The Opelousas journal. [volume] (Opelousas, La.) 1868-1878, 1874-02-13
Ne.
Al AAs

AZ I"A tt4I DEOftut u tOn
t1nu1ng appropriation for said bonds to max
l a contract between the State and holders q
y; SAID bonds 10 prohibit injunctlOns in certain
O cases; TO limit the Indebtedness of the State
If and 10 limit State taxes; to annnl certain
4 grants OF State aid to prohibit the mOdifica
u ton, nOvatiOn or extension of any cOntrac
IS heretofore made for State aid; to provide TO
the receipt Of certain warrants for certain tax
n e., and to repeal all conflicting laws.
SECTION l. Be it enacted by the Senate anC
House OF Representatives of the State of Louis
Il lana LII General Assembly convened. That fUl
e me purpose OF consolidating and reducing the
hoat1ng 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
n to be prepared, and to issue bonds, to be known
q as consolidated bonds Of the State OF Louisi
ana, OF the denominations of one hundred, five
Ia hundred ana one thousand dollars, or SO much
. EneEeot as may De necessary. all payable forty
years from the first day of January, 1874, and all
= 70 oe numbered consecutively, and made paya-
, oe 10 bearer, and to bear interest at the rate of
1 seven per cent per annum, payable semi-annu-
ally, in the city Of New York and city of New
= orleans, on the first day of July and January Of
I tach year, and coupons for such interest shall
pc annexed thereto; and interest and principal
} States.
SEC. Q. Be itHurther enacted. etc. That tbn
parties designated in the foregoing section shall
constitute a board OF liquidation. and a majority
OF said board shall elect q fiscal agent for the
State, who shall be a member of said board.
SEC. 3. Be 1t further enacted, etc, That the
bonds authorized by the section one shall be-
"CsE ~ SAO Z lIl dlI SCtTfIhfS
OF state, and the coupons shall be signed by tho
AUDITOR and Treasurer and when so PREPARED
Sald ponds shall be exchanged by the board of
itquioatlon for NIL valid outstanding bonds OF
the State and all valid warrants drawn previous
10 the passage of this act"by the respective Au-
mtors OF Publc Accounts of the State on the
treasurer ~thereof, except warrants issued by
the Auditor in payment of the constitutional
olncers OF the State, at the rate of sixty cents in
conso1dated bonds for one dollar in outstanding
bonds and all valid warrants; provided. thar
me holder OF any bond or valid warrant rejected
~ a majority OF said board may apply by petit
uon TO the proper court for relief, and IL final
Judgment shall be rendered in his favor against,
sald BOARD, 1t shall be the duty of said board to
tuh1 ms SAID claim in bonds at the rate provided
ny TINS act; and provided further, that ii any
member OF said board Of liquidation shall know
lngly audit and fund any illegal claim against
Inc STATE ne shall be deemed guilty of a INSIDE
meanor, and shall, on conviction, be fined not
less tnan f1Ve thousand dollars and be impris-
0heo not less than two years at the discretion of
the court. And any person knowingly procur-
lug the same TO be done shall be subject to the
same penalty.
SIC. 4. BE it further enacted. etc, That the
cAcnangc OF the bonds or valid warrants an
thor1zed by this act shall be effected by said
o ooa OF Liquidation in the cities of New Orleans
SEC. 5. BE it further enacted. etc. That tina
conSondated bonds herein authorized shall he
neld ana used by said board of liuuidation onlV
). Ene burpose OF exchange as aforesaid said
poses than as authorized by this act, and any
member OF the board OF liquidation using or al
OSAHpSLAS w USE VI uttelnItlnG to induce any
person or persons to use, said bonds or any Of
them for any other purpose or purposes shall
ont convection aos eh6 thereof, be punished by q fine OF
prlson1llent at hard labor for not less than one
year. N Jaw
SEC. 6; Be it further enacted, etc, That notice
VI the auoptlon or this act shall be published by
Salo BOARD IN one or more journals of New Or
leans, new York, London, Paris and Amsterdam.
az. t. pc lt further enacted, etc, That a tax
OF nVe ana a half mills on the dollar of the AS
sesSea valtie OF oil real and personal property in
LnT okate - hereby annually levied, and shall be
eoiiecIed iOr the purpose of paying the interest
an3 pflnclple OF the consolidated bonds herein
autnof1ze0, ana the revenue derived therefro1D
Is nereny set apart and appropriated to that pnr-
q q f : nn4 II 1tner. And that it shall be deemed
q lelony Tor the Fiscal Agent or any officer of the
state or board of liquidators to divert the said
Iuhd from Its legitimate channel rs provided.
