New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-05-09

"for subscription" and on the ballots !,
those against the subscription the worS.
" no subscription" And if at such eleetios
it shall appear that a majority Of the vots-
cast in any parish have been in favor n
subscription, then, and IN that event. suss
uarfsh shall issue, and cause to be autbo1
heated by the signature of the president 4
the police jury, countersigned by the cless
thereof, to the president of the Vidalia, Re-
River and Texas Railroad Company )
bearer, bonds of one hundred dollars each
to the amount of such subscription, payable
in not exceeding fifty nor less than tbirtv
years, and stipulating the payment Of not
exceeding eight per cent interest per annum
from date, which interest shall be payabIs
annually. and shall be indicated by Interest
coupons attached to said bonds.
SEC. 25 Be it further enacted, etc., That
the police Jury shall, in the ordinance al
thorizing the bonds, provide for the pay.
ment of the principal and interest thereof
and for that purpose shall levy tax, to h
collected annually, of an amount suficiert
to paw the interest and One-fOrtieth part Of
the principal thereof, which tax shall not
be repealed until the principal and inteFest
shall have been paid, and the amount Of
such tax Qess the costs OF collection and
such sum as may be required to meet ths
payment of tie interest coupons after a.
nlying thereto the funds hereinafter On
vided for that purpOse) shall constitute
sinking fund for the payment of the bond
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 lury
shall advertise for thirty days in the man
ner required for judicial advertisements
that he will, on 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 so tiyed
between the hours of IL A. M. and 7. H..
purchase at public cutlery 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. %. 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
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
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. q. 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-
mbursing 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
titles; 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
5he parish treasurers into whose custody
5he railroad funds may pass, as aforesaid,
shall, in addition to the sbOnds required BY
hem as parish treasurers, and as further
'6CuI1ly 4OE bu6 money 70 DC EdISeu az
aforesaid, give a special bond for such
ium as the police jury may direct, paya-
Die to the president of the police jury, for
he use of whom it may concern, and the
parish shall be considered as guaranteeing
md shall be responsible for the fidelity Of
uch treasurer and the safe keeping of ths
money in his charge.
Sec. %. Be it further enacted, ETC., That
he president of this company shall have
he power to call a meeting of the stock
FOLDERS whenever he thinks their interest
nay require it, to deliberate on the affairs
# the company; and the president and di-
ectOrs shall have the powers and authority
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 %, 1872.
(Signed) H. G. WARMOTH,
Governor of the State of Louisiana.
A true copy:
F. j. HEBRON,
Secretary IF Cto4a