New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-01-30
LAWS OF THE STATE OF LOUISIANA
PUBLISHED BY AUTHORITY.
AN ACT
No. e.


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 iquidatiOn; to au-
tborize certain judicial proceedings
against it: to define and punish violations
of this act; to prohibit certain officers
diverting funds except as provided by
law, and to punish violations therefor: TO
levy continuing tax and provide con
tinning appropriation for said bonds: to
make a contract between the State and
holders of said bonds; to prohibit mi unc-
tons in certain eases; to limit the ndebt-
edness of the State, 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 variants for certain taxes.
and to repeal all conflicting laws.
SECTION |. Be it enacted by the Senate
and House of Representatives OF the State
of Louisiana in General Assembly con-
vened, That for Tie purpose OF consolidating
and reducing the floating and bonded debt
of the State, the Governor Lieutenant Gov
ernor, Auditor, Treasurer, Secretary OF
State. Speaker of the House OF Representa-
tives are hereby authorized to cause to be
prepared, and to issue bonds, to be known
as '.conso,idattd bonds of the State of Louis
lana" of the denominations OF one hundred,
five hundred and one thousand dollars, to the
amount of fifteen millions Of dollars. or so
much thereof as may be necessary. all pay
able forty years from the first day of Jan
uary, 1874, and all to be numbered consec-
utively and made payable to bearer, and
to bear interest at the rate OF seven per
cent per annum, payable seml-1nnually.
in the city of New York and city Of New
Orleans, on the first day of July and Jan.
uary OF each year, and coupons for such in
terest shall be annexed thereto; said il ter
est and principal to be payable in lawful
money of the United States
SEC. ,. 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
member of said board.
SEC 3 BE it further enacted, etc, That
the 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 Ire asurer thereof, except
warrants issued by the Auditor in 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 re-
iected by majority of said board may APP
ply by petition to the proper court for re
lief. and if final Judgment shall be rendered
in his favor against said board 1t shall be
the duty of said board to fluid 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
ingly audit and fund any illegal claim
against the State he shall be deemed guilty
OF misdeneanor, 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 war
rants authorized by this act shall be EFF |
tected by SAID board of liquidation in the |
cities of New 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 |
liquidation only for the purpose of exchange |
as aforesaid; said bonds shall be used for 10
other purpose or purposes than as author
lied by this act. and any member of the
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
onviction thereof, be punished by fine
Of not less than five thousand dollars and |
by imprisonment at hard Labor tor not less
than one year.
SEC. 6. Be il further enacted. etc. That |
notice OF the adoption OF this act shall be !
published by said board in one or more
journals Of New Orleans, New York. Lon
Ion, Paris and Amsterdam.
SEC. Z. Be it further enacted, etc. That
l tax of five and half mills on the dollar
IF the assessed value of all real and per-
,onal property in the State is hereby annu-
lily levied and shall be collected for the
purpose of paying the interest and prin-
,iple of the consolidated bonds herein au-
horized, and the revenue derived there
rom is hereby set apart and appropriated
o that purpose, and no other And that it
hall be deemed a felony for the Fiscal
Agent or any officer of the State or board
# liGuiaaters to divert the said fund from
Is legitimate channel as provided, and
pon conviction the said party shall be
liable to imprisonment for not more than
en- years or less than two, at the discretion
f the court. If there shall, during any
ear. be surplus arising from said tax
fter paying all interest falling due in that
ear, such surplus shall be used for the pur
base and retirement OF bonds authorized |
" this act, said purchases to he made by
he said board of liquidation, from the
Dwest offers, after due notice; provided.
hat the total tax for interest and all other
tate purposes except the support of pub bic
rh ools, shall never here after exceed twelve
nd half mills on the dollar. The interest
ak aforesaid shall be a continuing annual
AK until the said consolidated bonds shall
Il paid or redeemed, principal and interest;
nd the said appropriation shall be con-
lnuing annual appropriation during the
anne period, and this levy and appropria-
ion shall authorize and make it the duty
f TIA Auditor and Treasurer, and the said
GARD, respectively, to collect said tax an
ually, and pay said interest and redeem
le said bonds until the same shall be fully 1
ischarged.
SEC. 8. BE it further enacted, etc. That
le bonds and valid warrants outstanding
the time of the passage of this act, shall,
fast as they are received in exchange for
,nsolidated bonds, be cancelled and de:
royed by the said board of liquidation, and
,nsolldated bonds purchased as provided
II in section seven of this act, shall be can
,led and destroyed after public notice has
een given of the same in the official jour-
ii of the State, in the presence OF as many a
items as may desire to be present, in Like q
amer, and within ten days after such de. '
ruction, in each case, process verbal OF !
10 same shall be published and report i
ade to the General Assembly on the first s
onday OF every year, by said board. n
SEC. 9. Be it further enacted. ETC.. That u
shall be the duty of the Auditor in his Il
xt annual report to give "a detailed ac- Q
unit of the proceedings had under this act, :
GLIDING the amount of new bonds issued,
Q amount of old bonds and valid warrants
nceled, the amount of the same outstand- Z
2, and the cost of the exchange; and an II
tally thereafter full and exact statement
the condition of the nnhlic debt under | 5