The Opelousas journal. [volume] (Opelousas, La.) 1868-1878, 1874-03-20
No, g.


a contract between the state and holders Of
said bonds to prohibit injunctlons in certain
eases; to limit the Indebtedness of the State,
and to limit State taxes; to annul certain
grants of State aid to prohibit the modifica-
ton, n~oyation or extension of any contract
heretofore made for State aid; to provide for
the receipt 0~fcertain warrants for certain tax
eS, and to repeal all conflicting laws.
SECTION l. Be 1t enacted by the Senate and
House of Representatives of the State of Louis
lana in General Assembly convened, That for
the purpose of consolidating and reducing the
floating and bonded debt of the State, the Gov
ernor, Lieutenant Governor, Auditor, Treasurer,
Secretary of State, Speaker of the House Of
Representatives. are hereby authorized to cause
to be prepared, and to issue bonds, to be known
as consolidated bonds of the State of Louisi-
ana of the denominations of one hundred, five
hundred and one thousand dollars. or 80 much
thereof as may be necessary, all payable forty
years from the first day of january, 1874, and all
to be numbered consecutively, and made paya-
bic to bearer, and to bear interest at the rate of
seven per cent per annum. payable semi-annu-
ally, in the city of New York and city of New
Orleans, on the first day of July and January of
each year, and coupons for such interest shall
he annexed thereto; and interest and principal
to be payable i'll lawful money of the United
States.
SEC. .. Be it further enacted, ETC., That the
parties designated in the foregoing section shall
constitute Il board of liquidation, and a maiOrity
of said board shall elect a fiscal agent for the
State, who shall be a member of said board.
SEC. 8. Be it further enacted, etc, That tho
bonds authorized by the section one shall be
signed by the Governor, Auditor and Secretary
of State, and the coupons shall be signed by the
Auditor and Treasurer and when so prepared
said bonds shall be exchanged by the boar1 of
liquidation for all valid outstanding bonds of
the State and all valid warrants drawn previous
to the passage of this act by the respective Au-
ditors of Public Accounts of the State ON the
Treasurer thereof, except warrants issued by
the Auditor III payment of the constitutional
officers OF the State, at the rate of sixty cents in
consolidated bonds for one dollar in outstanding
bonds and all valid warrants; provided. that
the holder OF any bond or valid warrant rejected
tigp am mi }6 . Sro OF said ldn board I'd. may nay apply by peti;,
Judgment shall be rendered in his favor against
said board, it shall be the duty of said board to
fund his said claim in bonds at the rate provided
by this act; and provided further, that if anV
member of said board Of liquidation shall know
ingly audit and fund any Illegal claim against
the State he shall be deemed guilty of a INSIDE
meanOr, and shall. on conviction, he fined not
less than five thousand dollars and be impris-
oned not less than two years at the discretion of
the court. And any person knowingly proeur-
ing the same to be done shall be Subject to the
same penalty.
SEC. 4. Be it further enacted, ETC., That the
exchange OF the bonds or valid warrants a1-
thorized by this act shall be effected by said
board OF Liquidation in the cities of New Orleans
and New York.
SEC. 5. Be it further enacted, etc. That tho
consolidated bonds herein authorized shall be
held and used by said board of liquidation ouly
for the purpose OF exchange as aforesaid said
bonds shall be used for no other purpose or Dur-
poses than as authorized by this act, and any
member of the board o.. liquidation using or az
tempting to use, or attempting to induce any
person or persons to use, said bonds or any OF
them for any other purpose or purposes shall,
on conviction thereof, be punished by a fine of
not less than five thousand dollars and by inn
prisonment at hard labor for not less than one
year. a@a
SEC. 6. Be it further enacted, ETC., That notice
of the adoption of this act shall be published by
said board in one or more Journals of New Or
leans, New York, London, Paris and Amsterdam,
SEC. Z. Be it further enacted, etc, That a tag
OF five and a half mills on the dollar of the as
sessed value of all real and personal property IN
the State is hereby annually levied, and shall be
collected for the purpose OF paving the interest;
and principle OF the consolidated bonds herein
authorized, and the revenue derived therefroln
Is hereby set apart and appropriated to that pur-
d felony for the Fiscal Agent or any officer of tho
State or board of liquidators to divert the said =
fund from its legitimate channel as provided,
and upon conviction the said party shall be IL
able to imprisonment for not more than ten
Years or less than two, at the discretion of thn
court. Il there shall; during any year, be asur-
est falling due in that year, such surplus shall
be used for the purchase advertisement of bonds
authorized py thlsact, said pllrehasesto be made
by the said board OF liquidation, from the lowest
offers, after due notice provided, that the total
tax for interest and all other State purposes,
except the support of public schools, shall never
hereafter exceed twelve and a half mills ON the
dollar. The interest tax aforesaid shall be %
continuing annual tax until the said consolida-
ted bonds shall be paid or redeemed, PRINCIPAL
and interest; and the said appropriation shall
be q continuing annual appropriationdu during the
same period, and this levy and appropriation
shall authorize and make it the duty of the Au-
ditor and Treasurer, and the sail board, res
peetively, to collect said tax annually, and paw
said interest and redeem the said bonds until
the same shall be fully discharged.
