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

AN ACT providing for the registration and pay
ment of state warrants and certificates Of IN
debtedness, and creating fund for the pay
ment of the same; also, abOlishlng the re-
demptiOn of the State fund" and the free school
fund and making provisions fer the State to
meet its Obligations to the last named fund
State Treasurer for failure to perform his
duty, and for other purposes.
SECTION !. Be it enacted by the Senate and House
ofRepresentatives Of the State of Louisiana IN Gen
eTal Assembly convened, That it is made the dpty
of the State Treasurer, under the direction d the
Joint committee to ascertain and classify the state
Indebtedness, 10 keep in his office book, OF books,
in which he shall register all unpaid warrant Is 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 to the first day January eight
cen hundred ana seVehJy-IW OF WaIrdHls OF yer
tifeates of Indebtedness that may be issued at
any subsequent date, according to law either puT.
sliaDt 10 appropriations made or in recognition OF
Indebtedness create pursuant 10 any law OF the
State in force prior to the first day OF January,
eighteen hundred and seventy-twO; such warrants
and certifcates of indebtedness shall be registered
in the order and date Of presentation for registra-
ton and snail be transferable by mere delivery
and PAYABLE TO bearer The registry shall contain
the number showing the order OF registration,
numbering from one upward the number, gaUe ana
amount Of the warrant or certificates ana on the
back of each warrant or certificate snail be ~
dOTsed OF stamped by the State reasuref the num-
Der Of its registration
Every warrant or certificate of indebtedness, so
registered, shall be paid to the holder by the State
gistered number the warrant or eertheate OF IN
debtedness bearing the lowest number shall De
paid first; provided, that should any warrant not
be presented in the order OF registration the stare
Treasurer shall reserve an amount sufficient TO
paw the same, subject to conditions hereinafter
made, and the balance remaining after such res eT-
walton he shall use to pay warrants and eeTtlh-
Gates of Indebtedness in the order OF their regis
tration as above mentioned. The book or books OF
registry provided for in this seetI9n shall be opened
immediately after the passage OF TINS act, ana shsa
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 tine 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 thlrty-hrsJ
day Of December, eighteen hundred and seventy
one.
SEC. 3. Be further enacted, etc, That the fund
the State treasury created by act No. 1872, ap.
proved March l9, 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 Public Accounts to ascertain an
nuallv the aggregate amount which would be due
the several parishes from the free school fund II
it were retained in the form in when it 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 parishes 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 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. 4. Be it further enacted, etc., Ihat all taxes
and licenses for any purpose whatever, which
were due the State prior to the first day OF Jan
nary, eighteen hundred and seventy-twO, but
which snail not have been collected when this act
shah 90 into effect, also the moneys paid into the
State treasury in redemption OF lands forfeited to
the State for non-payment Of taxes due prior to
-, G,g% dow of re- and
seventy three shall, as they are collected and paid
into the State treasury be placed BY the State
Treas rer the credit of the special fund created
by tho second section of this act.
SEC. s. Be it further enacted etc, That ali
moneys placed to the credit of the special fund
created by the second section OF this act shall be
used by the State Treasurer to take up and pay
the debt for which said special fund was created,
and in the order in which the warrants and certif
Gates of Indebtedness shall have been registered
as provided in the first section of tins act
SEC 6. Be it further enacted, etc, That within
ten days from the passage Of this act IL shall be
the duty of the Auditor of Public Accounts and the
State Treasurer jointly, to advertise all bonds
transferred frOm the free school fund" and the
redemption Of the State debt fund" to the "fuHd
for the RECEPTION of the floating debt of the State
due and created before the thlrty-frst dav of
December, eighteen hundred and seventy 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
anu treasurer shall offer such bonds at puDlc 5tdC-
ton, from day to day, not to exceed SIX Gays
for the duration of the sale to the highest bidder
70 be paid either in United States currency, IL tne
Auditors warrants on the State treasurer, OF ~
cert deates of Indebtedness registered accord
ing to the requirements of this act Salu D9nas
shall be offered in lots of one, with the privilege
to the bidder to take twenty at eaeh eHLy H-u
provided that no bids shall ge rScelEeG, un -tss
said bonds If they be State bonds, shall BRING
sixty-five cents on the dollar with matuteu inter
est coupons detached to the day OF delivery; and
if thew be consolidated city bonds, eighty cents on
fhe dollar with matured interest coupons detach-
ed +o +be dav Of delivery. That If any Of such
bends sbould not sell for the amount above speci
fed they shall be retained i'll the State treasury,
AND shan Thereafter be exchanged -Or any war
reT+s mr. certificates of Indebtedness registered
nrovided for by this act, at the rate OF sixty five
eents of warrants or certificates Of Indebtedness
for one dollar of bonds, If they be state bOnds;
and if consolidated city bonds" eighty cents Of.
warrants or certificates Of Indebtedness registered
according to the provisions Of this act for dol
Ian in bonds; the order of registration to he OBJ
served in applications for the exchange of bonds.
If after the sale exchange OF all the bonds,
ii shall be found that there have been more war
rants and certificates of indebtednesssTegistcr
according to the provisions Of thus act, than
there shall be either money or bonds, or both, to
the credit Of the special fund created by the sec
ond section of this act or If holders of registered
warrants certificates prefer, then the excess of
warrants and certificates of Indebtedness regis
tered as aforesaid, shall be paid cut of the money
placed OF to be placed to the cTeeit OF the said