New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-06-01
THE LEVEE BILL,

The bill ''To secure the construction of a
system of efficient levees for the protection
of the alluvial lands Of the Mississippi
Valley recently offered in the United States
| Senate, has the following provisions:
That a Board OF Engineers is hereby
created, to be composed of one officer of
the Engineer Corp of the United States
army, who shall be detailed for that
duty Immediately on the passage of
this act; one civil engineer to be ap-
pointed by the Governor Of the State
of Louisiana, and one civil engineer to be
| appointed by the Mississippi Valley Levee
| Company, which board shall, by action of
| majority thereof, determine the location
and dimensions of all levees or other con-
structlons to be made by said Mississippi
Valley Levee Company, a corporation cre-
ated under and by the laws of the State of
Louisiana, for the protection of the alluvial
lands OF the Mississippi valley from over
flow: and said board shall report to
the Secretary of War, the Governor of Lou
i.iana, and to the said company, plaus,
specifications and estimates for said levees
and other works for said purpose.
That whenever and as often as the presi.
dent of said company shall notify the Presi-
dent Of the United States Of the completion
OF one or more sections Of ten miles of such
levees, the President of the United States
engineer officer as he may designate, and.
upon Eeing satisfied from the report of such
officer or otherwise. that one or more
such sections of levee have been completed in
accordance with the plans and specifications
on file in the office of the Secretary of War,
shall cause to be issued and delivered to said
company the bonds of the United States
payable not less than twenty years after
date. in gold coin, and bearing interest at
the rate of six per centum per annum, pay
able semi annually in gold coin to the ex-
tent and amount of fifteen thousand dollars
for each mile of levee so constructed and
received; provided, that the whole amount
of bonds to be issued under this act shall
not exceed ten millions of dollars in the az.
gregate.
That the bonds required to be issued by
the foregoing section shall, when so issued,
constitute and be valid and subsisting
first mortgage lien from the date of the
delivery of such bond to the Presi-
dent OF said company, upon all the fran
chises, property, and revenues Of the said
company for the amount Of the bonds so de-
livered, and continue such lien until the
United States shall be REIN bursed for the
same in the manner hereinafter provided.
That the said Mississippi Valley Levee
Company shall, at least ten days be-
fore the date Of the falling due of any inter-
est or coupons on the bonds so issued and
delivered to said company, and for which
the United States he's not received payment
as in this act provided, pay into the treas
ury of the United States the amount neces-
sary. to pay such installment of accruing
semi-annual interest. And said company
shall also pay into the treasury of the United
States annually, on or before the first day of
January of each year after the third year of
the first issue of such bonds, the sum of two
per centum of the whole amount Of bonds |
issued and delivered to said company up to
that date, for the first year of payment, and !
two and one-half per centum on or before |
the first day OF January of the second year |
OF payment, and so on increasing the amount |
to be paid one-half of one per centum of the |
whole amount issued to the said company |
by the United States until the whole amount |
of said bonds shall be paid; provided, that |
said payments by said company may be
made IN money or bonds of the |
United States; and said payments |
shall be received as payment on |
the Indebtedness of said company to the
United States, and shall be set apart and be
held as a sinking fund for the payment Of
the principal Of said bonds as they mature,
and any failure On the part Of said company,
its successors or assigns, to pay said sums
Tor interest or to pay said sums for sinking
Iund as herein required, shall entitle the
United States to take possession of the
franchises, property and revenues of said
whenever the President of the |
United States may so order and direct, and |
shall vest the fee simple absolute title to al |
such fran chises, property and revenues in
he United States without any proceedings |
vt law or otherwise in the courts tor the |
foreclosure Of the equity of redemption Of
aid company in and to the same.
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