New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-05-10

for subscription, and on the ballos.
those against the subscription the w.
90 no subscription And if at such alaosN
| it shall appear that majority of the ~,
cast in any parish have been in favor
subscription, then, and in that event ~
parish shall issue, and cause to be anti.
ticated by the signature of the president
the police jury, countersigned by the ela,l
thereof, to the president Of the Yidalia ~
River and Texas Railroad COmpanv
bearer, bonds of one hundred dollars 49,
to the amount of such subscription. pavsF
in not exceeding fifty nor less than fbis..
wears, and STIMULATING the payment Of ~
exceeding eight per cent interest per anprs
from date, which interest shall be payab
annually, end shall be indicated by interes
coupons attached to said bonds.
SEC. IS. Be it further enacted, etc. Tia,
the police Jury shall, in the ordinance j.
thorizing the bonds, provide for the nav
ment of the principal and interest thefso
and for that purpose shall levy a tax, to h
collected annually, of an amount suficier.
to nav the interest and One-fortieth part \
the principal thereof, which tax shall Dn
be repealed until the principal and interer
shall have been paid, and the amount y
such tax Qess the costs OF collection aBi
such sum as may be required to meeta
naVIQeQD Ol Llab lubDLDob OOuph1lb dllef
nIying thereto the funds hereinafter prs
vided for that purpose) shall constitute
sinking fund for the payment of the bond
thus to be issued to be designated as III
railroad sinking fund, and shall be paid on
in the purchase thereof in the manner fo
lowing: The president of the police lurr
shall advertise for thirty days in the man
ner required for judicial advertisement
that he viii, on day named, receive ofen
at the courthouse door of the parish for tn
sale of the railroad bonds issued by Tia
parish. and will purchase the same at Tia
lowest price offered to the extent Of ths
money in hand for that purpose, and hs
shall on the day, and at the place so fyed
between the hours of III A. M. and 2. NJ
purchase at public Outery and at the loves
rate offered, not more than its par value
bonds to the extent of the funds on hand
for that purpose. The bonds so purchase
shall be by him cancelled and delivered ID
the parish treasurer, and the said presideH
shall make written report to the polio
jury of his action IN the premises.
SEC. 70. Be it further enacted, ETC., Tha
the parish treasurer shall annually, and
whenever any parish taxes are received byl
him, place to the credit of the RAILROAD
sinking fund that part of the tax paid OIL
the increased valuation of the taxable prop
erty of the parish, as shown by the annua
assessment rolls, over and above th,
amount of the assessment roll of 1870. Tin
tax on such excess shall be paid in curren
funds of the United States, and shall b
applied first to the payment of the interes
coupons as they fall due, and should anT
balance remain it shall be placed to tbs
credit of the railroad sinking fund, to b.
applied to the redemption of the paris
bonds as before stated.
SEC. q. Be it further enacted, ETC.. Tina
the stockholders of said company shall, a
any time, have the right to have all stOe
held by any parish or incorporated town
city transferred to the company whenevsS
and to the extent that said company shat
repay or reimburse said parishes, towns d
cities, the amounts paid by them on the
bonds issued to said company. And in n
imbursing said parishes, towns or cities, I'll
said company shall have credit for the FIJI
amount of any and all taxes levied upa
and collected upon the property of sail raj
road company by said parishes, towns d
cities; and to the extent of such taxes th
said parishes, towns or cities shall annual
transfer their stock to said company.
SEC. %. Be it further enacted, etc Thss
the parish treasurers into whose eustOdT
the railroad funds may pass, as aforesaid
shall, in addition to the bonds required By
them as parish IfSaSurefS, ana as Iurthoi
security for the money to be raised as
aforesaid, give a 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 it 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 haW
the power to call a meeting of the stock
holders whenever he thinks their Interest
may require it, to deliberate on the afan
of the company; and the president and d.
rectOrs shall have the powers and authority
conferred by the Legislature on similar
companies in this State, where the same Is
not specially conferred in this charter
(Signed) o. 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. c. WARMOTH,
Governor of the State of Louisiana.
A true copy:
+. J. HERON,
Secretary of State