New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-05-04


| of said fund. And it shall be the duty o
| the State Treasurer, whenever and as Otter
| as said fund shall amount to twenty-five
| thousand dollars, to advertise i'll the Officia
| journal of the State that he will, on daI
therein named, not less than thirty day
| after first publication, receive offers from
the holders Of such bonds for the purchase
thereof at the lowest rate, and he shall pur
chase such of said bonds as are offered a.
the lowest rate to the extent of the funds
in hand; which bonds so purchased shall
be by him cancelled and filed III his office
together with such coupons as may have
been by him taken up, and the numbers
and amounts thereof shall be entered in q
register kept by him for the purpose, and
which register shall be accessible to the
public.
SEC 90. Be it further enacted, ETC., That
it shall be the duty OF the said State Treas
ureF to embrace in his annual reports to
the Legislature a statement showing the
amounts received, and disposition made of
said fund. He shall charge said fund with
the cost of said advertisements, and shall
be entitled TO deduct therefrOm one per
cent on the amount of the bonds so taken
up and cancelled.
SEC. %. Be it further enacted, etc, That
parishes adjacent to, near, or through
which the railroad line may pass, may sub
scribe to the capital stock of said company
whenever majority of the legal votes
cast, at q general or special election, shall
be in favor of subscription. The time OF
voting and the amount to be subscribed
shall be determined by the police jury. The
notice of the time fixed shall be made
known by publication in the manner pre-
scribed for judicial advertisements, at least
thirty days Immediately preceding such
election. Said elections shall be held at the
places, by the persons, and the returns
shall be made in the manner, indicated by
the police jury.
SEC "a. Be it further enacted, etc, That
there shall be written on the ballots OF
those in favor of the subscription the words
- for subscription" and on the ballots OF
those against the subscription the words
"nO subscription" And if at such election
it shall appear that majority Of the votes
cast in any parish have been in favor OF
subscription, then, and in that event, such
parish shall issue, and canse TO be anthem
ticated by the signature OF the president OF
the police jury, cOpnterslgned by the clerk
thereof, to the president of the Vidalia, Red
River and Texas Railroad Company, or
bearer, bonds Of one hundred dollars each
to the amount of such subscription, payable
in not exceeding fifty nor less than thirty
years, and STIMULATING the payment of not
exceeding eight per cent interest per annum
from date, which interest shall be payable
annually, and shall be indicated by interest
coupons attached to said bonds.
SEC. %. Be it further enacted, etc, That
the police jury shall, in the ordinance au-
thorizing the bonds, provide for the pay
ment of the principal and interest thereof,
and for that purpose shall levy tax, to be
collected annually, of an amount sufficient
to pay the interest and One-fOrtieth part of
the principal thereof, which tax shall not
be repealed until the principal and interest
shall have been paid, and the amount OF
such tax Cess the costs of collection and
such sum as may be required to meet the
payment of tie interest coupons after APP
plying thereto the funds hereinafter pro-
vided for that purp0se) shall constitute
sinking fund for the payment of the bonds
thus to be issued, to be designated as the
railroad sinking fund, and shall be paid out
in the purchase thereof in the manner fol-
lowing: The president of the police jury
shall advertise for thirty days in the man
ner required for judicial advertisements
that he will on a day named, receive offers
at the courthouse door of the parish for the
sale of the railroad bonds issued by the
parish, and will purchase the same at the
lowest price offered to the extent of the
money in hand for that purpose, and he
shall on the day, and at the place 50 fyed,
between the hours Of II A. N. and 3 P. NJ,
purchase at public Outcry and at the lowest
rate offered, not more than its par value,
bonds to the extent of the funds on hand
for that purpose. The bonds so purchased
shall be by him cancelled and delivered to
the parish treasurer, and the said president
shall make written report to the police
Jury of his action in the premises.
SEC. 20 Be it further enacted etc, That |
the parish treasurer shall annually, and |
whenever any parish taxes are received by
him, place to the credit of the railroad |
sinking fund that part of the tax paid on
the increased valuation of the taxable prop |
arty of the parish, as shown by the annual !
assess menJ rolls, over and above the !
amount of the assessment roll of 1870. The !
tax on such excess shall be paid in current |
funds of the United States, and shall be |
applied first to the payment of the interest |
coupons as they fall due and should any |
balance remain it shall be placed to the |
credit Of the railroad sinking fund, to be |
applied to the redemption of the parish |
bonds as before stated.
SEC. y. Be it further enacted etc, That |
he stockholders of said company shall, at |
any time, have the right to have all stock |
leld by any parish or Incorporated town or |
'lty transferred to the company whenever |
md to the extent that said company shall |
repay or reimburse said parishes towns or |
'ltles, the amounts paid by them on their |
bonds issued to said company. And in re- |
mbursing said parishes, towns or cities, the |
said company shall have credit for the full |
AMOUNT of any and all taxes levied upon !
md collected upon the property of sail rail |
Dad company by said parishes, towns or |
titles; and to the extent of such taxes the |
'ald parishes, towns or cities shall annually |
transfer their stock to said company.
SEC. %. Be it further enacted, etc, That |
he parish treasurers into whose custody |
he railroad funds may pass, as aforesaid, !
shall, IN addition to the bonds required by
hem as parish treasurers, and as further
security for the money to be raised as
give a special bond for such
um as the police jury may direct, paya-
de to the president Of the police jury, for
he use OF whom 1t may concern, and the
PARISH shall be considered rs guaranteeing,
md shall be responsible for the fidelity of
uch treasurer and the safe keeping OF the
money in his charge.
SEC. %. Be it further enacted, etc That
he president of this company shall have
he power to call meeting of the stock
folders whenever he thinks their interest
nay require it, to deliberate on the affairs |
II the company; and the president and di-
eetOrs shall have the powers and authority |
Onterred by the Legislature ON similar
ompanies in this State, where the same is
lot specially conferred in this charter.
(Signed) O. II. BREWSTER.
speaker of the House Of Representatives.
(Signed) P. b. S. PINCHBACK,
Lieutenant Governor and President of the
Senate.
Approved April p, 1872.
(Signed) II c. WARMOTH.
Governor Of the State of Louisiana.
A true copy:
+. j. HEBRON,
Secretary of State
AN ACT