New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-06-14

AN ACT providing for the registration and pay
msnt OF state warrants and certificates Of in
debtedness, and creating a fund for the pay
meut Of the same; also, abOllshlng the re
6emptiOn OF the State fund and the free school
fund and making provisions fer the State to
meet its Obligations to the last named fund
abolished; also, prescribing fine against the
state Treasurer for failure to perform his
duty, and for other purposes.
SECTION I. Be it enacted by the Senate and House
Representatives of the State of Louisiana in Gen
eral Assembly convened, 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 book, or books,
in which he shall register all unpaid warrants and
certificates Of Indebtedness issued by the Auditor
of Public Accounts in accordance with law, and
which are payable out Of the general funds that
Were issued prior 10 the FIRST day OF January, eight
cen hundred and seventy-twO OF warrants or GER
tifcates of Indebtedness that may be issued at
any subsequent date according to law, either pur-
sUaut 10 appropriations made or IL recognition 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 Tor regstra-
ton and shall be transferable by mere delivery
and PAYABLE 20 bearer. The registry shall contain
the number showing the order OF registration;
numbering nom one upward, the number GATE and
amount OF Che warrant or certificate; and on the
hack of each warrant or certificate shall be in
dOrsed or stamped by the State Treasurer the num-
Der OF its registration.
Every warrant or certificate Of indebtedness so
registered shall be paid to the holder by the state
Treasurer presentation, in the order Of the re-
gisteTed number; the warrant OF certificate Of in
debteGuess 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 conditions hereinafter
made, and the balance remaining after such reser-
walton he shall use TO pay warrants and certth-
Gates Ofindebteduess in the order OF their regis
tration 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 indefinitely.
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
belonging to said fund in the State treasury, at
the time this act goes into effect, shall be trans
ferred by the state Treasurer to the credit Of
fund hereby created, and to be known the fund
for the redemption OF the floating debt Of the
State due or created on OF before the thirty-hrst
day OF December, eighteen hundred and seventy
one.
SEC. 8. Belt further enacted, etc. That the fund
d the State treasury created by act No. 1872, ap
proved March 49, 1857, known as the free school
fund" be and the same is hereby abolished
and ii lieu thereof it is hereby made the duty
OF the Auditor Of Public Accounts TO ascertain an
nually the aggregate amount which would be due
the several parishes from the tree school fund if
II were retained in the form il which II was prior
to the passage OF this act, an 10 levy ana collect
a special tax to provide for the payment OF the
same 70 the several parishes when due, the same
sif the free school fund had not been abolished.
AIlmoneys, bonds, and other assets belonging to
said free school fund, in the State treasury at The
time this act goes Into eject 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 winch
were due the State prior to the first day Of Jan.
Uary, eighteen hundred and seventytwO, but
which snail not have been collected when this act
shah 20 into effect also the moneys paid into the
State treasury IN redemption Of lands forfeited to
the State Tor non-payment Of taxes due prior TO
the first day Of January. eighteen hundred and
seveLty-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 ali
moneys placed to the credit Of the special fund
created b the second section OF this act shall be
used by the state Treasurer 70 take up and Pay
the debt for winch said special fund was created,
and ID the order in which Inc warrants and certh-
Gates OF indebtedness shall have been registered,
as. provided in the frst section OF tins act,
SEC. o. Ee II further enacted. etc, That within
ten days from the passage Of this act it shall be
the duty Of the Auditor Of Public Accounts and the
State Treasurer, jointly, TO advertise all bonds
redemption Of the state debt find' to the fund
for the RECEPTION Of Ghe floating debt OF the state,
due and created or before The thrty-hrst day Of
December, eighteen hundred and seventy.one," TO
be sold at some conspicuous place IN the city Of
New Orleans, which advertisement snal 0e made
Tor ten cay N the oIhelaI Journal Of New orleans
At the time and place designated, the said Auditor
and Treas 1TeF shall offer such bonds at public
ton, from day TO day, not 70 exceed SIX days
for the duration Of the sale 70 the highest bidder
10 6e paid either in United States currency in the
Auditors warrants on the State Treasurer. or in
cert dcates Of indebtedness, registered accord
ing 10 the requirements Of this act. Said bonds
shall be offered IA lots Of one with the privilege
70 the bidder 20 take twenty at each entry; and
provided. that no bids shall be received unless
ssId bonds, u they be State bonds shall bring
siXty-fve cents on the dollar. with matuFed inter
est coupons detached TO the day Of delivery; and
if they Je consolidated city bonds, eighty cents on
the dollar, with matursd interest coupons detach.
ed TO the dav OF delivery. That If any Of such
bends sAOuld not sell fOT the amount above sBeci-
led they shall be retained in the State treasury
and snail thereafter be exchanged Tor any way
rants or certificates Of indebtedness registered as
provided for by this act at the rate Of sixty i've
cents Of warrants or certificates OF indie tedness
tor dollar OF bonds, If they be state bonds
and il consolidated city bOnds' eighty cents Of
warrants OF certificates OF indie bteGuess REGISTERED
according To the provisions OF this act for one dol
Lar IN bonds; the order Of registration to is OBJ
served IN applications for the exchange of bonds
II, after the sale or exchange OF all tie bonds
il shall be found that there have been more var
rants ana certificates Of Observation-Disclosures |
according % the provisions Of this act than /
mere shall BE- either money OF bonds or both, to |
The credit OF the special fund created BY the
)nd section Of this act, II holders of registered
warrants or eertineates prefer then the excess Of
warrants and certificates Of indebtedness, regis
cred as aforesaid, shall be paid ont Of the money
llaeee OF 70 be placed 70 the creeit Of the said