New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-01-31
LAWS OF TINE STATE or LOUISIANA
PUBLISHED BY AUTHORITY,
AN ACT

AN ACT
To provide for funding obligations of the
State BY exchange for bonds; to provide
to establish board of liquidation; to au
thorize 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-
tinuing appropriation for said bonds; to
make contract between the State and
holders of said bonds; to prohibit iDjunc-
tons in certain cases; to limit the indebt-
edness of the State, and to limit State
taxes; to annul certain grants Of State
aid; to prohibit the modi hcation, nOvatiOn
or extension of any contract heretofore
made for State aid; to provide for the re-
ceipt of certain warrant s for certain taxes,
and to repeal all conflicting laws.
SECTION |. Be it enacted by tbs Senate
and House of Representatives OF the State
of Louisiana in General Assembly con-
| vened, That for the 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 "consolidated 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
uarv. 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 sem-annually,
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 inter
est and principal to be payable in lawful
money of the United States
SEC =. BE it further enacted, ETC., That
the parties designated 10 the foregoing Sec
tlon shall constitute board of liquidation,
and majority of said board shall elect
fiscal agent for the State, who shall be a
member of said board.
SEC. g. 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
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 Treasurer thereof, except
warrants issued by the Auditor i'll 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-
jected by majority OF said board may ap-
ply by petition to the proper court for re-
lief, and if final judgment shall be rendered
in his favor against said board, it 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 be shall be deemed guilty
of mis,iemeanor, 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 sand board of liquidation in the |
cities of New Orleans and New York.
SEC. s. BE il 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 no |
other purpose or purposes than as author |
led by this act. and any member of the |
board of liquidation using or attempting 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
onviction thereof, be punished by fine
If not less than five thousand dollars and
,v Imprisonment at hard labor for not less
han one year.
SEC. i. Be it further enacted, etc, That
loriee OF the adoption of this act shalt be
published bv sand board in one or more
onrnas Of New Orleans, New York, Lon
Ion, Paris aud Amsterdam.
SEC. 7. BE it further enacted, etc, That |
tax of five and half mills on tho dollar
# 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
0 that purpose, and no other. Aud that it
hall be deemed a felony for the Fiscal
gent or any officer of the State or board
liquiGators to divert the said fund from
IS legitimate channel as provided. and
pom conviction the said party shall be
able to imprisonment for not more than
n years or less than two, at the discretion
the court. If there shall, during any
ear, be a surplus arising from said tax |
lter paying all interest falling due in that ,
ear, such surplus shall be used for the pur-
Ease and retirement of bonds authorized
y this act, said purchases to be made by
he said board of liquidation from the
west offers. after due notice; provided,
lat the total tax for interest and all other {
ate purposes. except the support of public I
b ools, shall never hereafter exceed twelve {
I'd half mil- on the dollar. The interest ,
X aforesaid shah be continuing annual .
X until the said consolidated bonds shall /
paid or redeemed. principal and interest; a
I'd the said appropriation shall be a con- S
nuing annual appropriation during the i
me period. and CHS levy and apprOpria-
IN shall authorize and make it the duty s
thu Auditor and Treasurer, and the said
ard respectively, to collect said tax an 7
Tally. and pay aa,d interest and redeem
= said bonds until the same shall be fully
SEC. 8. Be it farther enacted, ETC., That
o bonds aud 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- =
Dyed by the said board of liquidation, and
nsoidated bouds purchased as provided
: in section seven of this act, shall be can
ed and destroyed after public notice has
en- given of tie same in the official jour
of the State, II the presence of as mauy al