Rapides gazette. (Alexandria, La.) 1869-187?, 1873-05-31

6. That the Auditor of Public Accounts
shah be required to pay to the Louisiana
Levce Company, at the rate Of fifty cents
Der cubic yard, for all levees constructed I
BY said company after the first day of Oc-
tobAr, 1874 and for which certificates shall
be issued according to law. And said Au-
ditor shall annually levy and cause to, be |
collected, in the same manner and by the
same officers az the ordinary taxes of the |
State are collected, sum sufficient to COW |
er the cost of alllevees required to be built
by the commission of engineers in their an
nual report, with twenty per cent addition
al to provide for deficiencies Of collections.
Said tax, when collected, shall be paid
over to the Treasurer Ofthe State, and shall
be set apart as q special fund to be known
as the "levee construction fund" which
shall not BIO used for any other purpose
than as compensation to said Louisiana
Levee Company; and said fund shall be
paid on the order of the president of said
company to the treasurer thereof; provid-
ed, that any surplus moneys derived from
the tax collected IN any year shall be plac-
ed to the credit Of said fund for the year
next succeeding; and provided further,
that all levees constructed Ivy the said
company before the first day of October,
1873, shall be paid for by the State at the
rate of sixty cents per cubic yard, as the
existing contract and laws provide.
Z. That the Auditor of the State shall
cause to be assessed and collected annual
ly, for the period of twenty-one years, from
and after the passage ofthis act, two-tenths
Of one per centum upon tn assessed value
of the taxable property within the State, to
he set apart and known as the "levee re-
pair fund.- which said fund shall be collect
"a ii III 5ame time, in the same manner,
"a J.. tls same Ulcers as the ordinary
taxes of the State are collected, and shall
DO used for no other purpose than as pro-
vided. Said fund shall be paid over to the
treasurer of said company, upon the order
of the president thereof by the Treasurer
of the State, as compensation to said com.
pany for maintaining said levees in good
and efficient repair, according to the stand
ard as hereinbefore provided.
g. That said company shall have full
right. power and authority TO mortgage
said funds and to transfer BY proper in
struments in writing the power Of receiv-
inc the same, or any portion thereof, to
any person or persons; and the Treasurer
of tn o State, upon presentation to him OF
such instrument of transfer, shall pay from
said funds such portion or portions to the
person OF persons so authorized to receive
them: crowded, however, that if the said
company shall issue its coupon bonds, and
shall so direct, all bonds so issued By this
company shall be registered in the office
of tAnditer of Public lAecounts] 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 fac
L r. \ osc no RI re-
prompt payment of principal and interest
Of snch bonds az may be issued by this
company, a sufficient amount of the reye-
nues according under the provisions of this
act are hereby pledged, and after the Is
suance of any bonds by this company 1t
shall be the duty Of the State Treasurer to
withhold from any funds in the state trsas-
ury to the credit of said company an
amount sufficient to pay all the inteias,
coupons upon bonds SO issued, falling due
within six months, which coupons he shall
pay frsm the sum so withheld at the time
and place SO designated on said coupons
and q sum equal to one per cent OF the
principal of the said bonds 80 issued shall
also be retained by the State Treasurer
which sum shall be sufficient only tt
fully retire the bonds at their maturity
The State Treasurer shall annually adver
tise for period of thirty days in the Off
cial paper of the State, and in at least ON
daily paper in the city of New York, TO
scaled proposals for the sale to said Treas
urer of an amount of said bonds sufficient
to absorb the aforesaid accumulated sink
ing fund of the year. On.the first Monda,
: after the expiration of said publication, h
shall open said bids in his Office in the pre-
sence of the Auditor of Public Account
and the president Of the company, and th'
awards shall be made to the lowest bidder
provided that no bids shall be accepted 10
! more than the face of the bonds. If Their
should be no offer Of said bonds at par o
less, it shall be the duty of the Treasurer
under the advice of the Auditor of Publ
, Accounts and tho president of this cornpa
: ny, to invest said funds in the bonds ofthi
State or of the United States, for the bene
dit of the company, and hold the same as
/ portion Of the sinking fund for the retire
. ment Of the bonds issued by this compan,
? In his annual report to the General Assem-
!, bly,, the treasurer shall give full stasc1ner
3 Of any proceedings had by him under shI
Q act, and it shall be the duty of the Sal
q Treasurer, ON the first of each month, I
l communicate to the president of this con
r pany statement of the amounts receive
: during the past month, and the dispositio
: thereof.
b 9. That whereas no tax, as provide
: herein, can be levied aud collected durin
y the year 1871, the Governor of the Stat
Y is hereby authorized and required TO isss
the bonds of the State to this company
s the amount of one million Of dollars, sal
: bonds to be delivered TO the president
: the company upon said company ilir
2 with the Secretary of State an acceptan'
!, of this act, and resolution of its directo
!, and incorporators binding itself to perfor
Q the obligations ofthis act. Said bonds sha
: be of the denomination Of ons thsnsar
{ dollars each, sh:Jl be signed BY the Cove
I nor, countersigned by the Secretary
o State, and sealed with the seal OF the Stat
Q They shall be dated on the first day
!, April, 1871, and shall be payable to q
4 president Of the Louisiana Levee CompaI
. o a-er They shall bear interest at q
;. rate ol y.,... ,er, cent per annum, bo
+ principal and interest to be paid in the
8 gal money of the United States at the tin
b when the payments are due, said Don
: shall be registered in the books OF the a
o ditor of Public Accom- ts and of the Sta