ah1a uPoH oonyletlon the said party shall be Ii
anIe 10 Imprisonment for not more than ten
years or less than two, at the discretion of the
e1mrt. 4 there shail, during any year, be a sur
est Ial1ng due in that year, such surplus shalI
pc 9sed for the purchase andretirement of bonds
huthorlzea hy this act, said purchasest to be made
oy tine 500 board of liquidation, from the lowest
Dnefs, alter due notice provided, that the total
TAX Iof interest and all other State purposes.
s1cepg inc support of public schools, shall never
exceed twelve and O. half mills on the
lollar. The interest tax aforesaid shall be a
annual tax until the said c0nsolida-
, ,nd n4aas snan pc paid or redeemed, principal
a continuing annual appropriation during the
perlad, and this levy and appropriation
,nau authorize and make it the duty of the An
litOr and Treasurer, and the sai i hoari :
leeIlyeIy, 10 collect said tax annually, and paw
Isid interest and redeem the said bonds until
he same snail be fully discharged.
SEC. 8, Be it further enacted, etc, That tho
,onds and valid warrants outstanding ut the
1me OF the passage Of this act, shall, as fast AZ
ley are received in exchange for consolidated
'0ndS, be cancelled and destroyed by the said
board OF liquidation, and consolidated bonds
purchased as provided for in section seven of
ms act, slaA be cancelled and destroyed after
'mhiic notice has been given of the same in the
'n1cial journal or the State, in the presence of
9 many citizens as may desire to be present, in.
Ike manner, and within ten days after such
iestructl0n, IN eaGh case, a process verbal of the
anne shaHll be published and q report made to
he General Assembly on the first Monday Of
very year, by said board,
SEC. y. Bel further enacted, etc, Thatit shall
tne Quty or the Auditor in his next annual
en0rt TO give a detailed account of the proceed
ags nae nnder TINS act, including the amount Of
CIV oonds issued, the amount of old bonds and
aid warrants cancelled, the amount of the
ane outstanding, and the cost of the exchange.
ma annually thereafter a full and exact state.
lent of the condition of the public debt nnder
ne operations OF this act,
SEC. 10. BE it further enacted, etc. That onxy
idge. tax collector, or any officer OF the State,
DsCfuctlng the execution of this act, or anV
art OF it. OF failing to perform his official drty
shall be deemed guilty of n misde.
leanor. ana on conviction thereof shall be II n
.heo W, Imprisonment not exceeding five wears.
nd Dy line not exceeding two thousand dollars
t the discretion OF the court; provided that
las seellon small in no wise prejudice or AFFECT
no criminal proceeding under section FIVE of
lis act. ~ ;"
SEC. IL. Be 1t further enacted. etc. That
aeh provision of this act shall be, and is here.
Y declared to be, q contract between the state
LOUISIANA and each and every holder of fhe
onds issued under this act.
SEC. u. Be it further enacted, etc, That an
T I'M Oh sLate ana heretofore made, whether Of
Dnds, Endorsements, subscriptions of stock or
ynerWise, which have become lapsed or for.
ited, be an the same are herehy .eDeaIa3 "a
lnliiled, nor shall the State hereafter moiifv
waite, or extend any contract heretofore mads
u 'ne gtvLns OF state aid in any form under
SEC. 70. Be it further enacted, etc. That Tho
ltlre State uehis prior to the year of our I0Id
neteen hundred and fourteen, shall never H.
ereasea, directly, or indirectly, beyond tho
m OF nfteen millions of dollars, hereby an
tortzed, 1t being the intent and object oY this
and OF the exchanges to be efEscted tharao
lder, TO reduce and restrict the whole indeht-
ness 9! the State to q sum not exceedinr A.
~ \ IN Ln,i I OF donars, ana to agree with the
'lders or the consolidated bonds to be isa,ed
'reuIfder that the said indebtedness shsii
riOd. A"s SdiH
SEC: T. Be it further enacted, ETC., That auv
\ cOit6et0f VINO shall turn over any money On
lTfants by him collected, to any person pT.
10 the State Treasurer, shall be deerned
iity OF a misdemeanor, and shall, on cOnvicl
pc subject to the penalties prescribed in
ore Hn 'I IN u ,o 5hls act; and shall, in addition
lonnt so turned over and any State officer
1nlfing OF demanding that said taxes qbau
turned OVerto him, except the Treasurer IT
Q state, shall be liable, on conviction tn
3tion. +A tha
10. Be 1t further enacted. etc. That
anu aLLer the passage of this act until the