The Opelousas journal. [volume] (Opelousas, La.) 1868-1878, 1874-03-06
Ne. 8.
An Act

DOdEu U lNluIudttOn, 10 dutuOflHe CSFldlu Ju-
dicial. proceedings against it to define and
punish violations of this act; to prohibit GER
tain officers diverting funds except as provi-
ded by law, and to punish violations therefor;
to levy a continuing tax and provide a con-
tinuing appropriation for said bonds to make
a contract between the State and holders of
said bonds to prohibit iniunctlOns i'll certain
eases; to limit the Indebtedness of the State,
and TO limit State taxes; to annul certain
grants of State aid to prohibit the modifica-
ton, %nOVati0n or extension of any contract
heretofore made for State aid to provide for
the receipt of certain warrants for certain tax
es, and to repeal all conflicting laws.
SECTION /. Be it enacted by the Senate and
House of Representatives of the State of Louis
lama 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 he prepared, and to issue bonds, TO be known
AZ 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
TO be numbered cOnsecutfvely, and made paya-
BILE to bearer, and to bear interest at the rate of
seven per cent per annun1, 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
he annexed thereto; and interest and principal
to be payable i'll lawful money of the United
States.
SEC. ?. Be it further enacted, etc, That the
parties designated i'll the foregoing section shall
| COuSl1luIC ii DHI vi IlIllltItbEUll,d 1u IL HdtUIlIV
OF said board shall elect a fiscal agent for the
State, who shall be a member of said board.
SEC. 8. Be it further enacted, ETC., That tho
bonds authorized by the section one shall DO
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 he 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 Au-
ditOrs 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 rejected
by n majority of said board may apply by peti-
ton 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 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
the State he shall he deemed guilty off, INSIDE
neanor, 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 pr0cur-
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-
thnrized by this act shall he effected by said
and New York.
SEC. s. Be it further enacted, etc, That tho
consolidated bonds herein authorized shall be
| ANN< t1"A SoS W SNAA bOul" w 14tNlNtbtfOA OuiN
for the purpose of exchange as aforesaid said
bonds shall be usedfOr no other purpose or pur-
poses than as authorized by this 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 a fine Of
not less than five thousand dollars and by i'm
prisOnment at hard labor for not less than one
year. @~u
SEC. 6. Be it further enacted, ETC., That notiee
OF the adoption OF this act shall be published b.
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 n fay
of five and a half mills on the dollar of the As
sessed Vai'le or all real and personal property in
the State Is hereby annually levied, and shall BIO
collected for the purpose of paying the interest
and principle of the consolidated bonds herein
authorized, and the revenue derived tierefrom
is hereby set apart and appropriated to that pur-
pose, and 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.
aud upon conviction the said party shall be IL
able to Imprisonment for not more than ten
years or less than two, at the discretion of tho
court. Ii there shall, during any wear, be q sIr-
plus arising from said tax after paying all inter
be used for the purchase andretirement of bonds
authorized by this act, said purchasestO be made
by the said board OF liquidation, from the lowest
tax for interest and all other State purposes.
except the support of public achOOls, shall neyer
hereafter exceed twelve and . half mills on tho
NSAAAhA' NV ANA dID4CA[tI1l GUAl1 IA r.
continuing annual tag Ilntii the gaid consnl;de"
ted bonds shall be paid or redeemed nrincinai
and interest; and the said apDronrintion shaD
be a continuing annual characterization dnTing the
same period, and this levy and appropriation
shall authorize and make it the duty of the Au-
ditor and Treasurer, and the Sail hoard res
nectiyely. to collect said tar an1uanv ama 20
said interest and redeem the said 6ends iip ptH
the same shall be fully discharged. $500
SEC. 8. Be it further enacted, etc, That the
tino "a nv noma on ~ AZ thia outstsn1ilig ab the
they are received in exehanSe for con go "a
bonds, be cancelled and DESTROYED hy the said
board of LIQUIDATION, and consolid9ted hnm1S
purchased us provided for in section seven oS
this act, shall be cancelled and destroved 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 sI,ch
destructjon, In each case. n proces verbal NJ The
same shall be published and a reDort made to
the General Assembly on the first WOnday of
every year, by said board.
SEC. Q. Bel further enacted etc, Thatit shall
be the duty of the Auditor In Ills next ANIMAL
report to give q detailed account of the proceed-
ings had under this act, including the amount of
new bonds issued, the amount of old bonds and
valid warrants cancelled, the amount of fhc
and annually thereafter 4 full and exact state
ment OF the condition of the public debt under
the operations Of this act,
SEC, 10. Be it further enacted. etc., That any
tax collector, or any officer of the State.
,Obstructing the execution of this act, or anv
part Of II, or falling to perform his official duty
Hereunder, shall be deemed eniIfy of n misde-
meanor, and on conviction thereof shall be mn.
ished by Imprisonment not exceeding five wears.
and by fine not exceeding two thousand d0lI0rs
at the discretion of the court provided. that
this section shall i'll no wise prejudice or affect