New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-03-15

balu company, upon the orucT VI JIG Proel
dent thereof, by the Treasurer OF the State,
as compensation to said company for main
tanning said levees IN good and efhclent re-
pair, according to the standard as herembe-
fore provided.
8. 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 receiving
the same, or any portion thereof, TO any
person or persons; and the treasurer OF the
State, upon presentation to him OF such III.
strument OF transfer. shall pay from SAID
funds such portion or portions TO the per
sen or persons so authorized to receive
them; provided, however, that II 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 Auditor of Public LAccouutsl
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 simile of his signature: that TO secure
the prompt payment of principal and in
terest OF such bonds as may be issued by
this company, a sufficient amount OF the
revenues accruing under the provisions OF
this act are hereby pledged, and after the
issuance of any bonds by this company 1t
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 sum so withheld at the time
and place so designated on SAID coupons;
and sum equal to Fer cent OF the
principal of the said bonds so is
sued shall also be retained hy the
State Treasurer, which sum shall be sutf-
Gent only TO fully retire the bonds at their
maturity. The State Treasurer shall an
nua.ly advertise tor period of thirty days
IN the official paper OF the State, and in at
least one daily paper in the city of New
York, for sealed proposals for the sale to
said Treasurer OF an amount of said bonds
sufficient to absorb the aforesaid accnou-
lated sinking fund of the year. On the
first Monday after the expiration of said
publication, he shall open said bids in his
Office IN presence Of the Auditor of Pub
lie Accounts and the president of the coln-
pany. 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. II there should be no offer of said
bonds at par or less. it shall be the
duty of the Treasurer, under the advice
of tho Auditor of Public Accounts
and the president Of this company,
TO invest said funds in the bonds Of this
State or OF the United States, for the bene.
fit of the company, and hold the same as a
portion OF the sinking fund for the retire
ment of the bonds issued by this company.
In his annual report to the General Assem-
bly,, the treasurer shall give full state
ment Of any proceedings had by him under
this act, and il shall be the DUTY of the
State Treasurer, on the first of each month,
TO communicate TO the president OF this
company statement OF the amounts re-
ceived during the past month, and the dis
position thereof
9. That whereas no tax, as provided
herein, can be levied and collected during
che year 1871, the Governor of
the State is hereby authorized and
required to issue the bonds Of the
State to this company TO the amour. of one
million of dollars, said bonds to be deliv-
cred to the president of the company upon
said company fling with the Secretary of
State an acceptance of this act, and res0-
tuition of its directors and incOrporators
binding itself to perform the obligations of
this act. Said bonds shall be of the de-
nomination of one thousand dollars each,
shall be signed by the Governor. counter
signed by the Secretary of State, and sealed
with the seal of the State. They shall be
dated ON the first day of April, 1871, and
shall be payable to the president of the
Louisiana Levee Company or bearer They
shall bear interest at the rate of eight per
cent per annun, both principal and interest
to be paid in the legal money of the United
States at the time when the payments are
due; said bonds shall be registered in the
books of the Auditor Of Public Accounts
and of the 5, ate Treasurer. and shall have
coupons attached thereto, stamped with the,
fac simile of the signature of the State
Treasurer, and payable in New Orleans or
n Nn1 ~ hn .,TNtIn of thA holl
the day of April and Octo Der of each year.
For the payment of the principal and inter,
EST OF the bonds aforesaid the faith of the
State of Louisiana ia Internationally
pledged to the holder. To provide for the
prompt payment Of the principal and in
terest of said bond, an annual tax of one
half mill on the dollar shall be levied and
collected on all real and personal property
in the State subject TO taxation, which tax
shall be paid into the State treasury and
shall be placed to the credit of special
fund 70 be entitled 1.-The Louisiana levee
bond fund" which fund shall be applied
first to the payment of the coupons of said
bonds, as the same shall fall due, and any
excess thereafter shall be applied, annually,
to the purchase and retirement of said bonds
10. That should any officer of this State
fail, neglect or refuse TO do any Of the mat
ters or things which he shall be required to
do by the provisions of this act, said curpo-
ration may apply to any court IF competent
jurisdiction for a writ of mandamus direct.
I'd to said officer, who shall neglect, fai or
refuse to perform said matter or thing as
commencing him 10 10 and Tcr
form the matter or thing so as aforesaid re
CURED OF: him, and said judge shall there.
fore, issue said mandamus; provided, that
said judge may, in his discretion, appOin.
a special commissioner with full power 10
do and perform such matter or thing. and
10 comply with the requirements of Suci.
provision of this act, and the actions and
OF said commissioner in the
premiFes shall have the same validity and
force rs if they had been done and perform
ed by said officer.
SEC. ,. Be it further enacted. etc, Tha.
section one of act No. z of the session of
the General Assembly of 1871, approved
February %, I87 |. and entitled ian act rati-
tying and confirming q contract between
the Louisiana Levee Company and the
State of Louisiana. raid act being in words
as follows, viz:
SECTION /. Be it enacted by the Senate
and House of Representatives of the State
81 Louisiana in General Assembly convened.
That all the provisions of a contract en-
tered into between the Louisiana Levee
Company, party of the first part, and the
Governor of the State of louisiana party
of the second part, are hereby accepted
ratified and confirmed, the aforesaid con
tract being in terms as follows, TO wit:
United States of America, State of Louis
lana, City OF New Orleans.-BefOre me,
Pierre Charles Cuvellier, notary public in
and for the city and parish of Orleans,
duly commissioned and sworn in the pres
ence of the Witnesses hereinafter named
and undersigned, personally came and APP
peared: NJ. A. Bryson, John n. Bofnger,
S. Clark, John j. Anderson, George f. |
Sherman, F. X. Barbot, A. G. Brice, Charles
7. Howard, John a. Morris, a. d. Banks,
H. C. MillauioD. +. c. Remick. N. A. |
Southworth, ii T. Burgess, Durant DaPonte,
ana Michael Hahn, herein representing the |