The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1877-05-19
THE FUNDING BOARD.
~. III. Kennedy Unanimously Elected Fis-
cal Agent of the state.

-. III. Kennedy Unanimously Elected Fis-
cal Agent of the state.
The Funding Board met on Thursday accord
ing to previous adjournment, all tho members
being present.
After tho usual preliminaries tho following
communication was read, addressed to the Board
by Mr.. j. II. Oglesby, President of tho Louisiana
National Bank:
New ORLEANS, May IT. 1877
Gov. r. r. Nichols and Members of the Funding
board:
Gentlemen The managers OF this bank, after
careful consideration, decline tho proposition
submitted by your board, through Mr., Black, but
authorize me to say this bank will pay the cou-
pons on the entire funded debt of tho State fall
ing due july !, 1877 and January /, 1878.
but will make no advances for tho pay
ment of any. portion Of the back interest.
This proposition IL conditioned that all tax
collectors be required to deposit their daily
collections IN this bank, and that the agency
shall remain with this bank during the term OF
the present administration, or until all balances
due the bank are paid, unless the bank elects
sooner to relinquish the position.
Respectfully, etc. J. II. oGLEsBY,
President Louisiana National Bank.
Imme d:ately thereupon Mr.. Bush offered the
following resolution, which was unanimously
adopted:
Resolued, That the Governor and President of
this board be and he is hereby authorized and
empowered to enter into q formal written con-
tract, on the basis adopted by this board. with
the State National Bank, whereof Saml Fl. Ken
nedy is President, as General Fiscal Agent of the
State and that he receive and accept the security
required by law Of said agent.
We append the resolutions, adopted at the
meeting on Wednesday, which form the basis
upon which the President Of the Funding Board
was authorized to enter into the contract:
It ia the sense OF this board, and it is now re-
solved that arrangements be made with the iscal
agent to be elected, on the following basis, viz:
l. To oconform to existing laws and such as may
hereafter be passed relative to the agency, with
the right of resigning should any laws hereafter
passed be not acceptable, including the advance
provided for by section OF act So Of the regu ar
session of 1877, approved March II, 1877, begin.
ming January 1, 1878, and continuing until the
successor of the present Governor, F. T. Nichols,
in nducted ana installed into Off |. e. at least
until March /, 1881, up to which time the tenure
Of the fiscal agent shall continue, unless legally
removed for cause or until resignation is made as
above provided.
Q. TO pay and disburse pro rata the funds now
on hand, and which may hereafter be collected,
| to pay the interest accrued on the bonds ane
claims to be funded from January l, 1874, to and
including July /, 1875: or, in other words, pre
rata on the coupons of July l, 1874, and January
l, 1875, ont OF the taxes OF the yesr 1874 on the
coupons of July |, 1876, and January |, 1876, ou
OF the taxes Of the year 1875, and on the coupon!
of July l, 1885, out of the taxes OF the year 1876
as they are collected for the said years respect
lively, until all the interest OF each year is paid
when the surplus of any year shall be applied
| according to the laws of 1877, to the year
| yet uncovered pro rata and IN conformit,
to said laws. g. To provide the means neces
sary to protect the credit of the State in case o
deficit in past, present or future collections, t.
meet the entire interest, accured and to accrue
| on the funded and unfun5ed bonds and warrant ts
| converted and to ba converted into consolidate,
bonds, ithout defalca tion or DELAY, from an
including coupons OF interest due first Of Jan
uary, 1877, to and including frst If January
1873, on the claims and warrants already funded