SEC. 8. Be 1t further enacted, ETC., That the
bonds and valid warrants outstanding at the
time of the passage of this act, shall, as fast al
they are received in exchange for consolidated
bonds, be cancelled and destroyed by fhe said
board OF IlQIldatiOl. and consolidated hnDdo
purchased as provided for in section seven Of
this act, shall be cancelled and destroyed after
public notice has been given of the same in the
official journal of the State, in the presence of
as many citizens as may desire to be present. in
like MANNER and within ten days after such
in each case, q process verbal of tha
same shall be published and G report made to
the General Assembly on the first Monday of
every year, by said board.
SEC. Q. Bel further enacted, etc, Thatit SHAH
be the duty of the Auditor in his next annual
report to gives detailed account OF the proceed
ings had under this act, including the amount of
new bonds issued, the amount of old bonds and
valid warrants cancelled, the amount of the
same outstanding, and the cost of the exchange:
and annually thereafter q full and exact state
ment of the condition of the public debt under
the operations OF this act.
SEC. 10. Be it further enacted, etc. That any
judge, tax collector, or any officer of the State.
the execution of this act, or any
part of 1t, or failing to perform his official duty
Hereunder, shall be deemed guilty of q misle-
and on conviction thereof shall be pun
ished by imprisonment not exceeding five years.
and BY dne not exceeding two thousand dollars,
at the discretion of the court; provided, that
this section shall in no wise prejudice or Affect
the criminal proceeding under section Ave Of
this act.
SEC. IL. Be it further enacted, ETC.. That
each provision of this act shall be, and is here
by declared to be, q contract between the state
of Louisiana and each and every holder of the
bonds issued under this act.
SEC. IL. Be it further enacted, etc, That all
grants Of State aid heretofore made, whether of
bonds, Endorsements, sIlbscriDtions nf sfnck nr
otherwise, which have become lapsed or for
feited, be an the same are hereby repealed and
annulled, nor shall the State hereafter modify.
noyate, or extend any contract heretofore made
for the giving OF state aid in any form under
any pretext.
SEC. 10. Be it further enacted, etc, That the
entire State debt, prior to the year of our Lord
hundred and fourteen, shall never be
increased, directly or Indirectly, beyond the
sum of fifteen millions OF dollars, hereby au-
thOrized, 1t being the intent and object of this
act, and OF the exchanges to be effected there
under, to reduce and restrict the whole indebt-
of the State to q sum not exceeding fif-
teen millions OF dollars, and to agree with the
holders of the consolidated bonds to be issued
that the said Indebtedness shall
not De increased beyond said sum during said
period.
SEC. IA. BE it further enacted, etc, That anv
tax collector who shall turn over any money o.
warrants by him collected, to any person ex-
cept to the State Treasurer, shall be deemed
OF q misderneanOr, and shall, on c0nyir-
ton. be subject to the penalties prescribed in
section ten OF this act, and shall, in addition
be liable in damages in double ths
amount SO turned over; and any State officer
or demanding that said taxes shall
be turned over to him except the Treasurer of
the State, shall be liable, on conviction. to
section.
SEC. Is. Be it further enacted, etc, That
from and after the passage of this act until the