New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1876-03-07

| Pacific Railway Company, under cot No. =
of 1876" or "Agsinst the subscription to
| the atock of the New Orleans Pacific Rail
vav Company, under act No. = OF 1875
the number which this act shall bear being
inserted. It shall be the duty of oil State
officers of election in said parish. and OF al
psroohial officers, 20 TAR 90 they can, to 10
cilitate the conduct of such election to loan
said police jury all necessary ballot boxes
and other paraphernalie, % we'll g al
necessary records of registration end cleo
ton, and to furnish euch stationery ana
blanks on hand, belonging to the public.
as may be useful in such election:
Absolutely necessary expenses OF sara
election shall be betrayed by the COM
psny. The election shall be conducted 0y
commissioners appointed by the police jury,
and the vote shall be csnvassed in public.
iurv as soon a. may be after the polls arc
closed. 1t q majority be found in favor Of
the subscription, the police jury shall ct
once subscribe for said stock. To provide
funds for the payment of such subscription,
the police jury shall issue bonds OF the par
ish, having twenty years to run, ana Dear
ing interest at tho rate OF seven per cent
terest coupons attached; said bonds shall
be signed by the president of the 20
lice Jury, and countersigned and regis
tered by the parish treasurer. TO pay
che principal and interest of said bonds.
the police Jury shall levy tax suffi'
Gent to provide each year e sum large
enough to pay the interest and one TWEEN,
tieth the principal of said bonds, and all
amounts collected not necessary to pay the
interest shall be used in the purchase from
the lowest bidder, of outstanding honda,
which, as soon as purchased shall be can
celed; the proceeds of such tax shall be
kept q separate trust fund in the parish
treasury, for the payment OF interest and
principal of said bonds, and shall not be
diverted for any other purpose; and any
officer diverting the same. shall be guilty OF
a misdemeanor, and on conviction shall be
fined not exceeding ten thousand dollars,
and imprisonment at hard labor not exceed.
ing ten years. The railroad company may
compel the police juries to submit to vote
of the qualified voters Of said parish, the
question whether or not, the said parish
snail subscribe to the capital stock OF said
company by mandamus, and it shall also pc
entitled to the same remedy to enforce the
estimation, levy and collection OF said tax,
and the payment of said interest and prln-
cipal, and in like manner, the police jury
shall be entitled to the same remedies to
compel the company to issue its stock as
hereinbefore provided tor in this act. The
provisions of this act are declared to be .
contract between any parish which may
issue it's bonds under this act, and any
holder of said bonds which neither the said
parish nor the State shall in anywise in
fringe or impair.
SEC. 2. Be it further enacted, ETC., That
upon the issue and delivery of said bonds
by the police jury to said company, the
LII rko~ nvn1 An0vr
yearly to the police jury Of said parish.
certificate of full paid stock of said COM
pany for amount equal to the sum of the
principal of said bonds, in such year paid
or re redeemed, and said stock SO delivered
shall be held by the said parish in trust for
the purposes named in section three of this
act; provided, that if the said company
shall at any time sell or dispose of any or
all of said bonds, the company shall there
upon issue full paid stock for the sum Of
said bonds so disposed of.
Sec. g. Be it further enacted, etc. That
said stock so Issued is hereby declared to
be the property of the taxpayers of said
parish, and sh all not be sold, hipothecsted,
or in any manner disposed OF by the police
wit: The police jury shall Issue to the
holders of the tax receipts for tie tax col
lected under the provisions of this act
(which shall be transferable by delivery.
certificates showing the sum paid by eaid
Taxpayers ON the capital of said bonds is
sued as aforesaid, and the police jury shall
cause to be transferred on the books of the
said company to the names of the holders
of said tax receipts as many shares of stock
out of these vested in the name of the
parish as may be equivalent to the capital
sum of said bonds, exclusive OF interest
represented by said certificates.
Sec. 4. Be it further enacted, etc, That
the proceeds of subscription for stock re-
ceived BY said company from any parish
shall be used solely for the construction,
maintenance, equipment and running of
said railway; provided, that the bonds to be
issued by any parish shall be under such
restriction, terms and limitations as shall be
provided by the police jury of said parish
and not in conflict with the provisions of
this act.
Sec. S. Be it further enacted, etc., That
the said railway company, or any other
persons having legal interest, may enforce
the provisions of this act as to any officer or
officers herein named, by mandamus, which
shall be tried summarily at special term
or in chambers, and an appeal from which
shall be tried by preference; any officer
State or par0chial, neglecting or refusing to
comply with or carrying out the provisions
person or corporation injoined [injuredl by
such neglect or refusal.
Sec. 6. Be it further enacted, etc, That
all taxes provided for in this act shall be
levied and collected in such manner as is
provided by law for the collection of State
and parOchial taxes; and all penalties for
their nOn-paymen Mt shall be enforced in the
manner provided by existing laws for the
collection Of State and parOchial taxea and
the compensation of any tax collector for
the collection of the same shall in no case
exceed one per cent on the amount col
lected.
SEC. 7. Be it further enacted, etc., That
it shall be the duty of the president and
directors of the New Orleans Pacific Rail
way Company to make an annual report to
the State Legislature of the amount re-
ceived, from what parishes received, the
amount sold, and the amount redeemed OF
the bonds provided for in this act, and the
amount Of stock issued therefor.
SEC. : be it further enacted, etc, That
all laws or parts of laws in conflict with
the provisions Of this act, in so far as they
may COZ hict, be and are hereby repealed,
and that this act shall take effect from and
after it's passage.
(Signed) E. D. ESTILETTE,
Speaker of the House of Representatives
(Signed) &C. ANTOINE,
Lieutenant Governor and Presiden5 of the
Senate.
Approved Approve March g.; 2; 1875 6 r,,oco
Governor of the State OF Louisiana.
P. G. DEsLoNDE,
Secretary of State.
IN BANKRUPTCY.
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