New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-03-10
Sle,r 0rleat1s &epnblifa,r.
OFFICIAL JOURNAL OF THE UNITED STATES
OFFICIAL JOURNAL OF NEW ORLEANS
THE STATE FUNDING BILL.

by both houses OF the General Asselnbl.
has been the cause of some inquiry on tn
part of those persons interested in State 81
cnrities As it is likely to become law
we publish in advance the copy prepare
for the General Assembly, with the remark
that possibly, some slight amendments ma
have been made to it by one or the other o
the two houses:
SECTION |. Be it enacted by the Senate
and House of Representatives OF the Stat,
of Louisiana in General Assembly con
veDed. That it is made the duty Of the Stat,
Treasurer, under the direction OF The join
committee, to ascertain and classify thu
State indebtedness, to keep In his office {
book or books, in which he shall register
all unpaid war; ants and certificates of in
debtedness issued by the Auditor of Public
Accounts in accordance with law, apC
which are payable out of of the genera
funds, that were issued prior to the frs,
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 rtcOgni
ton OF Indebtedness created pursuant tC
any law of the State in force prior to the
first day OF January, eighteen hundred and
eeventy-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, 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
ness, SO registered, shall be paid to the
holder by the State Treasurer, on presenta-
tiOn, 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-
tions hereinafter IL AIDE, and the balance re-
manning after such reservation, he shall use
to paw 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 l9, 1857, 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 a 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-tirst day of Deem
Der, 1871. |
-
the fund in the State treasury created by |
act No. 1S2, approved March l9, 1857, known |
rs the free school fund.- be and the same
is hereby abolished, and in lieu thereof it |
as 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 returned in the form in which it
was prior to the passage of this act. and to
levy and collect special tax to provide for
the payment Of the same TO the several par
lshes when due. the same as if the free
school fund had not been abolished. All
moneys, bonds and other assets belong ny
10 said free school fund in the State treasury
at 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. i. 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
dred and seventy-twO but which shall not
have been collected when this act shall 60
into effect, also the moneys paid into the
State treasury in redemption of lands for
feited to the State for nOn-payment Of faxes
1ue 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
% the credit of the special fund created by !
he second section of this act.
SEC. D. BE it further enacted. etc, That ]
ii moneys placed to the credit of the I
pecial fund created by the second section
4 this act shall be used by the State Treas c
rer to take up and pay the debt for which t
aid special fund Was created, and in the c
rder in which the warrants and certificates
f Indebtedness shall have been registered, t
8 provided in the first section of this act. v
SEC. 6. BE it further enacted, etc, That v
'ithn ten days from the passage of this act y
shall be the duty of the Auditor of Pub n
C Accounts and the State Treasurer. Joint
Z. to advertise all the bonds transferred d
'om the "free school fund" and the IRE h
emption of the State debt fund.- to the IL
fund for the redemption of the floating
ebt of the State. due and created on or be- a
IRE the thirty first day of December, 1871" N
, be sold at some conspicuous place in the u
ty of New Orleans, which advertisement n
lall be made for ten days in the official
urnal in New Orleans. At the time and If
lace designated, the said Auditor and ,s
shall offer such bonds at public !"
nctlon, from day to day, not to exceed six
lys for the duration of the sale. to the
ghest bidder, to be paid either in United
tates currency, on the Auditors warrants
n the State Treasurer, or in certificates of al
Indebtedness, registered according TO the C,
squirements OF this act. Said bonds shall Dc
3 offered in lots OF one, with the privilege as
the bidder TO take twenty at each entry;
ld provided that no bid shall be received IA
Mess said bonds, if they be State bonds ! co
all bring sixty-tive cents on The dollar sh
it'll matured interest coupons detached th
the day of delivery and if thew 90
consolidated city bonds, eighty in
nts on the dollar, with matured re
terest coupons detached to the day of de- sa
yery. That if any of such bonds should tn
It sell for the amount above specified thew i'm
ali be retained in the State treasury and CT
all thereafter be exchanged for any war be
MIS- or certificates Of indebtedness regis bu
red as provided for by this act, at the rate
siXty-tive cents of warrants or certii- tn
ties of Indebtedness for one dollar of
nds if they be estate bOnds,' and if "con- ha
idated city bonds" eighty cents Of war te
nts or certificates of indebtedness regis all
ed according to the provisions of this pa
t for one dollar in bonds; the order of Gu
,istration to be observed in applications
exchange Of bonds. If after the sale or sa
change of all the bonds it shall be found tn
1t there have been more warrants and sil
rtticates of indebtedness registered, ac- tn
rding to the provisions of this act than an
ere shall be either money or bonds, or ha
tn, to the credit OF the special fund Gre
ID by the second section of this act. or if gr
ders of registered warrants and GER of
Gates prefer, then the excess of 00(
rrants and certificates of indebted ex