New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-01-29
LAWS or THE STATE OF LOUISIANA
PUBLISHED BY AUTHORITY.
No. B.
AN ACT

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 board of liquidation; to au-
thorize certain judicial proceedings
against it; to define and punish violations
vi this act; to prohibit certain officers
Jjverting funds except as provided by
law, and TO punish violations therefor; to
levy a continuing tax and provide con.
iinuing appropriation for said bonds: to
make contract between the State and
holders of said bonds; to prohibit injunc.
:ions in certain cases; to limit the iudebt.
edness Of the Stale, and to limit State
taxes; to annul certain grants Of State
aid: to prohibit the modification, novation
or extension Of any contract heretofore
made for State aid; to provide for the re-
ceipt of certain warrants for certain taxes.
and 70 repeal all conflicting laws.
SECTION |. Be it enacted by tho Senate
and House OF Representatives OF the State
of Louisiana in General Assembly con.
Sened. That for the purpose OF consolidating
and reducing the floating and bonded debt
Of the State. the Governor. Lieutenant Gov.
.rnor. Auditor, Treasurer. Secretary of
State, Speaker VI she House OF Representa-
gives arc hereby authorized TO cause to be-
prepared. and 60 issue bonds, to be known
as .1ronsolidated bonds of the State OF Louis.
lana" of the denominations ofHne hundred,
five hundred and one thousand dollars, 10 the
amount of fifteen millions OF dollars. or 80
much thereof ar may be necessary. all pay
able fort; years from the first day OF jan
uary, 1874 and ali to be NUN bered eolsec-
utivelv, and made payable TO bearer. and
10 bear interest at the rate OF seven per
cent per annum. payable semi-annuaily.
in the CITY of New York and city OF New
Orleans, ON the !irst day OF July and Jan.
uary o! each year, and coupons for such in.
.erest shall be annexed thereto; said inter.
sst and principal to be payable il lawful
money of the United States.
SEC , Be it further enacted, etc, That
Che parties designated in the foregoing Sec
Zion shall constitute board of liquidation.
and majority of said board shall elect
fiscal agent for the State. who shall be :.
member of said board.
SEC. 3. Be it further enacted, etc, That
She 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 board 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 Auditors OF Public Accounts Of
the State on the Treasurer thereof, except |
warrants issued by the Auditor in payment
of tho constitutional officers of the State, |
al the rate of sixty cents in consolidated |
bonds Tor one dollar in outstanding bonds |
and all valid warrants; provided, that the |
holder Of any bond or valid warrant re. |
;ectsd by majority OF said board may ap. |
ply by petition to the proper court for re.
lief. and il final judgment shall be rendered |
in his favor against said board, it shall be
Che duty Of said board to fund his said |
Slain in bonds at the rate provided by this
act; and provided further, that il any mem
Der of said board of liquidation shall know
.ngly audit and fund any illegal claim
against the State he shall be deemed guilty
Of a misdemeanor, and shall, on conviction,
be fined not less than five thousand dollars
and be imprisoned not less than two years
az the discretion of the court And any
person knowingly procuring the same to be
done shall be subject to the same penalty.
SEC. t. Be it further enacted, etc. That
.he exchange OF the bonds Or valid war.
rants authorized by this act shall be eli
ected by SAID board OF liquidation in the
cities of New Orleans and New York.
SEC. ). BE it further enacted, etc, That
he consolidated bonds herein authorized
hall be held aud used by said board OF
liquidation only for the purpose of exchange
Is aforesaid; said bonds shall be used for no
,ther purpose or purposes than as author
/
board of liquidation using or attempting to
lse or attempting to induce any person or
versions to use, sad bonds or any of them
or any other purpose or purposes shall, on
onviction thereof, be punished by fine
f not less than five thousand dollars and
" imprisonment at hard labor for not less
han one year.
SEC. =. Be it further enacted, etc. That
Office OF the adoption OF this act shall be
ublished by said board in one or more
,urnas of New Orleans, New York. Lon |
on Paris and Amsterdam.
SEC. Z. Be it further enacted. etc. That
tax OF five and half mills on the dollar
the assessed value of all real and per
onal property in the State is hereby annu- |
lly levied, and shall be collected for the
urpose OF paving the interest and prin-
iple of the consolidated bonds herein an.
horized, and the revenue derived there.
rom is hereby set apart and appropriated
D that purpose and no other. And thas it
hall he deemed a felony for the Fiscal
gent or any officer of the State or board
/ lianiaators to divert the said fund from
s legitimate channel az provided, and
pom conviction the said party shall be |
able To imprisonment for not more than
n wears or less than two. at the discretion ! ,
the court. II there shall. during any
ear. be n surplus arising from said tax
tier paving all fn'crest falling due 10 that +,
ear, such surplus shall be used fo- tn. pur.
,ase and retirement OF bonds authorized
V this net, said purchases 20 be made by |
lc said BOARD OF liquidation. from the
wes' offers. after due notice: provided.
rat the total tax for interest and AT. Other 1
late purposes. except the sappor. oi punlic l
D sols shall never hersa tier exceed twelve .
I'D a half mills on the dollar. The interest |
* aforesaid shall be "a continuing annual ! /
tx until the eai3 consolidated bonds .nai! |
paid or redeemed. principal and interest: .
I'd che saii appropriation shall be con
nuing annual appropriation during the
.ne period. and CHS slevy and appropria-
on shall authorizes and make it the duty {
,hs Auditor and Treasurer. and the said
,ari. respectively. to collec. said tax an
lally. aud pay SAID interest aud redeem
lr said bonds until the same shall be fully |
schargeds
SEC. s. Be 10 further enacted. etc. That
Il. bonds and valid warrants outstanding !
the time of the passage of this ac.. shall.
fast RS they are received in exchange for
,nsolidated bonds. be. cancelled and de. .
royed by the said board of liquidation. and
bonds purchased as provided
= ip section seven of this act, shall be can |
led and destroyed after public netlce has
zen given of the same i'll che official Jour.
1! at the State. in the presence OF as many a
tiZens as may desire to be present. IN IKE G
amer. and within ten days after such de :
ruc'ion, in each sase. process verbal OF !
e same shall be published and report 4
AIDE TO the General Assembly on the first
onday OF every year. hy said board. 4
SEC. y. Te it further enacted. etc. That !
shall oe Ne duty Of tho Auditor: in his I
xt Aunuat report 60 Civ. n detailed &C q
unit of she proceedings had under This act.
rudiNe the amount Ell new bonds ISSUED. | /
y amount Of old bonds and valid warrants | I
ne. led. shs. amount Ht the same outstand- I
=. and the COST o: The exchange: AID an. ! i
.dliy thereafter d full and exact statement | !
shp condition. nf tbA unhu,. debt under | :