The Opelousas journal. [volume] (Opelousas, La.) 1868-1878, 1874-02-27
No. B..
An Act

IIHUIHT TpDTDDTINIIUM TOF EalU DOlTS 10 mako
a contract between the state and holders Of
said bonds to prohibit injunctlons in certain
eases; to limit the Indebtedness of the State
and to limit State taxes; to annul certain
grants OF State aid; to prohibit the moditica
ton, noVati0n or extension OF any contract
heretofore made for State aid TO provide foI
the receipt Ofcertain warrants for certain tax,
es. and TO repeal all conflicting laws.
SECTION l. Be II 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
doat1ng and bonded debt Of the State. the Gov
ern0F, Lieutenant Governor, Auditor, Treasurer,
Secretary of State, Speaker of the House of
Representative 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 all
70 oe numbered consecutively, and made paya-
Die 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 in lawful money of the United
States.
SEC. .. Be it further enacted, etc, That tho
parties designated in the foregoing section shall
constitute q board of liquidation, and n majority
OF said board shall elect 4 fiscal agent for the
state, who shall be a member of said board.
SEC. 3. Be II further enacted. etc, That the
bonds authorized by the section one shall 'be
| SlSiCu ny tIt SuNGEuUI, -AuilllOr anu secretary
or state, and the coupons shall be signed by the
Auditor and Treasurer and when SO prepared
said, bonds shall be exchanged by the boar | 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 Au-
dltors OF Public Accounts of the State on the
treasurer thereof, except warrants issued by
inc 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 rejected
BY u 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, 1t shall be the duty OF said board to
fund his said claim in bonds nj the rate provided
by this act; and provided further, that if 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 @ misde-
meanor, and shall, on conviction, he fnod not
less than five thousand dollars and be impris-
oned not less than two years ut the discretion of
the court. And any person knowingly procur-
ing the same to be done shall be subject to tho
same penalty.
SEC. 4. Be it further enacted, etc, That the
exchange. of the bonds or valid warrants al-
thor1Zcd by this act shall be effected by said
and New York.
SEC. S. Be 1t further enacted, etc, That the
eonsoldated bonds herein authorized shall be
held and used by said board of liquidation OnIv
for the purpose of exchange as aforesaid said
bonds shall be used for no other purpose or mr..
poses than as authorized by this act, and any
-ASAA"NA III NAS pOtN1N VI AIlAkINlnLIOn uSl0R III Ar
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 conviction thereof, be punished by a fine of
not less than five thousand dollars and by inn
prlsonment at hard labor for not less than ono
year.
SEC. 6. Be it further enacted, etc. That notice
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 fax
OF five and o half mills on the dollar of the as
sessed value of all real and personal property in
the State Is hereby annually levied, and shall be-
Collected Tor the purpose of paying the interest
and principle OF the consolidated bonds herein
authorized. and the revenue derived therefrom
Is hereDy set apart and appropriated to that pnr-
pose, ana no other. And that 1t shall be 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 provided.
and upon conviction the said party shall he II,
able 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 rom said tax after paving ali inter
est railing due in that year, such surplus shall
De used for the purchase advertisement of bonds
by thisa act. said purchasestO be made
by the said board OF liquidation, from the lowest
offers, after due notice; provided, that the total
FOR interest and all other State purnOses-
except the support of public schools, shall never
hereafter exceed twelve and a half mills On the
dollar. The interest tax aforesaid shall be a
annual tax until the said consolida-
ted bonds shall be paid or redeemed, principal
tAN NhS StlAA SlAD
be a continuing annual appropriation during the
same period, and this levy and appropriation
shall authorize and make it the duty of the Au-
lltOr ana treasurer, and the sail board, res
pectiyely, to collect sad tax annually, ana paw
said interest and redeem the said bonds unffI
the same shall be fully discharged.
SEC. 8. Be it further enacted. etc., That tho
bonds and valid warrants outstanding at fhc
limo OF the passage Of this act, shall, as fast an
.ncy are received la exchange for consolidated
bonds, be cancelled and destroyed by the said
ln1Hn OF HnnI6qfinn OnR aprcnlIj1AD9 I.-1
as provided for in section seven Of
his act, shall be cancelled and DESTROYED after
public notice has been given of the same in the
,ftictai Journal OF the State, in the presence of
q many citizens as may desire to be present, in
Ike manner, and within ten days after such
lestrueu4n; IN eaeh case, a process verbal Of tho
tafae snail be published and q report made 10
he General Assembly on the fist Monday Of
year, by said board.
SEC. 9. Bel further enacted, ETC., Thatit shall
eport to give a detailed account of the proceed-
ngs had under this act, including the amount Of
leW bonds issued, the amount of old bonds and
aid warrants cancelled, the amount of tIe
anne outstanding, and the cost of the exchange:
annually thereafter a full and exact state
nent OF tne condition of the public debt under
he operations Of this net. ~
SEC. 10. Be it further enacted, etc. That onv
idge, TAX collector, or any officer of the State,
Dstructlng the execution OF this act, Or any
art OF y, or failing to perform his official duty
hereunder, shall be deemed guilty of a INSIDE
1eanor, and ON conviction thereof shall be pun
'hed by imprisonment not exceeding five years.
lu ny me not exceeding two thousand dollars,
. tine ulSeretlon OF the court provided. that
bis section shall in no wise prejudice or affect
criminal proceeding under section Ave Of
his act,
SEC. IL. Be it further enacted. etc That
ach provision of this act shall be, and is here
y declared to be, q contract between the state
+ Louisiana and each and every holde of the
ends issued under this act.
SEC. r., Be it further enacted. etc. That an
rants OF state aid heretofore made, whefher of
Endorsements, subscriptions of stock. or
tlherwlse, which have become lapsed or for
'lted; be an the same are hereby repealed and
nor shall the State hereafter mndiFv
ovate, or extend any contract heretofore made
the giving OF State aid In any form under
ny pretext,
SEC. y, Be It further enacted, ETC., That tho
ltire State debt. prior to the year of our lord
Lneteen hundred and fourteen, shall never be
directly or indirectly, beyond the
I'M OF isfteen. millions of dollars, hereby au-
l0rized, II being the intent and object Of this
IT, and of the exchanges to be effected there'
,lder, 10 reduce and restrict the whole indebt-
fness OF the State to q sum not exceeding If
niilions OF dollars, and to agree. with tho
,lders OF the consolidated bonds to he issued
that tho said indebtedness shaI
be increased beyond said sum during said
~ N+ ~
"A. e it further enacted, ETC., That any
x oonector VINO SHAH turn over any money or
arfants by him collected, to any person ex-
pt TO the state Treasurer, shall be deemed
lllty OF @ misdemeanor, and shall, on conyi6-
De subject to the penalties prescribed in
ctlul ten OF this act, and shall, in addition
erato, be liable III damages in double the
Mount so turned over; and any State officer
qutflng OF demanding that said taxes shall
turned over to him, except the Treasurer of
e State, shall be liable, on conviction, To
elton.
SEC. Is. Be it further enacted ETC., That
ON and after the passage of this act until the
81 DAY or July, 1874, all valid Auditors war