The Bossier banner. [volume] (Bellevue, Bossier Parish, La.) 1859-1952, 1873-08-16


IreaSuter of the State, as conanensa
ti"n ITO said company for maintaininp
said leTees in good and efficient repair,
according TO the standard as hereinbe
fore provided.
8. That said company shall have
full right, power and authority to
mortgage said funds, and to transfer
by proper instruments in writing the !
same, or any portion thereof, to any
person or persons; and the Treasurer
OF the State, upon presentation to him
OF transfsr, shall pay from said funds
such portion or portions to the person
! or persons so authorized to receive
them; provided, however, that if said
company shall issue its coupon bonds.
and shall so direct, all bonds SO issued
by this company shall be registered in
the offices of Auditor of Public Ac-
counts and State Treasurer; and such
registry shall be Endorsed thereon,
and the coupons thereto attached shall
be stamped across their face by the
| Treasurer, with a fac simile of his
signature; that to secure the prompt
payment of principal and interest of
such bonds as may be issued by this
company, a sufficient amount of the
revenues accruing under the provis-
ions of this act are hereby pledged
and after this issue of any bonds
by this company it shall be the duty
of the State Treasurer to withhold
from any funds in the State treasury
to the credit of said company an amount
sufficient to pay all the interest coupons
upon bonds so issued, falling due
within six months, which coupons he
shall pay from the cum so withheld at
the time and place so designated OIL
said coupons, and sum equal to a
per cent. of the principal of the said
bonds so issued shall also be retained
by the State Treasurer, which sum
shall be sufficient only to fully retire
the bonds at ttheir maturity. The
State Treasurer shall annually adver-
tise for period of thirty days in the
Official paper of the State and in at
least one daIl y paper in the city of New
York, for sealed proposals for the sale
t. said Treasurer of an amount of said
bonds sufficient TO absorb the aforesaid
accumulated sinking fund of the year.
On the first Monday after the exprra-
ton of said publication, he shall open
said bids in his office in presence of
the Auditor of Public Accounts and
the president of the company, and the
awards shall be made to the lowest
bidder; provided, that no bids shall be
accepted for more than the face of the
bonds. If there should be no offer of
said bonds at par ar less, it shall be
the duty of the Treasurer, under the
advice of the Auditor Of Public Ac-
counts and the president of this COM
pauy, 10 invest said funds in the
| bonds of this State or of the United
: States, for the benefit of the company,
and hold the same as portion of the
sinking fund for the retirement of the
! bonds issued by this company. In his
1 annual report to the General Assem-
, bly,, the Treasurer shall give full
statement of any proceedings had by
him under tits act, and it shall he the
duty of the State Treasurer, on the
! first of each month, 20 communicate to
the president of this company a state
|
: the past month, and the disposition
i thereof.
D 9. That whereas no tax, as provid-
7 ed herein, can BE- levied and collected
a during the year 1871, the Governor OF
the State is hereby authorized and re-
quired to issue the bonds of the State
to this company to the amount of one
L e 1 l..
2 delivered to the president of the com
: pany upon said company filing with
the Secretary of the State an accept
I ance of this act, and resolution of it.
q directors and incorporators binding
5 itself to perform the obligations of thi
act Said bonds shall be of the de
nomination of one thousand dollar.
: each, shall be signed by the Governor
c cuuntersigned by the Secretary o
e State, and sealed with the seal of thu
Il State. They shall be dated on thu
y first day of April, 1871, and shall b,
> payable to the president of the LOui
: siana Levee Company or bearer
i They shall bear interest at the rate .
= eight per cent. per annum, both prin
e cipal and interest to be paid in tn
u legal money of the United States a
], the time when the payment is due
q Said bonds shall be registered IN tn
J. books of the Auditor of Public Ac
n counts and of the State Treasurer, an,
Ie shall have coupons attached thereto
! stamped with the fac-simile of the sig
r n, ture of the State Treasurer, and pay
i sbIe in New Orleans or New York. a
d the optiIn of the holder, on the frs
: day Of OctC Der of each year. For tn
II payment of the principal interest o
: the bonds aforesaid the faith of tn
: State of Louisiana in unconditional,
e pledged to the holder. To provide 70
J the prompt payment of tie principa
!, and interest of said bonds All annua
d tax of one-haIf mill on the dollar shall