New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-05-03

| the redemption of said bonds 10 the bXUepl
| of said fund. And it shall be the duty o
| the State Treasurer whenever and as OtteI
| as said fund shall amount to- twenty-five
| Thousand dollars, to advertise III the Oticia
| journal of the State that he will, on day
| therein named not less than thirty day
! after first publication, receive offers iron
the holders of such bonds for the purchase
thereof at the lowest rate, and he shall pHr
chase such of said bonds as are offered al
| the lowest rate to the extent OF the funds
in hand: which bonds so purchased shall
be by him Cancelled and filed i'll his office
together with such coupons as may have
been by him taken up, and the numbers
and amounts thereof shall be entered in a
register kept by him for the purpose, and
! which register Shall be accessible to the
public.
SEC. %. Be it further enacted, etc, That
! it shall be the duty Of the said State Treas
urer to embrace in his annual reports to
| the Legislature a statement showing the
| amounts received, and disposition made OF
said fund. He shall charge said fund with
! the cost of said advertisements, and shall
/ be entitled to deduct theretrOm one per
cent on the amount Of the bonds so taken
up and cancelled.
SEC. .. BE it further enacted, etc, That
! parishes adjacent TO, near, or through
| which the railroad line may pass, may sub
scribe to the capital stock of said company
whenever Il majority of the legal votes
east, at general or special election, shall
| be in favor of subscription. The time OF
voting and the amount to be subscribed
shall be determined by the police jury. The
notice of tie time fixed shall be made
known by publication in the manner pre-
scribed 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 by
the police jury.
SEC. "a. Be it further enacted, etc, That
there shall be written on the ballots of
those i'll favor of the subscription the words
% for subscription" and on the ballots OF
those against the subscription the words
no subscription" And if at such election
it shall appear that a majority of the votes
cast in any parish have been in favor OF
subscription, then, and in that event, such
parish shall issue, and cause to be authen-
tieated by the signature of the president of
the police Jury, cOuntcrsigned by the clerk
thereof to the president of the Nidalia, Red
River aud 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
years, and STIMULATING the payment of not
exceeding eight per cent interest per annum
annually, and shall be indicated by interest
coupons attached to said bonds.
SEC. %. Be it further enacted, etc, That
the police jury shall, in the ordinance au-
thorizing the bonds, provide for the pay
mcnt Of the principal and interest thereof,
and for that purpose shall levy tax, to be
collected annually, Of an amount sufficient
to pay the interest and One-tortieth 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 us may lie required to meet the
payment of tie interest coupons after APP
plying thereto the funds hereinafter pro-
vided for that puupOsc) shall constitute a
sinking fund for the payment OF the bonds
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 Jury
shall advertise for thirty days in the man
ncr 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 50 tiyed,
between the hours OF IL A. NJ. and 3 p. NJ.
purchase al public cutlery and at the lowest
rate offered, not more than its par value
bonds to the extent of the funds on hand
fer that purpose. The bonds so purchased
shall be by him Cancelled and delivered to
the parish treasurer, and the said president
shall make a 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 tbelannual
assessment rolls, over and above thesI
amount of the assessment roll of 1870. Tie
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 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 tie 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-
imhursing said parishes, towns or cities, the
said company shall have credit for the full
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. .. Be it further enacted, etc, That
the parish treasurers into whose custody
the railroad funds may pass, as aforesaid,
IL So
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, paya-
bic to the president of the police jury, Tor
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 have |
the power to call a meeting of the stock !
holders whenever he thinks their interest !
may require it, to deliberate on the affairs !
OF the company; and the president and di- |
rectors shall have the powers and authority |
conferred by the Legislature on similar |
in this State, where the same Is |
not specially conferred in this charter.
(Signedl @. II. BREWSTER.
Speaker of the House of Representatives.
(Sighed) P. 3. S. PINCHBACK,
Lieutenant Governor and President of the
Senate.
Approved April y, 1872.
(Signed) II c. WARMOTH.
Governor Of the State of Louisiana
4 true copy:
+. j. HEBRON,
Secretary of State
AN ACT