New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-05-19
PUBLISHED BY AUTHORITY.
EXTRA SESSION OF 1878.
No. IL.

AN ACT
Supplemental to act No. 3, approved Jan
uary n, 1874, and to provide for testing
at the instance of any taxpayer. in the
courts of the State, the legality and
validity of any items of State indebted
ness, the legality and validity of which
toned; to prohibit the Board of Liquida.
ton under said act, No. 3 of 1874. from
funding the questionable and doubtful
obligations of the State. named or desig-
mated in this act until the same shall
have been finally declared legal and valid
by the Supreme Court of the State of
Louisiana, and to provide the necessary
means for carrying the provisions of this
act into effect: to provide additional
members Of the said Board of Liquida-
ton, and to repeal conflicting laws.
SECTION l. Be it enacted by the Senate
and House of Representatives Of the State
OF Louisiana in General Assembly convened
That the Board of Liquidation constituted
by the second section of act No 3, approved
January "a, 1874, entitled an act to provide
for funding obligations Of the State, by ex-
change for bonds. etc, ia hereby prohibited
from issuing any bonds in exchange for any
outstanding bonds of the State or warrants
drawn previous to the passage of said act
counts of the State on the treasury thereof
forming items of State indebtedness, the
legality or validity OF which may have been,
or may hereafter be, questioned, until said
bonds or warrants shall first. By final de-
cree of the Supreme Court of the State of
Louisiana, have been declared legal and
valid obligations against the State OF LOuisi-
ana, and that the same were issued in strict
conformity to law, and not in violation of
tha nf fhiS Etato IF tbo
United States. and for valid consideration.
That any person assessed for State taxes is
hereby authorized, in his own name, to in
stitute suit, or to intervene in any suit
which may now or hereafter be instituted
in court of competent jurisdiction
in the parish of Orleans against said
Board of Liquidation, to test 1.-The
legality and validity of any issue of bonds
of the State, or warrants drawn previous
to the passage Of said act No. 3 by the
Auditor of Public Accounts on the State
treasury, the legality and validity of which
may have been or may hereafter be dues-
toned, and to inquire into the considera-
ton for which said bonds or warrants may
have been issued, and in his own name to
prosecute such suit or suits to final ter.
mination; and until the legality and valid
ity Of each and every issue of bonds and
warrants as aforesaid shall nave been
finally passed upon and determined by the
Supreme Court of the State of Louisiana;
and that, in order to facilitate and bring to
speedy termination all matters in contro
versy, as provided for in this act, every
suit hereby instituted shall have precedence
in all courts over all other cases, and to be
fixed by motion of either party; the day of
trial to be named in the motion, and all
other cases fixed for the day named in the
motion fixing such cases for trial to give
way thereto; that all costs incurred in any
suits under this act, to the extent of one
suit carried to final issue, as to each sepa-
rate issue OF bonds or warrants the legality,
validity or consideration of which are aues-
tons, il the court shall so determine, shall
be borne by the State of Louisiana, and
which costs, on approval of the court. shall
be warranted for by the Auditor of Public
Accounts on the State Treasurer. to be paid
out OF any funds in the treasury not other
wise approp. lated; provided. that any
holder or holders of bonds or warrants
whose legality, validity or consideration is
questioned in any suit or suits brought I'M
der the provisions of this act may intervene
in said suit or suits. and that the costs of
such lnterv tons shall abide the result of |
the suits in which such interventions shall |
be fled |
SEC. 8. Be it further enacted, ETC.. That |
the following issue OF bonds and warrants
so far as the same may be now outstanding. |
are declared questioned and doubtful as to |
their legality and validity, and said board |
Of liquidation are hereby prohibited from |
issuing bonds authorized by section one OF |
act No. of of 1874 in exchange therefor
until the legality, validity and considera-
ion of the same shall have been tested |
lnGer the provisions of this act. and final |
leeree rendered as to their Legality validity |
and consideration, to wit:
|. The following bonds, considered and |
leld as belonging TO tbs redemption of the
state debt funds and the free school funds,
,eing bonds of the State of the various is
ues which had been redeemed or never is
ued, and which have been reported by the
auditor OF Publ Accounts as missing, or
which were sold under act No. 81. approved
lay % 1872. and issued or reis5ued,
amely:
he New Orleans and Nashville
Railroad Company .......... $4,000 |
he Mexican Gulf Railroad Com
pany 5000
ne New Orleans. Jackson ami
Great Northern Railroad Com
pdDy = J.JJl |
he New Orleans, Opelousas and
Great Western Railroad Com
pany. Observation-Disclosures. $1,000
he Elcksburg. Shreveport and
Texas Railroad Company $1,000 |
he Baton Rouge, Crosse Tete
and Opeiousas Railroad Com
pany .......................... 30.9o0
he bonds tor the relief of the
State treasury. ..:........... 1000 |
he bonds issued for the tree
school fund Observation-Disclosures. 529. 900 |
Total, one million forty-four
thousand and five hundred
dollars. sl.OA,5O
onds under act No. 81. approved
December o., 1865, for expenses
OF building levees.. 81 900, 900 |
onds under act No. lis, approx
ed March 26, 1867, for expenses
of building levees. 1900, 900
onds under act No. 81, approved
February Is, 1870, for work
done or to be done on the levees $50 900 |
he bonds of the New Orleans,
Mobile and Texas Railroad