New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-06-15

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 abOlishing the re
demptiOn of the state fund" and the free school
fund.- and making provisions for the State to
meet its Obligations to the last named fund
abolished; also, prescribing a fine against the
State Treasurer for failure to perform his
duty, and for other purposes
SECTION |. Be it enacted by the Senate and House
of Representatives Of the State Of Louisiana in Gen
eral Assembly convened, That it is made the duty
of the state Treasurer, under the direction Of the
joint committee to ascertain and classify the State
Indebtedness to keep in his office book, books,
in which he shall register all unpaid warran b ana
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 rst day OF January, eight
cen hundred and seventy-twO; warrants or GER
tifcates Of indebtedness that may be issued at
any subsequent date, according to law, either pur
suaut to appropriations made in recognition of
Indebtedness created pursuant to 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 regstra
ton, and shall be transferable by mere delivery
and payable to bearer me registry snail contain
the number showing fhe order of registration,
numbering from one upward the number, date and
amount OF me warrant or certlhcatt; ana on the
back of each warrant or certificate shall be IN
dOTsed or stamped by the State Ire asurer the num-
Der of its registration
Every warrant or certificate Of Indebtedness so
registered shall be paid to the holder by the state
Treasurer on presentation in the order Of the Te-
gistered number; the warrant certificate Of in
debtedness 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 an amount sufficient to
pay the same, subject to conditions hereinafter
made, and the balance remaining after such reser-
walton he shall use to pay warrants and ceTtJu-
Gates Of Indebtedness in the order OF their regis
tratiOn as above mentioned The book or books OF
registry provided for III TINS secten shall be opened
Immediately after the passage OF tins act, and shall
be kept opened indefinitely
SEC. 2 Be it further enacted, etc That the fund
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
feTred by the state Treasurer 10 the credit Of
fund hereby created, and TO be known as the fund
for the redemption Of the floating debt Of the
State due or created on OF before the thirly-trst
day OF December, eighteen hundred and seventy
one
SEC Q. Be it further enacted, etc, That the fund
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 IL is hereby made the duty
of the Auditor Of Public Accounts TO ascertain an
nually the aggregate amount which would be due
the several parishes nom the free school fund If
it were retained IN the form in when q was prior
to the passage Of this act, and 10 levy aud collect
a special tax to provide for the payment OF the
same to the several parishes when dle, the same
as if the free school fund had not been abolished
AlmOneys bonds and otner assets belonging 10
said free school fund in the State treasury az 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 4. Be it further enacted, etc. That all taxes
and licenses, for any parPOse whatever which
due The State prior 10 the first day Of jan
uary, eighteen hundred and seventytwo, but
which snail not have been collected when this act
shall 90 into effect, also the moneys paid INTO the
State treasury III redemption Of lands forfeited to
the state for nOn.payment OF taxes due prior to
the first day Of January, eighteen hundred and
seventy three, shall, as they are collected and paid
into the State treasury, be placed by the State
Treasurer 10 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 Dy the second section Of this act shall he
used by the State Treasurer 10 take up and lay
the debt for which said special fund was created
and in the order in which he yyarYauts and eerti6
Gates Of Indebtedness shall have been registered
as provided in the first section q this act.
SIC. 6. BE il further enacted etc That within
ten DAYS from the passage Of this act it shall be
the duty Of the Auditor Of Puzzle Accounts and the
state treasurer Jointly, 20 advertise all bonds
transferred fom the free school luud" and the
redemption OF the state deOt fnd' 10 the fund
for the RECEPTION of the floating debt Of the state
due and created on or before the thrtv-rst day Of
December, vigbtee hundred and seventy one" to /
be sold az some conspicuous place il the city Of /
New Orleans, which advertisement small be made /
for ten days in the official iOgrua oF New Orleans.
At the time and place designated the SAID Auditor
ana Treasure shall otter such bonds at pnbIc auc-
non, nom day to day, not to exceed SIX Gays
iOt The Duration Of tie sale 20 the highest baNuyE
70 De- pad either in United States Cltthcy, III Iis
Auditors warrants on the State treasurer OF IN
cerulcatc5 Of Indebtedness. re-. -5eIsu a,rpta-
ing 70 the requirements Of this ae[' aaid bgn0s
shall be offered In lots of one VIA lhe privilege
10 the bidder 70 take twenty az tacD entry ana
provided that 10 bids shall BE- received unless
said bonds II they be state DOZGs. shall bring |
sixty-lye cents on the dollar. with matuIed inter
est COUPONS detached 20 the day d CeaFcry; and |
if rhpv H. ilsted city bonds eighty cents /
the dollar with natured Interest coupons detacL- !
ed TO trr F,v Of delivery. That # any OF such 4
bonds shOrld Lot sell for the amount above speci- |
nad r1Iev shall be retained u the State treasury, |
and shall thereafter he exchanged Tor any war
fa--+5 or 1uate5 Of Indebtedness registered as
-,T-5 led FOR 5y this act az the rate Of sixty five
ae[l+s OF warrants OF certificates OF iudebtedurss
for or dollar Of bonds. # they be "State bonds
ard II consolidated city bonds eighty cents Of
warrants certificates Of indie Uteduess registered
according 20 the provisions Of this act for one dol
ar 10 bonds; the order Of registration 70 be OBJ
served in applications for the exchange Of bonds.
r. after the sale or exchange OF all the bonds
e shall be found that there have been more war !
ANTS and certificates Of indebteduessf egistered
according 70 the provisions Of this act, than
here shall be either money or bonds or both, to /
he credit Of the special fund created BY the sec
nd section Of thls act, or II holders Of registered
warrants or certificates prefer then the excess Of
FaIrants ard certificates Of Indebtedness, regis |
cred ss aforesaid, shall be paid ont Of the money |
'lacea o. 70 be placed 70 the creeit Of the said