The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1877-04-20

retire'Beht aud naibg gf censylidstsa pohas w
be purchased from bidders ofTsrins the same az
the lowest price, after thirty days notice IN tue
official journal Of the state and such other pa
pefs as may be selected by the board, which mo-
tiee shall be given whenever said redemption
fund shall amount to one hundred thour
| sand dollars. II any deficit occur in the
collection OF the five and half mills interest tau
Of any year. leaving interest coupons OF said year
unpaid, then, and only them th#t portion OF the
| surplus revenue deposited in conformity 10 this
aot At credit OF the redemption OF the pubic debt
fund, which may be derived from sources
other than the aaid five aud half mills tax, may
be applied by lie Board Of Liquidation to the
payment OF such nnpsid coupons with view OF
| maintaining the credit OF the State. In con
fotmty to the constitutional amendment number
three, Of one Thousand eight hundred aud sew
eBty fur. ID in hereby made the duty OF the
Treasurer TO keep separate accounts of the in
come and expenditures of each fund in
| each year. aud after setting apart or pay.
ing out amount thereof equal TO the ap-
preparations aud warrants lawfully made
against each ef said funds, the surplus, ii any
remain, shall be Immediately deposited BY the
Treasurer at tho credit of the Redemption Of
the Public ID bit Fund and the Board OF Liqui-
datioB ia hereby authorized 10 require from the
Treasurer or Fiscal Agent. At any time, q state
ment OF the condition OF any such fund or funds.
No bid shall be entertained for any bond TO afl
amount exceeding par. and the board shall al
ways have reserved to itself the right and privi-
lege of rejecting any and ell bids, but shall pub
lish In the official journal thu result OF its pro-
| oeedipgs concerning sHsh redemption or refusal
10 accept any Of the bids made. II bids are
eiTsied in excess of The surplus on hand
they shall be reduced to correspond with
such surplus, and the award be made In
| favor Of the loweat bidder or bidders For al
bonds redeemed and retired in conformity TO
law, payment shall be made by the State Treas
nrsr on the order Of the board attesed by its
president and secretary, Notice Of such pay.
ment, with descriptive lists Of the bonds aud cou-
pons tedeemed and retired, shall be filed by the
board with the Auditor. When pur shased, such
bonds. with tho coupons attached thersto, shall
be seps etely Cancelled and defaded by the Treas
efcr 80 that they cannot possibly be used again.
aud be by him died In the Office Of tbs Board Of
Liquid alton for reference and inspection. for
wbi h The seoreta,y OF said board shall give pro-
pr receipt. oountefsigped by ths president
When paid by the treasurer. all coupons for In
tsrest shall be cancelled and defaoed by him 80
that they cannot possibly be used again. and be
by him filed with tho said board for refe Fence and
Inspection. or which the secretary of The board
shall give proper receipt. oountersignea by the
president"
aEe. q. lie IL further enacted etc.. That section
| four Of said aot number fifty eight. approved
| March twelfth. eighteen hundred aud seventy
sew. II. IL not intended to repeal section three OF
act nomber eleven, approved May seventeenth,
eighteen hundred aud seventy.hve. so far 40 said
| section constitutes the President OF the Cotton
exchange member of the Board OF Liuuids
| ton, and that the President Of the Cotton I1-
change, in tho CITY Of New Orleans, shall be and
continue 10 be member OF the said Board OF
| Liquidation. provided, that the disoontinnanos
OF ou-e1istence oil the said 90. or The non
acceptance Of said officer. shall not Aff DOT or i'm
| pair the validity Of The board, and our members
| OF said board shall constitute quorum and per-
| form any and all Official acts.
| SEQ, 3. Be further enacted, ETC., That in
| all matters relating TO the election, removal or
reelection OF the fiscal agent, or the pvestiga-
ton Of the accounts OF the same or reports there
on. the president OF said fiscal agent shall have
| no vote and shall not, in any other manner what
ever, act in such matters 40 member of the
| Board OF Liquidation, except 10 bs present an
participate Ia the discussions relating thereto
and to furnish any information within hs know
| ledge.
| sEo 1. De IL further enacted. eie., Tha
neither The provisions Of aet No. 5g. approved
March thirteenth. one thousand eight hundred
and seventy. seven, nor those Of this act shall in
any wise Affect impair or sbrogste sections
and Of act No. II. approved May seven
teenth. one thousand eight hundred and seventy
| five, pages one hundred and ten, one hundred
and eleven ana one hundred aud twelve. q athtes
OF one thousand tight hundred aud seventy FIVE.
nor act No. o., approved April sevent, en- one
thousand eight hundred and sevs ,ty-aix PAGES
one hundred and thirty and one hundred aud
thirty-one, statutes OF one thousand eight hun
dred and seventy on the contrary. said SEQ.
| { ona | aud Of said act No. Ill Of one thousand
eight hundred and seventy sfvs, and said act No.
| SO Of ono Thousand eight hun irsd aud SEVENTY
six remain in full force, are in no manner re.
pealed, aud must be observed and BIO complied
| with by the Board OF Liquidation.
SEQ 3. Dc u further enacted, ETC., That this
ant shall take effect r. ON and after it's passage.
tSignedi LOUIS BUSH.
| speaker OF the House OF Representatives.
tSiguedl LOUIS A. WILT,
Lieutenant Governor and President OF the Senate.
| Approved April 10, 1877. -
tgned1 FRANCIS T. NtOHOLLs,
Governor Of the State Of Louissna 4.
true copy:
| Writ A. 8rRowG