New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1876-03-04
AN ACT

l AN All
| To authorize and require the police juries
| in certain parishes and the municipal au.
| thorities Of Incorporated cities and towns.
! the city OF New Orleans excepted, to
| submit ordinances 10 the popular vote of
said parishes with reference to subscrip-
| ti,ns to the stock of the New Orleans Pa
| clfc Rail way Company. and in the event
| Of q favorable vote 10 require said police
| ilries to subscribe 10 the stock OF said
company, to Issue bonds therefor, and to
levy a tax to meet the principal and in
terest os said bond; t. provide penalties
sgainst q diversion of eaid tax, and re-
,uedies in favor OF the holders of said
bonds, and to declare the uee to be made
Of moneys to be paid to said railroad; to
pro iGe remedy by mandamus and for
damages; to force a compliance with this
act; to provide a preference for certain
appeals; to impose special duties on State
officers Of election in said parishes, and
on parochal officers, and to provide for
the collection OF the taxes provided for in
this act, and to repeal conflicting laws.
WHEREAS, The New Orleans Pacific Rail.
way Company has been duly organized By
an act passed before J. G. Eus;ls, notary,
on The wenty-ninth day OF June, 1875.
under the provisions or the Revised Statutes
of the State of Louisiana. and has COM
menced the work OF constructing railway,
intended 70 connect the city of New Orleans
with the State of Texas, and it is a matter
of public Importance that the completion of
said railway should be expedited in every
lawful manner: therefore,
SECTION l. Be it enacted by the Senate
and House Of Represe natives OF the State
Of louisiana iii General Asse bly, convened,
That upon the written demand ct the board
of directors Of the New Orleans Pacific Il all
way Company the police jury OF any parish
ON the line Of ssid railway or its
branchee, or municipal authorities of
said cities and towns, and upon the written
petition of one hundred freeholders of said
parish, shall submit to vote of the quail
fed electors of said parish, the question
Whe Their or not the said parish, or municipal
authorities Of said cities and towns shall
subscribe for capital stock of said company
lot exceeding three hundred thousand dol
lars for any parish; such election shall be
held after an advertised notice of ten days.
oy written or printed ballots: "For the sub
script;on Of the atock Of the Now Orleans
Pacific Railway Company, under act No. -
of 1876" or Against the subscription to
the stock of the New Orleans Pacific Rail-
way Company, under act No. : of 1876
the number which this &C. shall bear being
inserted. II shall be the duty of all State
ctctrs of election in said parish, and OF all
parochial officers, SO far as they Gao, to IA
said police jury all necessal ballot-boxes
and other paraphernalia, as well as all
necessary records Of registration and cleo
tiop, and to furnieh such stationery aud
blanks on hand, belonging to the public.
as may be useful in such election.
Absolutely necessary expenses of said
election shall be betrayed BY tbs COM
pany. The election shall be conducted by
commissioners appointed by the police jury,
an o. n MI,
aud the result announced by the police
jury as scon as may be after the polls are
closed. II majority be found in favor OF
the subscription. the police jury shall at
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, and bear
ing interest at the rate of seven per cent
per annum. payable annually. with in
ierest coupons attached; said bonds shall
he sgued by the president of the Pc
lice jury, and cOuntersigned and regis
tered by the parish treasurer. To pay
the principal and interest of said bonds,
the police jury shall levy tax suffi
Gent to provide each year sum large !
tieth the principal Of said bonds, and all |
amounts collected net necessary TO pay the |
il terest shall be used in the purchase from !
the lowest bidder. OF outstanding bonds, |
which, as sOon as purchased shall be can
celed; the proceeds of such tax shall be |
kept 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 msdemeanor, 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 jures to submit to vote |
Of the qualified voters Of said parish, the |
question whether or not, the said parish |
shall subscribe to the capital stock of said
company by mandamus. and it shall also be |
entitled to the same remedy to enforce the
levy and collection of said tax,
and the payment Of eaid interest and prin-
opal, aud ia like manner, the police jury
shall be entitled to the same remedies to
compel the company to issue it's stock az
provided for in this act. The
provisions of this act are declared to be
between any parish which may
ssue it's bonds under this act, and any
holder Of said bonds which neither the said
parish nor the State shall in anywise in
ringe or impair.
SEC. 9. Be it further enacted, ETC., That
Upon the issue and delivery OF said bonds
~ the police jury to said company. the
company shall thereafter issue and deliver
7eHrlv TO the police Jury OF SAID parish,
,el tifcate of full paid stock of said COM
,any for amount equal to the sum of the
principal Of said bonds, in such year paid
" redeemed, aud said stock 80 delivered
hall. be held by the said parish in trust for
he purposes named in section three of this
'c,; provided, that if the said company
hall at any time sell or dispose of any or
III Of said bonds, the company shall there
Upon issue full paid stock for the sum of
aid bonds 60 disposed of.
SEC. 3. Be it further enacted, ETC.. That
aid stock so issued is hereby declared to
70 the property of the taxpayers Of said
parish, and sh all not be sold, hipothecated,
n IN any manner disposed of by the police
ary. except as hereinafter provided tor, to
Wit: The police jury shall Issue to the
folders OF the tax receipts fer tie tax col
ected under the provisions of this act
which shall be transferable by delivery,
showing the sum paid by said
axpayers on the capital Of said bonds is
ued as aforesaid and the police Jury shall |
ause to BIZ transferred On the books of the
aid company to the names of the holders
said tax receipts as many shares of stock
ut of those vested in the name of the
arish as may be equivalent to the capital
UNI OF said bonde, exclusive OF interest
represented by eaid certificates.
Sec. 4. Be it further enacted, etc. That |
he proceeds of subscription fer stock re-