The Donaldsonville chief. [volume] (Donaldsonville, La.) 1871-current, 1874-04-04

first day of July and January of each year,
and coupons for such interest shall be an
nexed thereto; said interest and principal TO
be payable in lawful money OF the United
States.
Sec. 2. Be it further enacted, ETC., That
the parties designated in the foregoing sec
ton shall constitute 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 g. Be it further enacted, etc, That
the bonds authorized by the section one shall
be signed by the Auditor and Treasurer, and
when so prepared said bonds shall be eX-
changed by the board of liquidation for all
valid outstanding bonds of the State and all
valid warrants drawn previous to the pas
sage of this act by the respective Auditors of
Public Accounts of the State on the Ireasu-
rer thereof, except warrants issued by the
Auditor in payment OF the constitutional of
ficers of the State, at the rate of sixty cents
in consolidated bonds for one dollar in out
standing bonds and all valid warrants pro-
vided that the holder of any bond or valid
warrant rejected by majority of said board
may apply by petition to the proper court
for relief, and if final Judgment shall be rem
dered ia 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 any mem
! Der of said board of liquidation shall know
| the State, he shall be deemed guilty OF q
misdemeanor, and shall, on conviction, be
| fined not less than five Thousand dollars and
| be imprisoned not less than two years at the
! discretion of the court And any person
knowingly procuring 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
authorized by this act shall be effected by
| said board of liquidation in the cities OF New
j Orleans and New York.
Sec. 5. Be it further enacted, ETC.; That
the consolidated bonds herein authorized
/ shall be held and used by said board of Gqui-
| dation only for the purpose of exchange as
aforesaid; said bonds shall be used for no
| other purpose or purposes than as authorized
| bv this act, and any member of the board OF
liquidation using or attempting to use, OF at
| tempting to induce any, person or persons to
use said bonds or any of them for any other
purpose or purposes shall, on convection
| thereof, be punished by fine of not less
than five thousand dollars and by imprison-
ment at hard labor for not less than one
year.
Sec. g. Be it further enacted, ETC., Tha
notice of the adoption of this act shall be
published by said board, in one or more
| Journals OF New Orleans, New York, Lon
don, Paris and Amsterdam.
See. Z Be it further enacted, ETC., That
| a tax of five and half mills on the dollar
of the assessed value of all real and personal
nrona,tv in the State is hereby annually
| levied, and shall be collected for the purpose
" "a, go bands ba,a;,, 51,tboI.i1ad and
Ale 17e1,,,a da,.i ,,ed tberefron il hereby set
a1aa,.t a,,d snnro,riated tn that n,lrnose and
| ~, otbe7 And that e shaU he deemed a.
| felony for the Fiscal Agent or any officer of
the State or board of liquidators to divert
the said fund from its legitimate channel as
sebaIl he liable to IMPRISONMENT for not more
/ 49,, ta,, ,-ears IN. less than two at tbe dis
| o,,at;a,, nf tha court IF there shall durinp
~ ,,o.1 he ;. S,1rnIls arisino from said taS
ottar nss1ling ali interest faIli1o due in that
Ven, such s,,rnlrs shall he used for the pur-
eebaea and refinement of bonds authorized
| hIr tJ,is act said nnrehases to he made nv
t5a ea;d hoard Of linuidation. from the low
o o,,e nfarS after Inc notice nroyideJ that
~. +o+l ~ for interest and all other STATE
Tnrnoses except fine slinnort of public
sebaols Shall never hereafter exceed twelve
ga :, 1'a1f nils nm tba doIIar TIE ;ntarast
80 = fas;J sbaIl he a on+in7,inr ann,,ai
he maid ar redeemed. nrincipaI and interest
and the said annronriation shall he a con,
rinuino annuaI annronriation durino tbe
same neriod and this lew and annronria,
t;on shall antborize and make II the futv
of the An,fitor and Treasurer, and the said
| pfSn collect
nnaliy and nav said interest and redeem
the said bonds until the Same shall he f1IIy
a,scbaroed
See + Re il further enacted etc That
the bonds and valid warrants outstandino
At tbe f;ma If tbe ,assaga of This act oh aIi
as fast rs thew are received in exchange fol
consolidated bonds. be cancelled ana de-
stroyed by said hoard Of Iiouidations and
consolidated bonds purchased a. nrovided
for in seeton seven Of fins act shall he can
celIed and DESTROYED after n1,hl;e notice ha.
baep Given of tbe same IN tbe oficial ionr
nal of IN, State II, fine presence Of ,,s many
citizens as may desire to he nresepf in III.
no,nner and within ten DAYS after sucf
destrnction in each case o nroces vetha
IF tbe same shall he nuhlisbed aud = renoT~
!, made to the General Assembly on the hrs
Monday of every wear. by said hoard.
Sec. 8 Be il further Enacted etc.. Tbas
If shan he the dntv of fbe Auditor in hi
next annual reporf to rive a detailed ae
count Of the proceedings had under this act
includino the amount Of new bonds issuefl
the amount of old bonds and valid warrant
Cancelled. the amount of the same ontstand
, ing. and the cost of the exchange; and an