New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-05-07

{" 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 cause to be authen-
ticated by the signature OF the president of
the police jury, cOuntersigned by the clerk
thereof. to the president of the Nidalia, Red
River and Texas Railroad Company, or
nearer. bonds Of one hundred dollars each
to the amount of such subscription, payable
ii 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. mat
the police Jury shall, in the ordinance au-
tb0rizino 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 suthclent
70 nav the interest and One-fOrtleth part OF
the principal thereof, which tax snalI not
be repealed until the principal and interest,"
shall have been paid, and the amount OF
such tax less the costs Of collection and
such sum as may be required to meet the
payment of tie interest coupons after ap-
.niyinr thereto the funds hereinafter pro
Vided for that purpOse) shall constitute a
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 1OI-
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 tor the
sale of the railroad bonds issued by the
narish. and will purchase the same at the
lowest price offered to the extent of the
money in hand for that purpose and ne
shall on the day. and at the place so hyed,
between the hours Of ii A. NJ. and L. M
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 a written report to the police
Jury of his action in the premises.
SEC. %. 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
erty of the parish, as shown by the annual
assessment rolls, over and above the
amount of the assessment roll of 1870. The
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 81 Be it further enacted, etc, That
the stockholders of said company shall, at
any time, have the right to have all stock
held by any parish or incorporated town or
city transferred to the company whenever
and to the extent that said company shall
repay or reimburse said parishes, towns or
cities, the amounts paid by them on their
bonds issued to said company. And IN re-
imbursing said parishes, towns or cities, the
said company shall have credit for the full
amount of any and all taxes levied upon
and collected upon the property of sail rail-
road company by said parishes, towns or
cities: and to the extent of such taxes the
said parishes towns or cities shall annually
transfer their stock to said company.
= SEC. %. Be it further enacted, ETC., That
the parish treas urers into whose custody
the railroad funds may pass, as aforesaid,
shall, in addition to the bonds required by
them as parish tFeasurers, and as further
security for the money to be raised as
aforesaid, give special bond for such
sum as the police jury may direct, paya-
BILE to the president of the police jury, for
the use OF whom 1t may concern, and the
parish shall be considered as guaranteeing,
and shall be responsible for the fidelity of
such treasurer and the safe keeping of the
money in his charge.
SEC. %. Be it further enacted. etc, That
the president of this company shall have
the power to call a meeting of the stock
holders whenever he thinks their interest
may require it, to deliberate on the affairs
of the company; and the president and di-
: auil ho q nd
conferred by the Legislature on similar
companies in this State, where the same is
not specially conferred in this charter.
(SigHed) D. H. BREWSTER.
Speaker Of the House of Representatives.
(Signed) P. B. S. PINCHBACK,
Lieutenant Governor and President of the
Senate.
Approved April %, 1872.
(Signed H. G. WARMOTH
Governor of the. State of Louisiana.
A true copy:
F. j. HEBRON,
Secretary of State