New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-06-04

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 go
into effect, also the moneys paid into the
! State treasury in redemption of lands for
feited to the State for non-payment of taxes
due prior to the first day of January, eight
cen hundred and seventy-three, shall, as
they are collected and paid into the State
treasury, be placed by the State Treasurer
| to the credit of the special fund created by
the second section of this act.
SEC. 5. Be it further enacted, etc, That
| all moneys placed to the credit of the
special fund created by the second section
| of this act shall be used by the State Treas
urer 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,
| as provided in the first section of this act.
| SEC. g. Be it further enacted, etc, That
within ten days from the passage of this act
it shall be the duty of the Auditor of Pub
| lie Accounts and the State Treasurer, joint
| ~, to advertise all the bonds transferred
| from the 'Efree school fund.- and the ''re-
demption of the State debt fund" to the
fund for the redemption of the floating
| debt of the State, due and created on or be-
| fore the thirty-first day 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 and
| Treasurer shall offer such bonds at public
auction, from day to day, not to exceed six
days for the duration of the sale, to the
highest bidder, to be paid either in United
States currency, in the Auditors warrants
on the State Treasurer, or in certificates of
indebtedness, registered according to the
requirements of this act. Said bonds shall
be offered in lots of one, with she privilege
to the bidder to take twenty at each entry;
and provided, that no bids shall be received
unless said bonds, if they be State bonds,
shall bring sixty-ive cents on the dollar,
with matured interest coupons detached
to the day of delivery; and if they
be consolidated city bonds, eighty
cents on the dollar, with matured
interest coupons detached to the day of de-
livery. That if any of such bonds should
not sell for the amount above specified they
shall be retained in the State treasury and
shall thereafter be exchanged for any war
rants or certificates of indebtedness regis
tered as provided for by this act, at the rate
of sixty.tive cents of warrants or certih-
Gates of Indebtedness for one dollar of
bonds if thew be estate bonds" and if ICON
solidated city bonds" eighty cents of war
rants or certificates of Indebtedness regis
Aered according to the provisions of this
act for one dollar in bonds; the order of
registration to be observed in applications
for exchange of bonds. If after the sale or
exchange Of all the bonds it shall be found
that there have been more warrants and
certificates of Indebtedness registered, ac-
cording to the provisions of this act, than
there shall be either money or bonds, or
both, to the credit of the special fund Gre
ated by the second section of this act, or If
holders of registered warrants or GER
tifcates prefer, then the excess of
warrants and certificates of indebted
ness, registered as aforesaid, shall be paid
out of the money placed or to be placed to
the credit of the said fund as hereinafter
specified. All holders of warrants or GER
tifcates of Indebtedness, registered as here
inbefore provided, who shall not present
their warrants or certificates of indebteded-
ness within ten days after the bonds to the
credit of the special fund created ia the see
Ond section of this act shall have been offered
for sale at public auction, as herein specified,
shall lose their right of preference, and the
party or parties who shall present their
registered warrants or certificates of in
debtedness within the said ten days for
payment, shall receive payment, in the
order of their registration, in money, If
there shall be any to the credit of the special
as hereinbefOre provided. A special appro-
priation of all the moneys or funds which
shall be placed to the credit of the special
fund created by the second section of this
act, or so much thereof as may be necessary,
is hereby made to carry out the provisions
of this act
SEC. 7. Be it further enacted, etc, That
if any of the bonds placed to the credit of
the special fund created by the second sec
1F do fiChl
transferable by delivery, the State Trea-
surer shall cause to be written or stamped
on each of said bonds, at or before the time
of its sale or exchange, as provided for in
this act. the words: This bond is hereby
made PAYABLE to bearer by delivery" and
sign the same as Treasurer; and, from and
after that date such bonds shall pass and
confer perfect title to the holder by the
mere delivery, as if on the face of it it was
payable to bearer. The State Treasurer
shall weekly report to the Auditor of Pub
lie Accounts the number of bonds eX-
changed, their date, number. and amounts
for which they we're originally issued; also
the number and amount of warrants or GER
ti6cates of Indebtedness for which they
were exchanged, and make a full and ac-
curate statement in his annual report of all
the operations under the provisions of this
act
SEC. 8. Be it further enacted, etc, That
to meet any deficit which may exist after
the bonds and money placed to the credit
of the special fund created by the second
section of this act shall have been eX-
hausted, there is hereby levied tax of one
mill on the dollar on all taxable property of
the State, according to the assessment of
the year eighteen hundred and seventy
one, to be collected and paid into the State
treasury, as other taxes in eighteen hun
u ~
felt exist on the first day Of January,
eighteen hundred and seventy-three, il
shall be the duty of the Auditor of Public
Accounts to ascertain the amount thereof,
and a special tax, sufficient for the pay
ment of such deficit, is hereby levied on
all the taxable property of the State, ac
cOrding to the assessment rolls of eighteen
hundred and seventy-twO, to be collected
and placed into the State treasury, as other
taxes in eighteen hundred and seventy
three, and the amount in each case to be
placed to the credit of the fund created by
the second section of this act; provided,
that there shall be allowed no cOmpensa-
ton to assessors for the levy herein pro-
Vided for on the assessment rolls of eight
cen hundred and seventy-twO. And said
tax thus paid into the State treasury shall
be used exclusively to pay warrants or GER
tificates of indebtedness registered accord
ing to the first section of this act, and in
the order of registry except as herein pro-
vided in case of the sale of the bonds.
SEC 9. Be it further enacted, ETC., That
all warrants and certificates of Indebtedness
registered under and in accordance with the
provisions of this act, except such as may
be exchanged for bonds as herein provided
shall bear an interest at the rate of six per
centum per annum from the date of their
registry until paid
SEC. 10. Be it further enacted, etc, That
any willful violation of the provisions of