The Bossier banner. [volume] (Bellevue, Bossier Parish, La.) 1859-1952, 1874-02-07
SESSION OF 1874.
No. 3.
An Act

No. 3.
An Act
To provide for funding obligations OF
the state by exchange for bonds;
to provide for principal and interest
Of said bonds; to establish a board
of liquidation; to authorize certain
judicial proceedings against it; to
define and punish violations OF this
act; to prohibit certain officers di-
verting funds except as provided
by law, and to punish violations
therefor; to levy continuing tax
and provide q continuing approprl-
alton for said bonds; to make a con-
tract between the state and holders
of said bonds; to prohibit ifiunc-
tons in certain cases; to limit the
indebtedness of the state, and to
limit state taxes; to annul certain
grants of state aid; to prohibits the
modification, nOvation OF extension
of any contract heretofore made for
state aid; to provide for the receipt
of certain warrants for certain
taxes, and to repeal all conflicting
laws.
UECTION 1. Be it enacted by
(O the Senate and House Of Rep
resentatives of the State of LOa-
isiana in General Assembly con-
yened, That for the purpose OF
consolidating and reducing the
floating and bonded debit Of the
state, the governor, lieutenant
governor, auditor. treasurer, sec
| rotary OF state, speaker Of the
house of representatives are here
by authorized to cause to be pre-
pared, and to issue bonds, to be
known as consolidated bonds OF
the state of Louisiana Of the de-
nominations OF one hundred, five
hundred and one thousand dol
lars, to the amount of fifteen mil
lions of dollars, or so much there
Of as may be necessary, all pay.
able forty years from the first day
OF January, 1874, and all to be
numbered consecntiyely, aud made
payable to bearer, and to bear in
crest at the rate Of seven per
cent. per annum, payable semi
annually, 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 be annexed thereto;
said interest and principal to be
paid in lawful money Of the Uni
ted States.
| Sec. 2. Be it further enacted,
etc, That the parties designated
i'll the foregoing section shall con.
stitute a board of liquidation,
and a majority Of said board shall
elect a fiscal agent for the state
who shall be a member of said
board.
| Sec. 5. Be it further enacted
etc, That the bonds authorized
by the section one shall be signed
by the governor, auditor and sec
rotary OF state, and the coupons
shall be signed by the auditor and
treasurer; and when 50 prepared
said bonds shall be exchanged by
the board of liquidation for al
valid outstanding bonds of the
state and all valid warrants drawn
previous to the passage of this ACT
by the respective auditors Of pub
lie accounts of the state on the
treasurer thereof, except warrants
issued by the auditor in paymen,
of the constitutional officers Of
the state, at the rate of sixty cents
in consolidated bonds for one dol
lar in outstanding bonds and al
valid warrants; provided, that the
holder Of any bond or valid war
rant rejected bv a majority of sale
board may apply by petition t.
the proper court for relief, and i
final judgment shall be rendered
in his favor against said board, il
shall be the duty of said board te
fund bis said claim in bonds at tn,
rate provided bythis act; and pro
vided further, that if any membe,
of said board of liquidation shall
knowingly audit and fund any il
!, legal claim against the state b,
shall be deemed guilty of a mis-
, demeanor,- and shall, on convic
ton, be fined not less thanfiv,
thousand dollars and be impris
oned not less than two years a
the discretion of the court. An,
3 any person knowingly procuring