The Opelousas journal. [volume] (Opelousas, La.) 1868-1878, 1874-02-20
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dlclal proceedings against it. to define an
PUNISH saoIaIlons ct this act; to proltbit ce
IAN ofncers diEerting funds except as prov
aeo py law, ana TO punish violations therefor
: 70 levy a continuing tax and provide q COZ
IinuIng appropriation for said bonds to max
a contract between the State and holders {
SAID bonds; to prohibit injunct1ons in eertai
cases; to limit the Indebtedness of the State
ana 70 4mlt State taxes; to annul certai
grants or state aid to prohibit the modifics
uon, noVation or extension of any eontrae
heretofore made for State aid; to provide TO
the receipt OF certain warrants for certain taa
Is, ana to repeal all conflicting laws.
SECTION l. Be it enacted by the Senate an,
House OF Representatives of the State of Louis
lana In General Assembly convened, That TO
dne purpose or consolidating and reducing tn
hoating and bonded debt of the State, the Gov
ernor, Lieutenant Governor, Auditor, Treasurer
secretary OF state, Speaker of the House o
representative are hereby authorized to causa
10 De prepared, and to issue bonds, to be known
as consolidated bonds of the State of Louisi
ana, OF the denominations of one hundred, fly,
hundred ana one thousand dollars, Or SO muel
thereof as may be necessary, all PAYABLE fort,
Years from the first day of January, 1874, and al
70 be numbered cOnseeutiyely, and made paya
Die TO bearer, and TO bear interest at the rate O
seven per cent per annum, payable semi-annu
ally, i'll the city of New York and city of New
Orleans, on the first day OF July and January O.
each year, and coupons for such interest shall
be annexed thereto; and interest and principa
States.
SEC. 2. Be it further enacted, etc, That thu
parties designated in the foregoing section shall
constitute a board of liquidation, and a maiOrit,
OF said board shall elect q fiscal agent for tho
state, who shall be O member of said board.
SEC. s. BE 1t further enacted, etc, That the
Donds authorized by the section one shall be-
signed by the Governor, Auditor and9Eecretary
OF state, and the coupons shall be signed by the
Auditor and Treasurer; and when so prepared
said bonds shall be exchanged by the boari OF
liquidation for all valid outstanding bonds OF
Ihe state ana all valid warrants drawn previous
70 the passage OF this act by the respective Au-
0ltofs OF Public Accounts of the State on the
Treasurer thereof, except warrants issued by
the AUDITOR IN payment of the constitutions
of1cers or the State, at the rate of sixty cents in
consolidated bonds for one dollar in outstanding
bonds and all valid warrants; provided. thai
the holder OF any bond or valid warrant rejected
ny q majority of said board may apply by petit
ton to the proper court for relief, and II final
judgment shall he rendered in his favor against
said board, it shall be the duty of said board to
fund his said claim in bonds at 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
n1i ea ssa.e o ngs aSali ne deemed guilty OF a INSIDE
less than five Thousand dollars and be impris-
0ned not less than two years at the discretion of
inc court. Ana 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 au-
thorized by this act shall be effected by said
board of liquidation in thescities of New Orleans
and New York.
DEG. D.. be IL 11FIHtf 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 pur-
poses than az authorized by TINS act, and any
member of 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 conviction thereof, be punished by q fine of
not less than FIVE thousand dollars and by inn
prisonment at hard labor for not less than one
year.
= SEC. 6. Beftfurther 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. 2. Be it further enacted, ETC., That a tax
of five and a 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 for the purpose of paying the interest
and principle of the consolidated bonds herein
authorized, and the revenue derived tllerefrOm
is hereby set apart and appropriated to that pur-
pose, and no other. And it shall be deemed
u felony for the Fiscal Agent or any officer of the
State or board of liquidatofs to divert the said
fund from its legitimate channel as provided,
and upon conviction the-said party shall be IL
able to imprisonment for NOT more than ten
years or less than two, mt the discretion of the
court. II there shall, during any year, be a sur
plus arising from said tax after paying all inter
est falling due in that year, such surplus shall
be used for the purchase advertisement of bonds
authorized by this act, said purchases to be made
by the saidboard of 1iauidation, from the lowest
offers. after due notice: provided. that the total
tax for interest and all other State purposes,
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
continuing annual tax until the said c0nsOlida-
ted bonds shall be paid or redeemed, principal
and interest; and the said appropriation shall
be a continuing annual appropriation during the
same period, and this levy and appropriation
shall authorize and make 1t the duty of the. Au-
and Treasurer, and the sail board, res
pectiyely, to collect said tax annually, and pay
said interest and redeem the said bonds until
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
of liquidation, and consolidated bonds
as provided for in section seven of
this act, shall be cancelled and destroyed after
public notice has been given of the same in the
official journaIof the State, in the presence of
as many citizens as may desire to be present, in
ike manner and within ten days after. such
destruction, in each case, a process verbal of the
same shall be published and a report made to
5le General Assembly on the first Monday of
very year. by said board.
sEc. 2. Belt further enacted, etc, That it shall
the duty OF the Auditor in his ne1 annual
,ep0rt to give a detailed account of the proceed
had under this act, including the amount of
bonds issued, the amount Of old bonds and
Talif warrants cancelled, the amount Of the
anne outstanding, and the cost of the exchange,
md annually thereafter q full and exact state
M NAC ~ VA N@S RS~AA1 wv wv
he operations Of this act.
SEC. 10. 3 1t further enacted, ETC., That any
ldge, tax collector, or any officer of the State,
tbstrtleting the execution OF this act, or any
hereunder, shall be deemed guilty Of q misde-
neanor, and on conviction thereof shall be pun
shed by imprisonment not exceeding five years,
by fine not exceeding two thousand dollars,
t the discretion OF the court provided, that
section shalt in no wise prejudice or affect
he criminal proceeding under section five of
his act.
SEC. II. Be It further enacted, etc, That
aoh provision OF this act shah be, and is here
y declared TO be, q contract between the State
LOUISIANA and each ana every holder OF the
onds issued under this aet.
SEC. IL. BE It further enacted, ETC.. That all
rants of State aid heretofore made, whether of
onds, Endorsements, subscriptions of stock, or
therNise, which have become lapsed or for
eited, be an the s4Tle are hereby repealed and
nor shall the State hereafter modify,
ovate, or extend any contract heretofore made
Or the giving of State aid in any form under
ny pretext.
SEC. is. Q it further enacted, etc, That the
State debt, prior to the year of our Lord /,
iaeteen hundred and fourteen, shall never be
directly or indirectly, beyond the i
i'm Of fifteen millions of dollars, hereby au- !
lorized, IL being the intent and object of this !
1t, and of the exchanges TO be effected there :
n.der. to reduce and restrict the whole inaebt-
zen millions OF dollars, and 10 agree with the i
Of the consolidated bonds to be issued !
ereunder that the said Indebtedness shall
Of be increased beyond said sum during said
sri0d. /
SEC. IA Be IT, further enacted, etc. That any |
* collector who shall turn over any money or i
arrants by him collected. to any person ex- /
to the State Treasurer, shall be deemed |
atty of a misdemeanor, and shall, ON c0nyic-
on, be subject to the penalties prescribed in
setiUn ten OF this act, ana shall, in addition =
lereto, be liable in damages in double the ;
so turned over; and any State officer
or demanding that said taxes BhnH
turned te him. except the Treasurer of