New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-06-01
No 81,
An ACT

of State warrants and certificates of in
debtedness, and creating fund for the
payment OF the same; also, abOlishing the
redemption of the State fund" and the
free school fund, and making provisions
for the State to meet its obligations to the
last named fund abolished; also, prescrib-
ing a fine against the State Treasurer for
a failure t. perform his duty, and for
other purposes.
SECTION L. Be it enacted by the Senate
and House of Representatives of the State
of Louisiana in General Assembly con-
veDed, That it is made the duty of the State
Treasurer, under the direction of the joint
committee, to ascertain and classify the
State Indebtedness, to keep in his office a
book, or books, in which be shall register
all unpaid warrants and certificates of in
| debtedness issued by the Auditor of Public
| Accounts in accordance with law, and
which are payable out of of the general
funds, that were issued prior to the first
day of January, eighteen hundred and sew
enty-twO: or warrants or certificates Of in
debtedness that may be issued at any sub
sequent date, according to law, either puT.
suant to appropriations made OF in recOgni-
ton of indebtedness created pursuant to
| any law of the State in force prior to the
first day of January, eighteen hundred and
seventy-twO; such warrants and certificates
of Indebtedness shall be registered in the
order and date of presentation for reglstra-
ton, and shall be transferable by mere de-
livery and payable to bearer. The registry
shall contain the number showing the order
of registration. numbering from one upward,
the number, date and amount of the war
rant or certificate; and on the back of each
warrant or certificate shall be Endorsed or
stamped by the State Treasurer the number
of its registration.
Every warrant or certificate of indebted
IL MI N.V 80 %ke
holder by the State Treasurer, on presenta-
ton, in the order of the registered number;
the warrant or certificate of Indebtedness
bearing the lowest number shall be paid
first; provided, that should any warrant not
be presented in the order of registration, the
State Treasurer shall reserve an amount
sufficient to pay the same, subject to cOndi-
lions hereinafter made, and the balance re-
naming after such reservation, he shall use
to pay warrants and certificates of indebt-
edness in the order of their registration as
above mentioned. The book or books of
registry provided for in this section shall be
opened Immediately after the passage of
this act, and shall be kept opened indef-
nitely.
SEC. 2 Be it further enacted, ETC., That
the fund in the State treasury, created by
act approved March nineteenth, eighteen
hundred and fifty-seven, known as the
Redemption of the State debt fund, be
and the same is hereby abolished, and that
all the moneys, bonds and other assets be-
longing to said fund in the State treasury,
at the time this act goes into effect, shall be
transferred by the State Treasurer to the
credit of fund hereby created, and to be
known as the fund for the redemption OF
the floating debt of the State, due or created
on or before the thirty-frst day of Deem
Der, eighteen hundred and seventy one.
SEC. 3. Be it further enacted, etc., That
the fund in the State treasury created by
act No. 1872, approved March 10, 1857, known
as the free school fund" be and the same
is hereby abolished, and in lieu thereof it
is hereby made the duty of the Auditor of
Public Accounts to ascertain annually the
aggregate amount which would be due the
several parishes from the free school fund
if it were retain ed in the form in which it
was prior to the passage of this act and to
levy and collect special tax to provide tor
the payment of the same to the several par
ishes when due, the same as if the free
school fund had not been abolished. All
moneys, bonds and other assets belonging
to said free school fund in the State treasury
atthe time this act goes into effect, shall be
transferred by the State Treasurer to the
credit of the special fund created in the
second section of this act
SEC. 4. Be it further enacted, ETC., That
all taxes and licenses, for any purpose
whatever, which were due the State prior
to the first day of January, eighteen hun
bred and seventy-twO, but which shall not
have been collected when this act shall 90
into effect, also the moneys paid into the
State treasury in redemption of lands for
feited to the State for nOn-payment Of taxes
due prior to the first day of January, eight
cen hundred and seventy-three, shall, as
they are collected and paid into the State
treasury, be placed by the State Treasurer
to the credit of the special fund created by
the second section of this act.
SEC. 5. Be it further enacted, ETC., That
all moneys placed to the credit of the
special fund created by the second section
OF this act shall be used by the State Treas
urer to take up and pay the debt for which
said special fund was created, and in the
order in which the warrants and certificates
OF Indebtedness shall have been registered,
as provided in the first section of this act.
SEC. .. Be it further enacted, etc, That
within ten days from the passage of this act
it shall be the duty of the Auditor of Pub
lie Accounts and the State Treasurer, joint
ly, to advertise all the bonds transferred
from the free school fund" and the ere
demptiOn OF the State debt fund" to the
"fund for the redemption of the floating
debt OF the State due and created on or be-
fore the thirty-hrst day Of December.
eighteen hundred and seveutv.one."
to be sold at some conspicuous place in the
city of New Orleans, which advertisement
shall be made for ten days in the official
journal of New Orleans. At the time and
place designated, the said Auditor and
Treasurer shall offer such bonds at public
auction, from day to day, not to exceed six
days for the duration OF the sale, to the
highest bidder, to be paid either in United
States currency, in the Auditors warrants
on the State Treasurer, or in certificates OF
Indebtedness, registered according to the
requirements of this act. Said bonds shall
be offered in lots of one, with the privilege
to the bidder to take twenty at each entry;
and provided that no bids shall be received
unless said bonds, if they be State bonds,
shall bring sixty.ive cents on the dollar,
with matured interest coupons detached
to the day of delivery; and if they
be consolidated city bonds, eighty
cents on the dollar, with matured
interest coupons detached to the day of de-
livery. That if any of such bonds should
not sell for the amount above specified they
shall be retained in the State treasury and
shall thereafter be exchanged for any war
oEs IL