New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-06-13
mo. 81.

No. 81.
AN ACT providing for the registration aud pay
ment OF state warrants and certificates Of In
debtednese. and creating fund for the pay
ment of tie same also, abolishing the IRE
demption Of the State fund.- aud the free school
fund, and making provisions fer the state to
meet its Obligations to the last named fund
abolished also prescribing fine against the
state Treasurer f0T a failure TO perform his
duty and for other purposes.
SECTION I. Be it enacted by the Senate and House
of Representatives OF the State of Louisiana il Cen
eTal Assembly convened, That il is made the duty
of the State Treasurer, under the direction Of the
Joint committee to ascertain and classify the state
Indebtedness, 10 keep IN his Office book, or books,
in which lie shall register al unpaid warrants 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 first day o. January, eight
tifcates of Indebtedness that may be issued at
any subsequent date, according to law, either pur
suaDt TO appropriations made or III recognition Of
indebtedness created pursuant 70 any Jaw Of the
State in force prior to the first day Of January,
eighteen hundred and sevehty'tN0 such warrants
and certificates OF Indebtedness shall be registered
in the order aud date Of presentation for regstra
ton, and shah be transferable by mere delivery
and payable to bearer The registry shall contain
the number showing the order OF registration,
numbering from one upward, The number, date ana
amount of she warrant or certifieate and on the
back of each warrant or certificate shall be in
dOrsed or stamped by the State Treasurer the num-
Der of its registration.
Every warrant or certificate Of indebtedness go
registered, shall be paid to the holder by the state
Treasurer, presentation in the order OF the re-
debtedness bearing the lowest number shall be
paid first; provided, that should any warrant not
be presented in the order Of regstralon the State
Treasurer shall reserve an amount suths eut TO
pay the same, subject to conditions hereinafter
made, and the balance remaining after-Buch refer
walton be shan use to pay warrants and certih-
Gates Of Indebtedness in the order OF their regis
tTation as above mentioned. The book or books Of
registry provided for in this secten shall be opened
Immediately after The passage OF this act and shall
be kept opened indefinitely
SEC. 2 Be it further enacted, etc That the fund
in the State treasury, created by act approved
March nineteenth, eighteen hundred anu MY
seven, known as the redemption Of the State
debt fund be and the same ig hereby abolished,
and that ali 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
ferTed by the State Treasurer to 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 thrty-hrst
day Of December, eighteen hundred and seventy
one.
SEC 3. Be il furtheEenacted, etc. That the fund
n the State treasury created by act NO. l8z, ap
proved March IS, 1857, known as the free school
fund.- be and the same is hereby abolished
and in lieu thereof it is hereby made the duty
OF the Auditor ofPublic Accounts to ascertain an
nually the aggregate amount which would be due
the several parishes from the free school fund If
IL were retained in the form in whicn Il was prior
a special tax 10 provide for the payment Of the
same to the several parishes when due, the same
as If the free school fund had not been abolished.
Almqneys, bonds, ana other assets belonging 70
said free school fund in the State treasury OF 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 T. Be it further enacted, etc, That all taxes
and licenses, for any p rpose whatever, which
uarY, eighteen hundred and seventy-twO but
which snail mot have been collected when this act
shan 20 into effect also the moneys paid into the
State treasury in redemption Of lands forfeited to
the State for nOu-payment Of taxes due prior 70
the first day Of January, eighteen hundred and
seventy three, shall, as they are collected aud paid
into the state treasury, be placed BY the state
Treasurer 20 the credit Of The special fund created
by the second section Of this act.
SEC. 5. Be IL further enacted etc, That ali
moneys placed to the credit Of The special fund
created by the second section Of this act SHAH he
used by the State Treasurer TO take up and Fay
the debt for which said special fund was created,
and in the order in which the warrants and certih.
Gates Of indebtedness shall have been registered,
as provided In the first section Of tins act
SIC. 8. Be 1t further enacted, etc, That within
ten days from the passage Of this act it shall be
the duty Of the Auditor ofPu5ic Accounts and the
state Treasurer, jointly, 70 advertise all bonds
redemption Of the State debt fund" to the fund
for the RECEPTION Of the floating debt of the State
due AID created on OF before the thirtyrst day Of
DeeemgeF, e4Stteea hundred ana seventy ore" 70
be sold at some conspicuous place IN the city Of
New Orleans. which advertisement shall he made
for ten day IN the official jOurnal Of New Orleans
Al the time and place designated the said Auditor
and Treasurer shall offer such bonds al public auc
ton, from day to day, not to exceed sx days
for the duration Of the sale, TO the highest bidder
to be paid either in United States cureDeT IN the
Auditors warrants on the state Treasurer OF ID /
eIAtia-eAtfe VI 4AACJgoALHsbs Et=i1b-tf-e
ing 20 the requirements Of this act oalu DVhus j
shah be offered Ia lots Of one with the pIlVHeBs
TO the bidder TO take twenty at e4eh ebtIyi ana |
provided, that no bids shall b fecelyeu unless /
SAID lands, II they be State bonds. shali DIih8 1
sixty i've cents Oh the dollar win maillIea lEter
est coupons detached TO the gay q oe.4Fei3j ana
il they be consolidated city bonds, eighty cents on
the dollar with matuTed interest coupons detach-
I'd to the day OF delivery. That II any Of such 1
bends sbO7lld not sell for the amount above speci-
fed thev sIal be retained in the State treasury,
and shaYl Thereafter be exchanged for any war /
rar+s ~ car4fcates Of Indebtedness registered az
rr0vited Tor 0y this act, az the rateof sixty five
cents III warrants or certificates of~lndebtedness
foT 0re soVar Of bonds if they be state bonds /
and n Consolidated city bonds eighty cents Of /
NJ rants or certificates Of indebtedness req istered
secsrdi1g to the provisions OF this act for one dol
lar ia bonds; the order Of registration 10 be OBJ
served in applications for the exchange Of bonds.
NJ after the sale or exchange of al the bonds. |
IL shall be found that there have been more war |
rants and certificates Of tndebtednessfr egstered
according TO the provisions Of this act than
there shall be either money bonds OF both, 70 i
the credit Of the special fund created By the sec
Dnd section OF this act or If holders of registered
warrants or prefer, then the excess Of
warrants and certificates Of Indebtedness. regis
erred as aforesaid, shall be paid out Of the money
placed o. 10 be placed 70 the ereeit Of the said