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

| binary taxes OF the state are collected.
Said ten per centum of the said tax in lieu
thereof, when collected, shall be paid over
! 20 the Treasurer of the State, and shall be
set apart as a special fund, to be known as
| the ''levee construction fund" which shall
l not be used for any other purpose than as
| compensation TO said Louisiana Levee Com
! pany; and said fund shall be paid on the
I order of the president of said company to
| the treasereT thereof. =,
Z. That the Auditor OF the State snail
cause to be assessed and collected annually
| Tor The period of twenty-One years from
! and after the passage Of this act tw0-tehI rs
of one per eentum upon the assessed value
| OF the taxable property WITHIN Inc oIdte'
to be set apart and known as the !eVee re-
1 pair fund, which said fund shall De COZ
lec,ed at the same tine, in the same man
ner and by the same officers as the oralna
taxes OF the State are collected, ana shaii
he 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 10 saio CON-
! pany for maintaining SAID leVees III Soou
| ard efficient repair, according 10 tne stahu-
ard as herelnbefore provided; PROVIDED, now
| ever that on the presentation TO the Secretary
| Of he State OF a certified copy OF Judg-
| ,neut or decree rendered i'll any court OF
| This State, or of the United States, together
with the certificate OF the clerk OF said court
| that the time within which suspensive
| appeal or writ of error may be taken by
said company from said judgment or de
cree as provided by law has expired, and
that no suEpensive appeal or writ of error
| operating as a suspension has been taken
| from said Judgment or decree, or that said
| Judgment OF decree has been affirmed by
the court OF last resort upon such appeal
OF writ of error, and that said final iudg-
ment or decree has not been paid, and that
said final judgment or decree was for dam
| ages sustained by the neglect or failure of
| the said corporation to erect or maintain
| said levees as herein provided, the said
| Treasurer of the State may satisfy said final
| Judgment or decree, together with interest
| and costs, out of said fund; provided, he
| shall have notified said company in writing
] ten days before such payment that said
| Judgment or decree has been presented to
him for payment, and the payment of such
jud sment, interest and costs shall be con.
sidered as a payment to said company to
| tho amount thereof out OF the moneys so
| set apart, as provided for IN this article.
3. 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-
ing the same, or any portion thereof, to any
person or persons; and the Treasurer of the
! State, upon presentation to him of such in
| struments Of transfer, shall pay from said
| funds such portion or portions to the per-
| son or persons SO authorized to receive
| them; provided. however, that if the said
! company shall issue its coupon bonds, and
| shall so direct, all bonds SO issued by this
| company shall be register ed in the offices
| OF Public Accounts and State Treasurer,
| and such registry shall beindOrsed thereon,
| and the coupons thereto attached shall be
IaSv fpn hxrt l,..T
| with 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 accrung under the provisions of
| this act are hereby pledged; and after
the issuance of any bonds by this com-
| pany il 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 cou-
| pOns he shall pay from the sum SO withheld
| at the time and place SO designated on said
| coupons; and a sum equal to q per cent
of the principal of the said bonds so issued
| shall also be retained 10y the State Treas
urer, which sum shall be sufficient only to
fully retire the bonds at their maturity.
| The State Treasurer shall annually adver.
tse for a period of thirty days, in the Off
| cial 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 Treas
| urer of an amount of said bonds sufficient
I TO absorb the aforesaid accumulated sink
| ing fund of the year. On the first Monday
| after the expiration of said publication he
| shall open said bids in his office in
| the presence Of the Auditor of Public &c
| counts and the president of the company;
| and the awards shall be made to the lowest
| bidder; provided, that no bids shall be ac-
| cepted for more than the face of the bonds.
| If there shall be no offer of said bonds at
| par or less il shall be the duty of the Treas
uref, under the advice of the 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
benefit of the company, and hold the same
as portion of the sinking fund for the re-
tirement of the bonds issued by this com
pany. In his annual report to the General
Assembly, the Treasurer shall give full
statement OF any proceedings had by him
under this act, and it shall be the duty of
the State Treasurer, on the first day of each
month, to communicate to the president of
this company d statement of the amounts
received during the past month, and the
disposition thereof.
9. That whereas no tax as provided here
in, can be levied or collected during the
year of 1871, the Governor of the State
Is hereby authorized and required to
issue the bonds OF the State 10 this
company 10 the amount of one million
OF dollars, said bonds to be delivered TO
the president of the company, upon said
company filing with the Secretary of State
an acceptance of this act, and a resolution
of its directors and incOrporators binding
itself to perform the Civilizations of this
act. Said bonds shall be of the denomina
ton of one thousand dullars each, shall be
signed by the Governor and countersigned
by the Secretary of State, and sealed with
the seal of State. They shall be dated on
the first day of April, 1871, and shall be
payable TO the president of the Louis
lana Levee Company, or bearer.
They shall bear interest at the rate of EIGHT
per cent per annum, both principal and in.
terest to be paid in the legal money OF the
United States, at the time when the nav
ments are due. Said bonds shall be regis
tered in the books of the Auditor of Public
Accounts and of the State Treasurer and
shall have coupons attached thereto
stamped with the fac simile of the sigma
ture Of the State Treasurer, and PAYABLE
III New Orleans or New York, at the option
OF the holder, on the first OF April and DC
tober of each year. For the payment of
the principal and interest of the bonds
aforesaid, the faith of the State of Louisi-
ana is Internationally pledged to the
holder. To provide for the prompt pay
ment of the principal and interest of said
bonds, an annual tax of one-half mill on the
dollar shall be levied and collected on all
real and personal property in the State sub
iect to taxation, which tax shall be paid
into the State treasury, and shall be placed
to the credit of special fund, to be entitled
"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.