New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-06-12

No. 81.
AN ACT providing for the registration and pay
Iuent OF state warrants and certificates of in
debtedness, and creating fund for the pay
ment OF tie same also, abolshing 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 fund
abolished also, prescribing a hne against the
state Treasurer for a failure TO perform his
duty, and for other purposes.
SECTION ]. Be 1t enacted by the Senate and House
Of REPRESENTATIVES, OF the State Of Louisiana ID Gen
eral Assembly convened, That it is made the duty
of the State Treasurer under the direction Of 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 and
certificates Of indebtedness issued ov the Auditor
of Public Accounts IL accordance with law, aud
which are payable out of the general funds that
were issued prior 20 the first day OF January eight
cen hundred and seventy-twO; or warrants or GER
thcates OF indebtedness that may he issued at
any subsequent date, according 10 law. either pur-
SuuJ 10 apprOpI1aIl0Hs mace OF IN r6coS n-JLon OF
Indebtedness created pursuant 10 any Jaw OF tIle
State in force prior to the first day Of January,
eighteen hundred ard seventy-two; such warrants
and cefuneates OF Indebtedness shalI De registered
in the order and date Of presentation Tor reglstTa
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 number, date and
amount OF he warrant OF certificate; and on the
back of each warrant or certificate shall be in
dOTsed OF stamped by the state Treasurer the num-
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
Clustered NUMBER; the warrant or C6rtHcale OF M
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 reserSe an amount s}II1cienJ 10
pay the same subject 10 conditions hereinafter
made, and the balance remaining after such reser-
walton he shall use to pay warrants and certit-
Gates of Indebtedness IN the order OF their regis
tTatiOn as above mentioned. The book or books of
registry provided for IN this secen shall be opened
immediately after the passage OF TINS act anu sha
be kept opened indefinitely.
SBC. D. Be it further enacted, etc That the fund
in the State treasury, created by act approved
March nineteenth, eighteen hundred and nifty
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 sald 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
fund hereby created, and TO be known as the fund
for Che 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.
SEC. 3. Belt further enacted, etc, That the fund
q the State treasury created by act No. 49, ap.
proved March 70, 1857, known as the Tree 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
Yrallv the an0reu2te amount which would be due
the several parishes from the free school fund if
il were retained in the form IN when il was prior
to the passage OF this act, and to levy and collect
a special tax TO provide for the payment of the
same to the several parishes when due. the same
asif the free school fund had not been abolished.
AImOneys, bonds, and other assets belonging 20
said free school fund in the State treasury at the
time TINS 2cb goes INTO 6uecT, snail De transferred
by the State Treasurer to the credit OF the special
fund created IN the second section Of this act.
SEC 4. Be it further enacted, etc, That all taxes
and licenses, for any purpose whatever, which
were due the State prior 10 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
seventy-thTee, shall, they 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.
SEC. 5. Be 1t 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 and cav
the debt for which said special fund was created
and in the order IN which the warrants and cerJih-
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 from the passage Of this act it shall be
the duty Of the Auditor Of Public accounts and the
State Treasurer, jointly, 10 advertise all bonds
redemption of the State debt fund.- to the fund
for the RECEPTION Of the floating debt Of the State
due and created before the thlrtv-rst dav Of
December, eigt teen hundred and seventy.oueh 70 |
be sold at some conspicuous place in the city Of /
New Orleans which advertisement shall be made
LOT ten Gays IN the omclal journal Of New orleans
at the time and place designated the said auditor
and Treasurer shall offer such bonds at public auc
ton, from day to day not to exceed SIX days
to be paid either in United States currency in the
AUDITORS warrants on the State Treasurer, or IL
ing TO the requirements of this act eald OCAos
shall be offered in lots of one with the privilege
TO the bidder to take twenty at each ebtIyi ana
provided. that no bids shall be received unless
SAID bonds, II they be State bonds, snail bflnS |
sixty-hge cents on the dollar, with matured inter
est coupons detached to the day OF dellVeryi and
if they be consolidated city bonds, eighty cents On
the dollar with ruatured interest coupons detach
ed to the dav II delivery, That If any Of such |
bonds should not SCI for the amount above speci-
fed they shall be retained in the State treasury,
and sbeil thereafter be exchanged tor any war
rants or certificates Of Indebtedness registered as
provided for by this act, at the rate Of sixty i've
cents of warrants or certificates of Indebtedness
for one dollar OF bonds, If they be State bonds" |
and if CONSOLIDATED city bonds" eighty cents Of
warrants or certificates Of Indebtedness registered
according to the provisions Of this act for one dol
lar in bOnds the order of registration TO be Oh
served in applications for the exchange Of bonds
If after the sale exchange OF all the bonds |
L shall be found that there have been more war
rants and certificates Of NEUTRALITY-SUSPICIOUS.
TO the provisions Of this act than |
here shall be either money or bonds, or both, TO !
Ihe credit Of the special fund created by the sec
md section of this act or If holders of registered
warrants or certificates prefer then the excess Of
and certificates of indebtedness, regis
erred as aforesaid shall be paid out Of the money
placed OF to be placed to the ereeit of the said