
ent, and their transactions in the
interest OF the State shall from
time to time be made public in the
oftiiciaAsjouFnal; provided, howey-
er, that said bonds shall be- sold
only as claims to he satisfied from
their proceeds that may accrue.
See. 4. Belt further enacted,
ETC., That the proceeds OF the sale
of said bonds, as provided for in
the preceding section, shall be-
paid into the State Treasury, and
shall be applied exclusively to
the payment of claims tor work
done under contract with the eX-
listing Board of Public Works of
the State, on the tvees as set
forth in, the in the State, to be
dawn from the Treasury ON the
warrant of the President of the
Board of Public Works, counter
signed by the secretary OF said
board. -,..4
Sec. S. Be it further enacted,
ETC., That all claims presented for
payment under the provisions OF
this act, when approved by the
Beard, OF, Public Works, in writing
endorsed on said claims, shall be
filed hy the secretary ofsaid board,
and deposited with the archives
OF the board, subject to theinspec..
ton of the Governor, Attorney
General, Secretary of State and
members of the State Legislature,
aud shall he reported totle GEN
eral Assembly at its next session.
See. 6. BE it further enacted,
ete, That t2'proyide forthe puuct-
ual pas inent Of the. principal and
interest Of tue bonds issued under
the provisions OF this act. a spe-
cial tax ofone-quarter of one per
cent. is hereby levied upon the es-
tate, real and personal, through