New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-05-31
No 81
AN ACT

I Il
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 fine against the State Treasurer for
a failure to perform his duty, and for
other purposes. --
SECTION /. IBe it enacted by the Senate
| and House Of(Representatives Of the State
of Louisiana in General Assembly con-
veDed, That If 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 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 pur-
suant to appropriations made or in recOgni-
ton of indebtedness created pursuant 90
any law of the State in force prior TO the
first day OF January, eighteen hundred and
seYenty-twO; such warrants and certificates
of Indebtedness shall be registered in the
order and date of presentation for registra-
ton, and shall be transferable by mere de-
livery and payable to bearer. The registry
shall contain the number showing the order
OfregistratiOn, mum bering 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
ness, so registered, shall be paid to the
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. ?. 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 OF before the thirty-first day of Deem
Der. eighteen hundred and seventy-One.
SEC. 8. Be it further enacted, ETC., That |
the fund in the State treasury created by |
act No 182, approved March 19, 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 retained in the form in which it
was prior to the passage of this act, and TO
levy and collect a special tax to provide for
the payment Of the same to the several par
shes 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
1T the 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
dl4 DdAGS anu AlCCusC6, lUI any DuIDOsb /
whatever, which were due the State prior
to the first day of January, eighteen hun
1red 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
lue prior to the first day Of January, eight
zen hundred and seventy-three, shall, as
hey are collected and paid into the State
be placed by the State Treasurer
o the credit of the special fund created by
lhe second section of this act.
SEC. ). Be it further enacted, etc, That
I'll moneys placed to the credit of the
special fund created by the second section
Of this act shall be used by the State Treas
1rer 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, |
IS provided in the first section of this act.
SEC o. be 1t further enacted, etc, That |
Wlthln ten days from the passage of this act
2 snail be the duty Of the Auditor of Pub
nc Accounts and the State Treasurer, Joint
y TO advertise all the bonds transferred | ]
rom tne Tee school fund" and the 're-
lempu0n OF the State debt fund" to the
fund Tor the redemption of the floating |
tebt Of the State, due and created on or he
ore the thirty-frst day of December
Eighteen hundred and seventv.ore ); ;
o be sold at some conspicuous place in the
ity of New Orleans, which advertisement I
hall be made for ten days iii the official
Ournal of New Orleans. At the time and t
lace designated, the said Auditor and
treasurer shall offer such bonds at public !
uction, from day to day, not to exceed six
avs for the duration of the sale, to the I
ighest bidder, to be paid either in United {
tates currency, in the Auditors warrants I
u the State Treasurer, or in certificates of {
registered according to the s
equirements of this act. Said bonds shall
e offered in lots Of one, with the privilege
} the bidder to take twenty at each entry;
nd provided, that no bids shall be received
Mess said bonds, if they be State bonds,
nall bring sixty-fve cents on the dollar,
18th matured interest coupons detached
, the day of delivery; and if they
e consolidated city bonds, eighty Z
snts on the dollar, with matured |
lterest coupons detached to the day of de- {
very That if any of such bonds should s
OF sell for the amount above specified they a
lall be retained in the State treasury and ,
la1 thereafter be exchanged for any war
.nts or certificates of Indebtedness regis t
red as provided for by this act, at the rate | f
siZty-fYe cents Of warrants or certif- {