New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-06-08

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 tie same ALSO abOhshing 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 tund
abolished; also, prescribing a fine against the
State Treasurer for failure to perform his
duty, and for other purposes F
SECTION l. Be it enacted by the Senate and House
of Representatives of the State of Louisiana in Gen
eral Assembly convened, That tits made The duty
of the State Treasurer, under the direction Of the
Joint committee to ascertain and classify the state
Indebtedness, keep in his office book, or books,
in which he shall register all unpaid warrants and
certificates of Indebtedness Issued by he Auditor
of Public Accounts in accordance with law, aud
which are payable out of the general funds that
were issued prior to the first day OF January eight
cen hundred and seventy-two; or warrants or cer-
tifcates of Indebtedness that may be issued at
any subsequent date, according to law either pur-
suant to appropriations made or In recognition OF
indebtedness crested 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 fer Tegistra
ton, and shall be transferable By mere delivery
and payable to bearer The registry shall contain
the number showing the order of registration
numbering from upward the number, date and
amount of 5he warrant or certificate; aud on the
PACK OF eacA warrant Ot CefClncate sua4I oe IA
dOTsed stamped by the State Tre asurer the mum.
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 re-
gistPred number; the warrant or certificate of in
debtedness bearing the lowest number shall be
paid first; provided that should any warrant not
be presented in ths order of registration the State
Treasurer shall reserve an amount sufficient 10
pay the same, subject to conditions hereinafter
made and the balance remaining after such err
walton he shall use to pay waTTants and certih-
Gates of Indebtedness in the order OF their regis.
tratiOn as above mentioned. The book or BOOKS OF
registry pTovidedtOr in this seeten shall be opened
Immediately after the passage of this act anu shall
be kept opened indefinitely
n 4 = !. e.,
in the State treasury, created by act approved
March nineteenth eighteen hundred aud fifty
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
ferred 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 or before the thirty first
day OF December, eighteen hundred and seventy
one. ..#. .. r..
SEC. g. Be it further enacted, etc. That the fund
n the State treasury created by act No. 49, ap.
proved March 10, 1851 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 Of Public Accounts to ascertain
nualy the aggregate amount which would be due
the several parishes from the free school fund if
il were retained in the form in when it was prior
TO the passage of this act and to levy and collect
special tax to provide for the payment Of the
same to the several paTis hes wien due, the same
as if the free school fund had not been abolished
said free school fund.- in the State treasury at 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.
See. 4. Be it further enacted, etc. That all taxes
and licenses, for any rpose whatever, which
were due the state prior to the first day of Jan.
uary eighteen hundred and seventy-tW0 but
which shall not have been collected when this act
shall 60 into effect, also the moneys paid into the
State treasury in redemption OF lands forfeited to
the State for nonpayment 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 the credit of the special fund created
by the second section of this act.
SIC. ;. Be it further enacted, ETC.. That ali
moneys placed to the credit of The special fund
created by the second section of this act shall be
used by the State Treasurer to take up andUav
the debt for which said special fund was created
and in the order in which the warrants and eertif.
Gates OF indebtedness shall have been registered,
as provided III the first section Of this act.
SEC! g. Be il further enacted etc That within
ten day from the passage of this act it shall be
the duty OF the Auditor of Public Accounts and the
State Treasurer jointly to advertise all bonds
transferred from the free school fund.- and The
redemption of the State debt fund.- to the fund
for the redeption OF the floating debt Of the state
due and created on before the thrtyhrst day Of
December, Gig teen hundred aud seventy me- TO !
DO sold at some conspicuous place in the city OF
New Orleans, which advertisement shall be made |
LOT Ten Gays IN the 0fclal Journal Of New dreams.
At the time and place designated he said AudlVor
and Treasurer shall offer such bonds at pu0lc auI -
HOD, rom day to day. not to eXCesd SIX Gays !
for the duration of the sale to the highest BIDDER,
to be paid eitherin United States currency, III the
Auditors warrants on the state treasurer or ~ |
certificates of Indebtedness. registered accord
ing to the requirements Of this act Sald Don'ls
shall be offered in lots of one, Win the privilege
to the bidder 10 take twenty at each eLJIyj and /
provided that no bids shall be received unless
said bonds If they be state bonds, shall bring |
sixty-1ve cents on the dollar. with matUred inter
est coupons detached to the day Of delivery; and /
4 tbey be consolidated city bonds eighty cents on
he dollar wifi matured interest coupons detach-
4d TO ne day OF delivery. That 1t any OF such /
bends sbo1ild not sell for the amount above speei
I'D firav shall be retained in the State treasury
md shall thereafter he exchanged tor any war
ants or certificates of Indebtedness registered as
,Tovided for by this act, at the rate of sixty i've
mrs of warrants or certificates of indebtedness
or one dollar of bonds, if they be State bonds"
md If consolidated city bonds, eighty cents Of
warrants certificates of Indebtedness reg istered
10 the provisions of this act for one dol
lr in bonds; the order of registration to he OBJ
erved in applications for the exchange of bonds.
t, after the sale or exchange OF all the bonds,
shall be found that there have been more war
ants and certificates Of indebtedness registered
eeording to 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 this act or if holders of registered
7arrants or certificates prefer then the excess Of
arrants and certificates Of Indebtedness regis
cred as aforesaid, shall be paid out of the money