New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-06-09

No. 81.
AN ACT providing for the registration and paw
ment Of state warrants and certificates Of in
debtedness and creating fund for the pay
menU OF the same; also, abolishing the re
cemptOn of the State fund" and 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 for a fairIre to perform his
duty, and for other purposes
SECTION l. Be it enacted by the Senate and House
of Representatives of the State Of Louisiana in Gen
eTal Assembly convened That it is made the duty
of the state Treasurer, under the direction IF the
joint committee to ascertain and classify the state
indebtedness to keep in his office book, or books,
in which he shall register all unpaid warrants ana
certificates of indebtedness issued By the Auditor
of Public Accounts iii accordance with law, and
which are payable out OF the general funds that
were issued prior to the first day January, eight
cen hundred and seventy-two; OF warrants or GER
uhcates OF indebtedness that may be Issued at
any subsequent date, according to law, either pur
sIaUt to appropriations made or in recognition of
Indebtedness created 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 for registra
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 one upward the numOe date and
amount of che warrant or certificates and on the
back Of each warrant or certificate shall be in
dOTsed stamped by the State Trt asurer the num-
Der of its registration.
Every warrant or certificate Of Indebtedness 20
registered, shall be paid to the holder by the state
gistered 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 the order of registration the State
Treasurer shall reserve an amount sufficient to
pay the same, subject to conditions hereinafter
made, and the balance remaining after such reser-
walton he shall use to pay warrants aud certif
Gates of Indebtedness in the order of their regis
tration as above mentioned The book or books of
registry provided for in this secten shall be opened
Immediately after he passage OF this act, and shall
be kept opened indefinitely.
RI NrTW#T nara tod nfn IoaE F1I
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 thai 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
feTred by the State Treasurer to the credit of a
tund hereby created, and to be known as the fund
for the redemption of the floating debt of the
State, due or created on before the th.r y-trst
day OF December eighteen hundred and seventy
one.
n the State treasury created by act No. 1872 ap-
proved March 49, 1857, known as the free school
fund" be and the same is hereby abolished,
and in lieu thereof 1t is hereby made the duty
of the Auditor of Public Accounts to ascertain an
nually the aggregate amount which would be due
the several parishes from the free school fund If
il were Tetainedl IN the form in whicn it prior
to the passage of this act and to ievy and collect
special tax to provide for the payment of the
same m tle several mari shes when dine the same
as If the free school fund had not been abolished.
All moneys, bonds, and other assets belonging to
time this act goes into effect shall be transferred
by the Stale Treasurer to the credN of the special
fund created in the second section OF this act.
SEC T. BE 1t further enacted, ETC., Ihat al taxes
and licenses, for any rPOse whatever, " hich
We're due the State prior TO- the first day Of Jan
uary, eighteen hundred and seventy-tWo, but
which shall not have been collected when this act
shall 90 INTO effect, also the moneys paid into the
State treasury in redemption of lands forfeited to
the State for nOn-payment of taxes due prior to
The first day Of January, eighteen hundred and
seventythree, shall as they are collected and paid
toto In rlas 81.
Treasurer TO the credit of the special fund created
by the second section of this act.
SEC. ;. Be it further enacted e-c., That ali
moneys placed to the credit OF The special fund |
created by the second section of this act shall he
used by the State Treasurer to take up and Pay
the debt for which said special fund was created
and in the order in which he warrants and certifi
Gates OF indebtedness shall have been registered
as provided in the first section OF tins act
SEC. 6. Be it further enacted, etc, That within !
ten days irOm the passage Of this act it shall be
the duty OF the Auditor of PuOic Accounts and the
transferred nom the free school fund" and the |
redemption of the State debt fund.- to the "fund |
Tor the RECEPTION Of the floating debt Of the State
iue anu created on or before the thirty first day Of
December, eigr teen hundred aud sevent v-one," to
13 sold at some conspicuous place in the city of
New Orleans which advertisement shall be made
tor ten days in the official journal of New Orleans.
At the time and place designated he said Auditor
and Treasurer shall offer such bonds public aue-
non, from day to day, not to exceed six days
OE the d4ratlon OF tie sale, to the highest Duuyr'
TO De paid either in United States currency ID the
8uu Tor . warrants on the State treasurer or III
5ert 1cates of Indebtedness registered accord
ug TO the requirements Of this act. said bonds
shall be offered in lots of one, with the privilege
to the bidder to take twenty at each entry; and
provided that no bids shall be received unless
said bonds, If they be State bonds shaA orlA@
slXty-hve cents on the dollar with lnat'ted inter
EST coupons detached to the day OF dtllveryj anu
Il they be consolidated city bonds, eighty cents on
he dollar with matured interest coupons detaCh-
I'd to the dav of delivery. That If any of such
bonds should not sell for the amount above speci-
led they shall be retained in the State treasury
and SHAH thereafter be exchanged tor any war
-auts or certificates of Indebtedness gistered as
provided for by this act, at the rate of sixty i've
.ents of warrants or certificates of Indebtedness
on one dollar of bonds, If they be 'SGate bOnds,P
md Fl consolidated city bonds" eighty cents of |
warrants or certificates Of Indebtedness registered
recording to the provisions of this act for dol
an ia bonds; the order Of registration to be OBJ
erved in applications for the exchange of bonds.
f. after the sale or exchange OF all the bonds
shall be found that there have been more war
ants and certificates of indebtedness Registered |
ccOrding to the provisions of this act, than
here shall be either money or bonds, or both, to
ne creOit of the special fund created BY the sec
nd section of this act, if holders of registered
variants or certificates prefer then the excess Of
variants and certificates of indebtedness, regis
cred as aforesaid, shall be paid out Of the money
LACED OF to be placed to the ereeit Of the said