The Opelousas journal. [volume] (Opelousas, La.) 1868-1878, 1874-03-13
NO. Q.
An Act

~ ~ g a. tlIlA pIoNluc ii con
tinuing appropriation for said bonds; to make
a contract between the State ana holders Of
said bonds to prohibit injunctons in certain
eases; to limit the indebtedness of the State,
and TO limit State taxes; 10 annul certain
grants of State aid to prohibit the modiiea-
ton, novation or extension of any contract
heretofore made for State aid; to provide for
the receipt Ofcertain warrants for certain tax
-es. and to repeal all conflicting laws.
SECTION l. Be it enacted by the Senate and
House of Representatives of the 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 be prepared, and to issue bonds, to be known
as consolidated bonds Of 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 alt
TO be numbered COnsecutively, and made paya-
Bile to bearer. and to bear interest at the rate Of
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
each year, and coupons for such interest shall
be annexed thereto; and interest and principal
to be payable III lawful money Of the United
States.
SEC. .. Be it further enacted, etc, That the
parties designated in the foregoing section shall
constitute a board of liquidation, and q majority
of said board shall elect u fiscal agent for the
state, who shall be a 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 hoarI of
liquidation for all valid outstanding bonds OF
the state and all valid warrants drawn previous
70 the passage OF this act by the respective Au-
ditors Of Public Accounts of the State on the
treasurer thereof, except warrants issued by
tne Andltor IN payment of the constitutional
of1cers OF the State, at the rate of sixty cents in
consolidated bonds for one dollar in Onfsfandinr
nonas ana gu valid warrants; provided, that
tne holder OF any bond or valid warrant rejected
ny majority OF said board may apply by petit
tlon to the proper court for relief, and II 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 this act; and provided further, that if any
member Of said board of liquidation shall know
lngly audit and fund any illegal claim against
the State he shall be deemed guilty of q inside
meanor, 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 procur-
ing 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 alI-
thorized by this act shall be effected by said
board OF liquidation in the cities of New Orleans
and New York.
SEC: 5. Be 1t further enacted, etc, That the
consolidated bonds herein authorized shall be
held and used by said board of liquidation only
lot tne 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
MEMBER or 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 for any other purpose or purposes shall.
on convlction thereof, be punished by q fine of
not less than five thousand dollars and bv i'm
pr1sonment ut hard labor for not less than one
year.
SEC. 6. Be it further enacted, etc. That notice
OF the adoption of this act shall be published BY
sald board IN one or more Journals of New Or
leans, New York, London, Paris and Amsterdam.
SEC. :. Be it further enacted, etc., That a tax
OF five and q half mills on the dollar of the as
ssssed Vaine OF all real and personal property in
the State Is hereby annually levied, and shall he
collectcu Tor the purpose of paying the interest
and principle Of the consolidated bonds herein
authorized, and the revenue derived therefrom
Is hereby set apart and appropriated to that pur-
pose, ana no other. And that 1t shall be deemed
q 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 nrOyidei
and upon conviction the said party shall be Ii.
able to imprisonment for not more than ten
court. II there shall. during any wear, be n snr-
plus arising from said tax after paying all inter
est railing due in that year, such surplus shall
be used for the purchase and retirement of bonds
authorized by this act, said purchasesto be made
by the said board of liquidation, from the lowest
offers, after due notice provided, that the total
except the support of public schools, shall never
hereafter exceed twelve and q half mills on the
dollar, The interest tax aforesaid shall be q
continuing annual tax until the said consolida-
ted bonds shall he paid or redeemed, PRINCIPAL
and interest; and the said appropriation siaiI
be a continuing annual appropriation during the
shall authorize and make it the duty of the Au-
d1tOr ana treasurer, and the sal { board, res
peGtlvely, TO collect sad tax annually, and pay
SAID interest and redeem the said bonds untfl
the same shall be fully discharged.
SEC. 8. Be it further enacted, etc, That the
bonds and valid warrants outstanding at the
time of the passage of this act, shall, as 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, snau be cancelled and destroyed after
public notice has been given of the same in the
official journal OF the State, in the presence of
as many citizens as may desire to be present, in
Like manner, and within ten days after such
destruction, in each case, o process verbal of the
same shall be published and q report made to
the General Assembly on the first Monday Of
every year, by said board. -
SEC. 9. Be it further enacted, etc, Thatit shall
be the duty OF the Auditor in his next annual
report to give q detailed account of the proceed
new bonds issued, the amount of old bonds and
valid warrants cancelled, the amount of the
same outstanding, and the cost of the exchange:
and annually thereafter a full and exact state
ment of the condition of the public debt under
the operations of this act. ---0-
SEC. 10. Be it further enacted, ETC., That any
judge, tax collector, or any officer of the State.
obstructing the execution of this act, or any
part Of 1t, or failing to perform his official dutv
Hereunder, shall be deemed guilty Of q INSIDE
mGdIlUI, allu OIL cOnNlCC1On LQeceOf shall he nm
ished by imprisonment not exceeding five wears,
and by fine not exceeding two thousand dollars.
at the discretion of the court /; provided, that
this section shall In no wise prejudice or affect
the criminal proceeding under section five of
this act.
SEC. IL. Be it further enacted, etc, That
each provision of this act shall be, and is here
by declared to be, a contract between the State
OF Louisiana and each and every holder of the
bonds issued under this act.
SEC. IL. Be 1t further enacted, etc., That all
grants of State aid heretofore made, whether of
Endorsements, subscriptions of stock, or
feited, be an the same are hereby repealed and
annulled, nor shall the State, hereafter modify.
nOyate, or extend any contract heretofore made
for the giving of State aid in any form under
SEC. 10. Be it further enacted, etc. That the
entire state debt, prior to the year of our Lord
nineteen hundred and fourteen, shall never, be
sum of fifteen millions OF dollars. hereby M.
it being the intent and object OF this
and OF the exchanges to he effected there
under, to reduce and restrict the whole indebt-
edness OF the State to a sum not exceeding If
teen millions OF dollars, and to agree with the
holders of the consolidated bonds to be issued
that the said indebtedness shall
period.
SEC. IA. Be it further enacted, etc, That any
tax collector who shall turn over any money or
by him collected, to any person ex-
cePt to the State Treasurer, shall be deemed
guilty or a mlsdemeanor, and shall, on conyic-
ton, be subject to the penalties prescribed in
section ten Of this act, and shall, in addition
thereto, be liable in damages in double the
requiring or demanding thar said taxes shall
turned over to him, except the Treasurer Of
The State, shall he liable, on conviction, to
he same penalties as are prescribed in this
SEC. Is, BE it further enacted. etc. That,
rom and after the passage of this act until the