New Orleans Republican., 1872-05-02

and the State hereby pledges ITS faith for
the redemption of said bonds 10 tne extent
of said fund. And it shall be the duty OF
the State Treasurer, whenever ana as oIten
as said fund shall amount TO twenty-nve
tbousaod dollars, to advertise III the OIhcial
iOurnal of the State that he Will, on DAY
therein named, not less than thirty days
after first publication, receive offers from
+bo bolders Of such bonds for the purchase
thereof at the lowest rate, and be sIiaiI Pur-
chase such of said bonds as are Ortered aJ
the lowest rate to the extent OF the IuhdS
in hand; which bonds so PurGhastu I9 seaIl
be bv him Cancelled and filed IN his once,
together with such coupons as may nave
been by him taken up, and the mum oers
and amounts thereof shall be entered IN a
REGISTER kept by him for the purpose, and
which register shall be accesslUIe 10 Ihe
public. -. rrbo+
it shall be the duty Of the said State 1roas-
urer to embrace in his annual reports 10
the Legislature a statement showing the
amounts received, and disposition made Oh
said fund. He shall charge said tund WITH
the cost of said advertisements, and snail
he entitled to deduct thereir0m one per
cent on the amount of the bonds 50 taken
up and cancelled.
SEC. %. Be it further enacted, etc, That
marshes adjacent to, near, or through
which the railroad line may pass may sub
scribe TO the capital stock of said company
wbeneyer a majority of the legal votes
cast, at a general or special election, snail
he in favor of subscription. ne llme OF
voting and the amount to be suOscrlDeu
sbaII be determined by the police jury. The
rorice of fhe time fixed shall be made
known by publication in the manner pre-
gcribed for judicial advertisements, at least
thirty days immediately preceding such
election Said elections shall be held at the
places, by the persons, and the returns
shall be made in the manner, Indicated oy
the police jury. I'll.
SEC. "a. Be it further enacted, etc, That
there shall be written on the halIOJs OF
those in favor of the subscription the words
" for substitution" and on the ballots OF
those against the subscription the words
no subscription" And if at snch election
it shall appear that majority ol the Votes
cast in any parish have been III 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, cOuntersigued bv the clerk
thereof. to the president of the Nidalia, Red
River and Texas Railroad Company, or
bearer, bonds of one hundred dollars each
to the amount of such subscription, payable
in not exceeding fifty nor less than thirty
wears, and stipulating 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. 25. Be it further enacted, etc, That
the police jury shall, in the ordinance au-
thOrizing 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 sufficient
to nav the interest and One-fOrtIeth part OF
the principal thereof which tax shall 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-
plying thereto the funds hereinafter pro
vided for that purpOse) shall constitute
sinking fund for the payment of the bonds
thus to be issued, to be designated as the
railroad sinking fund, and shall he paid out
in the purchase thereof in the manner fol-
lowing: The president Of the police Jury
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 Tor 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 fyed,
between the hours OF ii A. NJ. and z. NJ,
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 written report to the police
jury of his action in the premises.
SEC. 26. 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
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. y. Be it further enacted, ETC., That
hestockhOlders 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
cltlss, the amounts paid by them on their
bonds issued to said company. And in re-
lmbuTslng 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. 2S. Be it further enacted, etc. Thar
the parish treaSurers into whose custody
the railroad funds may pass, as aforesaid.
shall, IN addition to the bonds required by
them as parish treasurers, and as further
security for the money to be raised as
aforesaid, give a special bond for such
sum as the police jury may direct, pava-
ble to the president Of the police Jury. for
the use OF whom it may concern. and Jbe
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 a+o Tlo+
The president OF this company shall have
the power to call a meeting Of tbe stock1
holders whenever he thinks their intsras+
may require 1t, to deliberate on the AFFAIRS
Of the company; and the president and Ji-
'ectors shall have the powers and authoritv
conferred by HE Legislature on similar
companies IN this State, where the s9na ia
lot specially conferred in this charter
(Signed) 0. H. BREWSTER
speaker of the House of Represento+;ves
lSlgnedl P. B. S. PINCHBACK
Lieutenant Governor and President eff the
Approved April %, 1872
(SIgned) H &. WARMOTH
Governor Of the State of I,ouisiar,
A true copy: i10''lSi''l@'
f. j. HERON,
Secretary of State