New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-03-10

cents per CuDlC yaru Ol StIu WOrA, anu 10
transmit said estimate to the Auditor of the
State. and said Auditor shall thercupcn APP
portion the sum total of the estimated cost
OF said work among tho scvera! parishes
according to the assessment rolls OF the
State, and shall annually thercattc: for the
period of twenty one years cause to be col
leCtcd ten lcr ccntrm at the sum OF said
estimates: provided. however that until
SAID estimate is made as provided in this
article the Auditor of the State shall levy
aud collect annually. in lieu OF said ten per
Ccntum of said estimate two mills upon :hc
dollar of the assessed value of the taxable
property o! the State; the SAID ten per
CcE!um of the sum of said estimates or the
said tax III lieu thereof shall bc coiicctcd at
the same time, in the same manner AMI by
the same officers rs the ordinary taxes OF
the State are collected. Said ten per ccntHm
or the said tax III lea thereof. when col
lcctrd. shall he paid over to the treasure
of t!. State and shall ac set apart as Il
special fund 10 he .nown as the ''icvec con
elruction fund" which shall not be used FOR
any other purpose than as compensation to
SAID Louisiana LcvCc Company. And SAID
fund snail be- paid on the order OF the pres
idcnt Of said company. to the treasurer
thereof.
J. That the Auditor Of tho State shall
cause to be- assessed and collected annually
for the period Of twcnty-one years. from
and after the passage oi TINS act. Two
tcnth> Of one per centlIn upon the assessed
valu" of the taxable property within ii"
state. To he set apart and NIu"n ia the
"irvrc repair fund" which SAID frnd sh9li
he collected al ;hc same :iilr. IN IN" sam.
manner and hv the same officers as The or
binary taxes OF the STATE ar" collected, AMI
shall hc used for no other purpose than a.
prov drd. Said tuud s!lal! be pl!d ovri -
the treasurer of said company. upon The ~
der of tie president thereof. by til" Treas
Urer u! the State. rs compensation 10 5a!d
company. for maintaining Shiu irvcts II
good and efficient repair according 20 the
standard a. hrrclnbct"rc ;t;ovli"i; pro
Nihcd. however. ;hat'on the presentation 10
the Secretary of the state. y: a certified
copy of IL iui yment 81 decree rendered III
any court ct this State, oi OF the | nite'!
States. together with the certificate .: Tho
clerk of said court that the :iInc within
which u >uspcnsivc appeal or writ "i error
may be taken 10y sad company. from Sa!l
.;Udsmrn: or decree, a> provided by law has
expired. ami tina; 10 sli>l'cnslTc apDea! or
| writ of error oprratin. rs "A suspension has
been taken from said iud.mru: or decree;
or that said juagmcn! or decree has been
affirmed by the cour; 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 judi .nucnt or decree was
for damages sustained 10y the neglect or fail
| urc of the said corporation to erect or main
tain said lcyers as herein provided, the sa,i
Treasurer of tho State may satisfy said tinai
Judgment or decree. together with interest
and cost ont of said fund; provided. he shall
| have notified said company III writing. ten
| days before such payment, that sadly pay
nicDt or decree has been presented to illm
| for payment. and the lpaymrat of such in
| terest and cost shall be considered As a. pay
ment to said company, to the amount
| thereof, ont OF the moneys SO set apart As
| provided for in this article.
! ). That said company shall have tutt
| right power and authority TO NOR: gage
| said funds. and To transfer, by proper in
strulnents in writing. :he power of receiv-
! ing the same. or any portion thereof. TO ans
| person OF PERSONS; and the Treasurer of the
| state. upon presentation to i,im of such IN
| strumcnt of transfer, shall pay from said
| funds such portion or portions 10 the person
| or persons So authorized to receive them;
| provided however. that if the sa,i company
| shall issue lis coupon bonds. and shall 50
| direct. all bonds so issued by this company
| shall be registered in tho Offices of public
accounts and State Treasurer. and such
! registry Endorsed thereon. and tc coupons
thereto attached snail be stamped across
! tl,civ face by the Treasurer with a ruc si~}i'
| OF his signature. That 70 secure tl.c prompt
payment OF principal and interest vi such
| bonds rs may be issued by this company. a
! su.ticien, amount of the revenues .icCrui =
under the provisions OF this act are hereby
! pledged. And after the issuance of any
| bonds by this company. 4 shall be the duty
! OF The state Treasurer to withhold from any
! funds III the State treasury t. the credit o.
| said company an amount suilcien. 70 pay
all the interest coupons upon bends 80
issued. falling due within six months,
which coupons he shall pay from the sum 50
| withheld ut the time and place So de-Ig-
mated on said coupons: and a sum equal 10
/ per cent of the principal OF III" sail bonds
| so issued Sha.! also be retained b. the State
Treasurer, which sum shall be sufficient
| only 70 fully retire the bonds at their ma
| turity. The State Treasurer sllal! annually
advertise for period of thirty days. III the
Official paper o, the State. and in at least
| one daily paper in the city of New York.
! tor sealed proposals for the sale 10 said
| Treasurer of an amount of said bonds sutfi-
| cicnt to absorb the aforesaid accumulated
sinking fund of the year, On the first Mon
| daT after the expiration OF sad publication,
| he shall opcu said bids in his office. in the
presence of the Auditor of Public Accounts
and the president of the company, and the
| awards shall be made to the lowest bidder:
provided. that no bids shall be accepted for
| more than the face OF the bonds. Ii there
should be no offer of said bonds at par or
less. it shall be the duty of the Treasurer,
under the advice of the Auditor of Public
Accounts and the president of this company
to invest said funds in the bonds of this
State or of the United States, for the benefit
uf the company. and hold the same as !,
portion of the sinking fund for the retire
meat of the bonds issued by this company.
| In his annual report to the General Assem-
bly, the Treasurer shall give tuil statement
of any proceedings had by him under this
act; and it shall be the duty of the State
| Treasurer. on the first of each month. 20
communicate to the president of this com
rany Il statement OF the amounts received
! during the past month and the disposition
| thereof
@. That whereas no tax. as provided
herein can be levied and collected during
the year eighteen hundred and seventy
one. the Governor of the State is hereby
authorized and required to issue the bonds
| of the State to this company to the amount
| OF one million OF dollars, said bonds 70 be
! delivered To the president of the company
upon said company filing with the Secretary
| OF State an acceptance of this act. and "a
resolution of its directors and incorporates
binding itself to perform the obligations OF
this act. Said bonds shall be OF the de-
| nomination OF one thousand dollars each
| shall be signed by the Governor. counter
signed by the Secretary OF State. and sealed
with the seal of the State. They shall be
dated on the first day OF April. 1871 and
! shall be payable to the president OF the
Louisiana Levee Company or bearer.
| They shall bear interest ut the rate OF eight
per cent per annum, both principal and in
| tcrcst to he paid in the legal money of the
| United States. at the time when the Dav-
meAts are due. Said bonds shall be regis