New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-06-01

Gates of Indebtedness for one dollar of
bonds if they be estate honds,D and if ICON
sOlidated city bonds" eighty cents of war
rants or certificates of indebtedness regis
tered according to the provisions of this
act for enc dollar in bonds; the order OF
registration to be observed in applications
for exchange of bonds. If after the sale or
exchange of all the bonds it shall be found
that there have been more warrants and
certificates of Indebtedness registered, ac-
cOrding to the provisions OF this act, than
there shall be either money or bonds, or
both, to the credit of the special fund ere
ated by the second section of this act, or If
holders of registered warrants or GER
tificates prefer then the excess CT
warrants and certificates of indebted
ness, registered as aforesaid, shall be paid
out of the money placed or 70 be placed to
the credit of the said fund as hereinafter
specified. All holders of warrants or GER
tifcates of indebtedness, registered as here
inbefore provided, who shall not present
their warrants or certificates Of indebteded-
ness within ten days after the bonds to the
credit of the special fund created IN the sec
Ond section of this act shall have been offered
for sale at public auction, as herein specified,
shall lose their right of preference, and the
party or parties who shall present their
registered warrants or certificates of in
debtedness within the said ten days for
payment, shall receive payment, in the
order of their registration, in money, II
there shall be any to the credit of the special
fund created for the purpose, or IN bonds,
as hereinbefore provided. A special appro-
priation of all the moneys or funds which
shall be placed to the credit of the special
1und created by the second section of this
act, or so much thereof as may be necessary,
is hereby made to carry out the provisions
of this act.
SEC. Z. Be it further, enacted, etc, That
if any of the bonds placed to the credit Of
the special fund created by the second sec
ton of this act are not made negotiable or
transferable by delivery, the State Trea-
surer shall cause to be written or stamped
on each of said bonds, at or before the time
of its sale or exchange, as provided for in
this act, the words: This bond is hereby
made payable to bearer by delivery" and
sign the same as Treasurer; and from and
after that date such bonds shall pass and
confer perfect title to the holder by the
mere delivery, as if on the face of it it was
payable to bearer. The State Treasurer
shall weekly report to the Auditor of Pub
lie Accounts the number of bonds ex-
changed, their date, number, and amounts
for which they were originally issued; also
the number and amount of warrants or GER
tifieates of indebtedness for which they
were exchanged, and make full and ac-
curate statement in his annual report of all
the operations under the provisions of this
act.
SEC. 8. Be it further enacted, ETC., That
to meet any deficit which may exist after
tie bonds and money placed TO the credit
of the special fund created by the second
section of this act shall have been ex-
hausted, there is hereby levied tax of one
mill on the dollar on all taxable property of
the State, according to the assessment of
the year eighteen hundred and seventy
one, to be collected and paid into the State
treasury, as other taxes in eighteen hum
bred and seventy-twO; and should any de-
felt exist on the first day of January,
eighteen hundred and seventy-three, it
shall be the duty of the Auditor of Public
Accounts to ascertain the amount thereof,
and a special tax sufficient for the pay
ment of such deficit, is hereby levied on
all the taxable property of the State, ac-
cording to the assessment rolls of eighteen
hundred and seventy-twO, to be collected
and placed into the State treasury, as other
taxes in eighteen hundred and seventy
three, and the amount in each case to be
placed to the credit of the fund created by
the second section of this act; provided,
that there shall be allowed no cOmpensa-
ton to assessors for the levy herein pro-
vided for on the assessment rolls of eight
cen hundred and seventy-twO. And said
be used exclusively to pay warrants or GER
tificates of Indebtedness registered accord
ingto the first section of this act, and in
the order of registry except as herein pro-
vided in case of the sale of the bonds.
SEC. 9. Be it further enacted, etc., That
all warrants and certificates of Indebtedness
registered under and in accordance with the
provisions of this act, except such as may
be exchanged for bonds as herein provided,
shall bear an interest at the rate of six per
centum per annum from the date of their
registry until paid
SEC. 10. Be 1t further enacted, etc, That
any willful violation of the provisions of
this act by the State Treasurer shall subject
him to a fine of five hundred dollars for each
Offense, to be recovered for the State by the
Attorney General before any court of com
petent Jurisdiction. The State Treasurer
shall also be liable for damages IN full to
any party who shall suffer injury by his lille
gal action or failure to perform any of the
duties enioined upon him, said damages to
be recovered before any court of competent
jurisdiction on the complaint of the injured
party.
SEC. IL. Be it further enacted, etc. That
this act shall take effect from and after its
passage, and all acts contrary to or in
consistent Herewith are hereby repealed.
(Signed) o. H. BREWSTER,
Speaker of the House of Representatives.
(Signed) p. B. S. PINCBACK,
Lieutenant Governor and President of the
Approved May 25, 1872.
(Signed) H. G. WARMOTH, l
Governor of the State of Louisiana.
A true copy:
F. j. HERRON,
Secretary of State.