Semi-weekly Louisianian. [volume] (New Orleans, La.) 1871-1872, 1871-06-01

same officers as the ordinary taxes of
the State are collected. Said ten per
centum of the said tax in lieu thereof,
| when collected, shall be paid over to
the Treasurer of the State, and shall
! be set apart as q special fund to be
known as The levee construction
fund.-" which shall not be used for any
other purpose than as compensation to
said Louisiana Levee Company. And
said fund shall be paid on the order of
the president of said company, to the
treasurer thereof.
Z. That the Auditor of the State shall
cause to be assessed and collected an
nually for the period of twenty-one
years, from and after the passage of
this act, two-tenths of one per centum
upon the assessed value of the tax
able property within the State, to be
set apart and known as the ''levee re-
pair fund.-" which said fund shall be
collected at the same time, in the same
manner and by the same officers as the
ordinary taxes of the State are col
lected, and shall be used for no other
purpose than as provided. Said fund
shall be paid over to the treasurer of
the State as compensation to said CON-
pany, for maintaining said levees in
good and efficient repair according to
the standard as hereinbefore provided;
provided, however, that on the presen-
tation to the Secretary of the State,
of certified copy of Judgment or de-
cree rendered in any court of this State,
or of the United States, together with
the certificate of the clerk of said court
that the time within which suspen-
sive appeal or writ Of error may be
taken by said company, from said judg-
ment or decree, as provided by law has
expired, and that no suspensive appeal
or writ of error operating as a suspen-
sion has been taken from said judg-
ment or decree; or that said Judgment
or decree has been affirmed by the
court of last resort upon such appeal
or writ OF error, and that said final
Judgment or decree has not been paid,
and that said final Judgment or decree
was for damages sustained by the ne
glect or failure of the said corporation
to erect, or maintain said levees as
herein provided, the said Ire lsurer of
the State may satisfy said final judg-
ment or decree, together with interest
and cost out of said fund; provided, he
shall have notified said company in
writing, ten days before such payment,
that said payment or decree has been
presented to him for payment, and the
payment of such interest and cost
shall be considered as a payment TO
said company, to the amount thereof,
out OF the moneys so set apart as pro-
vided for in this article.
8. That said company shall have full
right. power and authority to mortgage
said funds, and to transfer, by proper
instruments in writing, the power of
receiving the same or any portion
thereof, to any person or persons;
and the Treasurer of the State, up
on presentation to him of such in
! ;srulnent OF transfer, shall pay from
said funds such portion or portions
to the person OF persons SO author
ized to receive them; provided, how
ever, that if the said company shall
issue its coupon bonds, and shall so
direct, all bonds so issued by this
company shall be registered in the
Offices OF public accounts and state
treasurer, and such registry endors-
cd thereon, anlthc coupons thereto
attached shall be stamped across
their face by the Treasurer with q
fac sinite of his signature. That to
secure the prompt payment of prin-
cipal and interest of such bonds as
may be issued by this company, a
sufficient amount of the revenues
accruing under the provisions OF
this act are hereby pledged. And
after the issuance of any bonds by
this company, it shall be the duty
Of the State Treasurer to Withhold
from any funds in the State treas
ury to the credit of said company an
amount sufficient to pay all the in
terest coupons upon bonds so is
sued, falling due within six months
which coupons he shall pay from
the sum SO withheld at the time
and place SO designated on the said
coupons; and O sum equal to per