New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-03-30
NO 90.
4 N ACE

To provide for the payment or funding of
the floating abt of the State, by the Issue
and sale or exchange of State bonds.
SECTION l. Be it enacted by the Senate and
House OF Representatives, Of the State of
Louisiana III General Assembly convened,
That the Governor OF the State Of Louisiana
be and is hereby authorized and required to
issue the bonds of the State for the sum Of
one thousand dollars each, TO the amount Of
three millions OF dollars, payable IN forty
years from the first day OF May, one thou
saud eight hundred and seventy, bearing
interest AT the rate OF six per cent per an
mum, payable seml-aunuaily, With interest
coupons attached. The bonds shall be
signed by the Governor, witnessed by the
Secretary Of State, sealed with the seal OF
the State. COuntersigned by the Auditor 81
Public Accounts ana State Treasurer, and
registered in the books OF their respective
offices. Each bond shalt bear the date and
title Of this act printed, stamped or engraved
upon the back or margin, together with
such extracts from the said act as the Gov
ern0r may see lit to direct, for the infurmH-
tion of the purchasers thereof, ana the said
bonds shall! be dated May first. one thousand
eight hundred and seventy.
SEC. z. Be IL further enacted, etc, That
the Governor, Auditor of Public Accounts
and the President OF the Cil'Zens' Bank,
who is hereby constituted tt c Fiscal Agent
of the State for the purposes Of this act,
shall Jointly constitute and form Board of
Liquidation, and that they b. authorized to
sell the aforesaid bonds IN New York, Lon
don, Paris, Hamburg or Frankfort after
notice in each of said cities tor proposals
for the purchase OF said bonds; the said
bonds shall not be sold at a less rate than
seventy-two dollars il current money for
each one hundred dollars in bonds, AID the
proceeds Of such sale shall be paid into the
Cf fha n. 70 10 nF r,,,,
TO be known ami designated as the Floating
Debt Liquidation Fund, and TO be employed
under the direction OF the Board OF LiQui.
dation solely aud exclusively for the pay
ment and redemption of the floating debt
OF the State, past due interest, coupons and
past due State bonds; provided, that this
act shall apply only to debts contracted and
adjusted in due and legal form prior to
April first, one thousand eight hundred aud
seventy.
SEC. 3. Be it further enacted, ETC., That
at the expiration of the thirty days from
and after the passage OF this act the said
Board OF Liquidation shall not have sold
the said bonds in accordance with the pro-
visions of the second section Of this act,
then and in that case they are hereby au-
thorized and empowered to exchange the
aforesaid bonds at the rate of one hundred
dollars in bonds for each and every seventy
two dollars OF all outstanding evidences of
Indebtedness against the State OF Louisiana,
which may have been issued IN accordance
with law prior to the passage of this act.
Sec. 4. Be it further enacted, etc, That
the Auditor of Public Accounts shall, once
in each year, estimate the amount Of the
the provisions OF this act, together with a
sum equal to one-fOrtieth part of the bonds
Issued, and calculate as nearly as prac.lca
be what rate OF tax on the total as8sessec
real or personal property OF the State, will
be required to produce the sum aforesaid: !
and he shall add the said rate To the rate OF
tax already assessed for general purposes, |
aud the tax SO calculated and assessed shall |
be collected il currency, ana paid iuto the |
treasury of the State, as the same time |
and in the same manner as other general |
State taxes are required to be collected and |
paid, and the money so collected shall be |
credited on the books OF the Auditor and |
Treasurer TO & special fund, to be known |
and designated as the " Floating debt bonds |
fund, y and the amount so collected. from |
year 10 year, is hereby annually apprOpri- |
ated for the payment Of the interest AMI |
part of the principal OF the bonds author |
lied by this act.
SEC. 5. Be it further enacted, etc, That |
the aforesaid President OF the Citizens |
Bank upon becoming fiscal Ggent Of the |
State, for the purposes OF this act, sh al exc |
CulC SUCH DUi4u as the governor may EH- !
quire before entering upon the discharge of |
his duties conditioned for the faithful per-
formance of the same.
SEC. s. Be it further engcted, etc, That |
from aud after the first day of ApIii, one |
thousand eight hundred and seventy, lawful |
money OF the United States only sbail be re-
ceivable for the taxes and licenses due this |
State.
SEC. Z. Be it further enacted, etc, That |
the sum of three thousand dollars, or so
much thereof as may be necessary, be and |
the same are hereby appropriated to pay the
expenses of printing or engraving the above |
described State bonds, which shall be payao.e
on the warrant of the Governor, and that |
this act shall take effect from and after it's
passage.
(Signed) MORTIMER CARR,
Speaker of the House of Representatives. |
(Signed) OSCAR J. DUNN,
Lieutenant Governor and President Of the |
Senate.
Approved, March I6. 1870.
(Signed) Fl. G. WARMOTH,
Governor of the State of Louisiana,
a true COPY: