New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-06-16

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, abOlishng the ere
demptiOn of the State fund" and the free school
fund, and making provisions for the state to
meet its Obligations to the last named tund
abolished; also, prescribing fine against the
State Treasurer for failure to perform his
duty and for other purposes.
SECTION l. Be it enacted by the Senate and House
of Representatives. OF the State of Louisiana in Cen
eral Assembly convened, That it is made the duty
of the State Treasurer, under the direction pf 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 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 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-
suant to appropriations made or IN recognition q, Or
Indebtedness created pursuant 70 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 for registra
ton and shall 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, date and
amount Of ohe warrant or certificates and on the
back of each warrant or certificate shall be in
dOrsed or stamped by the State Tres 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-
gistered number; the warrant or certificate OF IN
debteduess 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 amount sufficient to
pay the same, subject to conditions hereinafter
made and the balance remaining after such ret er-
walton he shall use to pay warrants and certih-
Gates of Indebtedness in the order Of their regis
tratIon as above mentioned. The book or books of
registry provided for in this sectl0n 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 nifty
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 as the fund
for the redemption Of the floating debt Of the
State, due created on OF before the tlnrly-t
day OF December, eighteen hundred and seventy
one.
SEC g. Be it further enacted etc, That the fund
n the State treasury created by act No. 1872, ap
proved March 10, 1857, known as the free school
fund" be and the same Is hereby abolished
and in lieu thereof 1t is hereby made the duty
of the Auditor of Public Accounts 10 ascertain an
nually the aggregate amount which Would be due
the several parishes from the free school fund if
it retained III the form in which it was prior
to the passage Of this act and to levy aud collect
a special 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.
Aiimoneys bonds, and other assets belonging 10
said free school fund III 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. g. Be it further enacted, etc, That all taxes
and Licenses, for any p rpose Waateytr Nmeh
uary, eighteen hundred and seveuty-tWO, but
which snail not have been collected when this act
shall 20 into effect, also the moneys paid into the
State treasury in redemption Of lands forfeited to
the state for uOn.payment Of taxes due prior TO
the first day Of January, eighteen hundred and
aha aol1 of.f1u and maid
iutO the State treasury, be placed by the state
Treasurer 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 by the second section Of this act shall be
used by the State Treasurer to take up and Lay
the debt for which said special fund was created,
and in the order in which the warrants and certih.
Gates Of indebtedness shall have been registered
provided in the first section of this act.
SIC. 8. Be it further enacted. etc That within
ten days from the passage Of this act II shall be
state treasurer. jointly, TO advertise all bonds
traHs feIred from the free school fund and the
redemption Of the State debt fund" 10 the fund
for the RECEPTION Of the floating debt of th1 State
due and created or before he thrty-hrst day of
December, Gig teen hundred aud seveutv-One,' 10
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 tie time and place designated, The said AudlOr
and Treasurer shall otter such bonds az PuDhc auc-
non from day to day, not 10 exceed si4 YIddAS
for the duration Of the sale to the highest bidder
TO be paid either in United states currency ia the
Auditors warrants on the STATE treasurer, or 10
Cert 1cates Of Indebtedness. registered secOf9'
ing to the requirements Of this act SAID bonds
shall be offered ia lots Of one with the privilege
to the bidder 10 take twenty az each entry and
provided that no bids shall be received unless
SAID bonds If they be state bonds. shah brlDg
sixty five cents On the dollar. with matured inter
est coupOus detached 70 the day Of delivery; and
if tbey H. consolidated city bonds eighty cents on
fine dollar with matured interest coupons detaeh
I'd to me dav of delivery. That If any Of such
hands eLould not sell for the amount above speci
f.d fbav shall be retained In the state treasury,
and shall thereafter be exchanged tor any war
rars on certificates Of Indebtedness registered as
nr1vidrd for by this act at the rate Of sixty i've
cents of warrants certificates Of iDdeb tedness
tor one dollar Of bonds, if they be- State bonds"
and if consolidated city bonds eighty cents VI
warrants certificates Of indebtedness res istered
according TO the provisions Of this act Tor dol
lar ia bonds; the order Of registration to be OBJ
served in applications for the exchange Of bonds
r. after the sale or exchange OF all the bonds,
it shall be found that there have been more war
rants and certificates Of indebtedness istcred
according to the provisions Of this act, than
there shall be either money or bonds, or both, to
the ereuit Of the special fund created by the sec
ond section Of this act or if holders Of registered
warrants or certificates prefer, then the excess Of
" warrants aud certificates Of Indebtedness, regis
tered as aforesaid. shall be paid out Of the money
placed OF TO be placed 70 the ereslt Of the said