The Opelousas journal. [volume] (Opelousas, La.) 1868-1878, 1874-02-06
No. 3.
An Acf

pal and interest of said bonds; to establish a
poard OF INCUBATION; 10 authorize certain ju-
dlclaI proceedings against it TO define and
PUNISH violations of this act; TO prohibit GER
tain officers dlverting funds except as provi-
ueu ey law, anu to punish violations therefor;
to levy 4 continuing tax and provide a CON
tinuing appropriation for said bonds to make
a contract between the State and holders OF
said bonds 10 prohibit injuncuOns in certain
eases; to limit the indebtedness of the State,
and 10 limit State taxes; to annul certain
grants OF State aid TO prohibit the moditlca-
tlon, nOVatl0m or extension Of any contract
heretofore made for State aid; to provide for
the receipt ofccrtain variants for certain tax
es. and to repeal all conflicting laws.
SECTION /. BE it enacted by the Senate and
House OF Representatives OF tho 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 he prepared, and TO issue bonds. to be known
as consolidated bonds Ur the State of LOuisi-
ana OF the denominations of one hundred, five
hundred and one thousand dollars. or so 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 Dava-
he to bearer, and to bear interest at the rate of
seven per cent per aIinum, 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, ana coupons for such interest shall
he annexed thereto: and interest and principal
10 be payable i'll lawful money of the United
States.
SEC. =. Be ii further enacted, etc, That the
parties DESIGNATED in the foregoing section shall
constitute a board OF liquidation, and a majority
OF SAID board shall elect a fiscal agent for the
stare, who shall he q member OF said board.
SEC. J. Be 1t further enacted, etc, That the
Donds authorized ny the section one shall bo
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
me state and all valid warrants drawn previous
70 the passage OF this act by the respective Au-
nlfDlE or Pnh1in AnpOOnfu pP VIZ Gtoto 49, A..
treasurer thereof, except warrants issued hv
the Auditor in payment Of the constitutional
oncers OF the state, at the rate of sixty cents in
conSolldated ponds for one dollar in outstanding
bonds and all valid warrants; provided. that
the holder Of any bond OF valid warrant rejected
by a majority of said board may apply by petit
tlon to the proper court for relief. and If final
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 ut the rate provided
by TINS act; and provided further, that il any
member OF said board of liquidation shall know
lnsly audit and fund any illegal claim against
the state he shall be deemed guilty of n INSIDE
mcanor, and shall. on conviction, be 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 nrocur-
same penalty.
exchange OF the bonds or valid warrants an
thorized by this act shall he effected by said
and New York. V" 0i'0"u7
SEC; 5. Be 1t further enacted, etc, That the
consolidated bonds herein authorized sha1l he
nei1 ana used by said board of liquidation only
!of me purpose OF exchange as aforesaid said
bonds shall be used for no other purpose or pur-
poses than as authorized by this act, and any
nlemhcr OF the board of liquidation using or at
tempting to use, or attempting TO induce any
person or persons to use, said bonds or any OF
them Tor any other purpose or purposes shall,
on convection thereof, be punished by a fine of
not less than five thousand dollars and hy i'm
prisonment ut hard labor for not less than one
year.
SEC. 6. Be il further nnac+od at. Tho+oa
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 tDr
OF 1--WE and a half mills on the dollar of the as
scssed value OF all real and personal property in
the state IS hereby annually levied; and shall be-
collected for the purpose Of paying the interest.
ana principle Of the consolidated bonds herein
authorized, and the revenue derived therefrom
IS hereby set apart and appropriated to that pur-
pose, and no other. And that it shall be deemed
q felony for the Fiscal Agent or any officer of the
state or board OF liquidatOrs to divert tho said
fund from it's legitimate channel as provided
and upon conviction the said party shall be Ii.
ahle TO Imprisonment for not more than ten
years or less than two, at the discretion of the
court. II there shall. during any year, be a sur
plus arising from said tax after paving all inter
EST faliliis que IN that year. such surplus shall
be used for the purchase andretirenent of bonds
authorized by thisact. said purchases to be made
by the said board OF liquidation, from the lowest
onefs, 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 Il,
continuing annual tax until the said consolida-
ted bonds shall be paid or redeemed, PRINCIPAL
and Interest," and the said appropriation shall
be a continuing annual appropriation during the
same period, and this levy and appropriation
shall authorize and make it the duty of the Au-
dltor and Treasurer, and the sal board, res
pectlEely, 10 collect SAID tax annually, and pay
said interest and redeem the said bonds until
the same shall be fully discharged.
SEC. 8. Be it further enacted, etc, That tbe
bonds and valid warrants outstanding at the
time Of the passage of this act, shall, az fast as
they are received in exchange for consolidated
bonds, be cancelled and destroyed by the said
board OF liquidation, and consolidated bonds
purchased as provided for in section seven of
this act, shall be cancelled and DESTROYED aPtar
PUBIC notlce mas been given OF the same in the
as many citizens as may desire to he present. in
like manner. and within ten days after such
destruction, in each case, a process verbal of fhc
same shall be published and a renort made to
the General Assembly on the first Monday Of
every year, by said board.
SEC. Q. Bel further enacted, etc. That il ybo,,
be the duty of the Auditor in his next annIal
report to give n 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.
ana 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
OontA" LnC eAScutlul OF tllS act, or any
part OF it. or falling to perform his official dutv
Hereunder, shall be deemed guilty of n misdS.
meanOr, and on conviction thereof shall he nm
lshed by imprisonment not exceeding five years
and by fine not exceeding two thousand do1iars
at the discretion of the court; provided. that
this section shau in no wise prejudice or affect
the criminal proceeding under section five oF
this act.
SEC. IL. Be it further enacted, etc Tint
each provision of this act shall he, and il here
ny declared to be, q contract between the State
OF LOUISIANA and each and every holder ~ fbc
bonds issued under this act.
SEC. H.. Be it further enacted. etc. That ou
grants OF State aid heretofore made, Whether ~
Inducements, subscriptions of stock ar
otnerWlse, which have become lapsed IN. for
fe1ted, be an the same are hereby repealed and
nor shall the State hereafter modify
novate, or extend any contract heretofore maSs
for the giving of State aid in any form under
any pretext. "eN
SEC. -. Be it further enacted, etc. That the
entlre state debt, prior to the year of our Lord
increased, directly. or indirectly, beyond the
sum OF nfteen millions of dollars, hereby an
IT being the Intent and object OF this
anu or the exchanges to be effected there
under, to reduce and restrict the whole indebt-
OF the State to Il sum not excae6inC Af
teen millions Of dollars, and to agree with tn,
holders OF the consolidated bonds to be iss1etF
that the said indebtedness shall
not De increased beyond said sum during said
SEC. i, Be 1t further enacted, etc, That INV
tax collector who shall turn over any money or
warrants by him collected, to any person ey-
cept 70 the State Treasurer, shall he deemed
guilty OF a misdemeanor, and shall, on conyic-
tlon, be SUBJECT to the penalties prescribed in
sectloh Ten OF TINS act, and shall, in addition
amount 80 turned over; and any State officer
or demanding that said taxes shall