The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1877-03-15
OFFICIAL.
laws OF THE STATE OF LOUISIANA.
PUBLISHED BY AUTHORITY.
REGULAR SESSION OF 1877.

II
REGULAR SESSION OF ls5s.
No. So. AN ACT
To enforce eifectually the constitutional Amend
ments proposed January twenty-lour.tn,
eighteen hundred and seventy Tour, fahhe =
at the general election held on the eeeona . oi
November eighteen hundred and seventy
four, relative to the State debt and the
funding thereof; TO protect the interests Of
The State and the holders OF the bonds issued
by virtue OF aaid ainendmentss anu ior -. sn W
purnose. 10 amend and re-enact an act en-
titled ssAn act to provide for funding obltga-
tinns OF the State by exchange for bonds; TO
provide fer principal and interest OF said
bouds. TO establish A Board OF Liquidation
IA authorize certain judicial proceedings
against,it; to define and punish VIOLATIONS u
his act; to prevent certain officers divertng
funds, except as provided by law, ana 70
punish violations therefor; TO levy oonsinu-
ing tas. and provide continung appropfis-
finn for esid bpnds 10 make " CONTRACT pe-
tween the State and holders Oh SAID ponds
to prohibit iniunotions in certain cases; TO
limit the Indebtedness OF the State and TO
limit state taxes; to annul certain grants OF
State aid: to prohibit the mobilization, nova-
ton Or extension OF any contract 'retofore
made for State aid; to provide Tor the re-
aeipt OF certain warrants for certain taxes
and to repeal all conflicting laws. being Act
No. g. approved twenty-fourth OK January
eighteen hundred and Heventy-iouri 90 GRE y
ate b Fiscal Agent and to define the duties Oh
said agent. to prescribe and define the duties
and powers of the Board of Liquidation, OF
the State Treasurer and OF the Auaitor OF
pnhlio Accounts. and making certain ape
ciie appropriations
srarrov 1. Be IL enacted bg the Senate and
House of Representatives Of tte State 81 LOUISA,
aun In General Assembly eoHTefted. That act
r~A tlsraa
fourth eighteen hundred and seventy .lour, page
thirty.nine TO forty-two inclusive, Statutes 81
eighteen hundred and seyenty-four, commonly
known a. the funding bill, eatitled An aet 10
nroviae FOR funding obligations OF the state by
@xchapge for bonds; to provide Tor prlnoipai anu
interest OF said bonds; 70 estabhsh u beafu OF
liuuidatiop: TO authorize certain luniel& pro-
ceedings against II; To define ard punish VIOLA
lions al this aoi, to prevent certain officers d.
vcrting funds, except as provided by law, anu 70
punieh violations therefor; to levy continuing
tax, and provide continuing appropriation for
caaea. Ia limit the indebtedness OF the State and
Al limit state taxes: TO annul certain grants OF
state aid. TO prohibit the mobilization, novation
or extension OF any contract heretefore naade fsT
state sid; to provide for the receipt q CERTAIN ,
warrants for certain taxes; and to repeal oil con-
E fotinp laws be and the same is hereby amend
cd and re-enacted as follows, TO wit: Section two
ID hereby amended and re-cnaoted 10 that 1t shau
hereafter read as follows. TO wit:
ii.
officers designated in section |. viz, the Cover
nor the Lieutenant Governor. the Auditor, the
Treasurer, the Secretary Of State snd the
Speaker OF the House OF Representatives. shall
0onsttute Board Of Liquidation; the said
Npeaker OF the House Of Representatives. for
the purposes Of this act, remaining o member OF
said Board until his suceessor shall have been
elected and indicted into office. A majority or
hanks national or state, situated Aad located In
the city of New Orleans, as the General t1scs
Agent of the State. the President OF which insi.
tuition shall likewise be member OF the Board OF
Liquidation, the duties Of which Fiscal Agent
First-The said Fiscal Agent shall receive,
keep aud hold in its possession and be RESPONSE
bic for all the honda prepared according to law
for funding the state debt in conformity TO TINS
act. and shall deliver the came to no person or
peraone, except upon tho written requlBition OF
said board, issued in the form OF resolution
passed by the board, attested aud signed by the
President aud Secretary speeyag sns amount nd
detailing infinitely the bonds OF the State, or
other valid liabilities in exchange for which y
Is intended to use the bonds for which such
reouisition has been issued. Should the
Fiscal Agent deliver any of the said bonds
to any person or persons, except upon
suoh formal and detailed requisition, the
said agent shall be held. fpso facso, re-
to the State for all missing bonds, and for the
amount they represent. Upon such malfeasance
occurring, it shall be the duty OF the Board
OF Liquidation forthwith to select and elect an
other Fiscal Agent, and inform the Attorney Gem
eral OF the change, and the reason therefor; and
il shall be the duty of the Attorney General,
without any delay, to institute sn actisn against
said removed agent, coupled with such oenaer-
she recovery of the amount OF all the
bonds which may have been given
np without proper sushority by said agent, and
for the transfer TO the newly selected agent, OF
MI the property and effects held by the said des
diluted agent, belonging to the State. That u
shall be she duty of the Fiscal Agent. immedi-
ately after the passage OF this lsw, to publish in
the official journal of the State full statement
at It's own expense, of all the unused blank bonds
on hand, specifying their denomin ations, and the
total of each denomination; and thereafter, an
nuaIly on the first day OF january, TO publish in
like manner, similar statements of the then un.
applied bonds, and so continue 70 do until the
whole State debt shall have been nquidated and
funded in conformity to this act.
Eecond-To receive and hold on deposit oil the
funde, assets and moneys Of the State, classify
ing and specifying particularly, and opening sep
arate and distinct accounts for each fund with
Abe State, in the name OF the State treasurer,
which Treasnreris hereby required TO deposit all
moneys and assets OF every description arising
from taxation, licenses and every other sonrce Of
xsvenue. as well as ell trust funds, with the said
Fiscal Agency; and he, the said Treasurer, shall
be and is hereby authorized, In conformity TO
law, to draw for or on the same only by cheque,
specifying on the face thereof out OF which fund
the sum is to be paid in such ma aner that each
fund shall always be kept separate and distinct;
and SO that the Safe officers constituting the
Board Of Liquidation, or any one Of them, may
always be informed BY applyiFg 70 said Fiscal
assets and moneys Of the State In the
Treasury, and be enabled to give the public full
information on the subject. And the said Board
of Liquidation, or any member thereoL as wen
AZ any committee appointed BY the, General
Assembly or by either Hollaes therafsf hha1I at