The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-02-07
OFFICIAL.
LAWS OF THE STATE OF LOUISIANA.
PUBLISHED BY AUTHORITY.
REGULAR SESSION, 1870.
AN ACT

No. 1871 AN ACT
To provide for pro rata payments of the in
terest tax fund to the holders of all cou-
pons OF consolidated bonds, in cases where
said interest tax fund Is insufficient to pay
said coupons in full.
Whereas, 1t has happened that the funds
realized from the tax of five and half mills
on the dollar, levied under the provisions OF
act No. 3 OF 1874 to pay the interest and prin-
cipal of the consolidated bonds issued by vir-
tue Of said act, are insufficient to pay In full
the coupons OF said bonds; and
Whereas, such accident Is more likely to
occur in respect to coupons hereafter falling
due; and
Whereas, 1t is but just that the interest tax
funds aforesaid should be distributed equally
among the holders OF coupons of said bonds,
in the event that said funds are inadequate to
make payments In full; now, therefore,
SECTION 1. BE il enacted by the Senate and
House of Representatives. of the State Of
Louisiana, an General Assembly c0nUened
That whenever the punetual payment of all
the coupons of said consolidated bonds, fall
ing due, is impracticable for want of funds
to pay the same In full the interest tax OF the
year applicable to the payment of said
coupons shall not be reserved and withheld
until the amount adequate to the payment of
the whole OF said coupons shall have been
paid into the treasury in full; but as soon
as an amount of said interest tax fund
adequate to pay one-half Of the said coupons
SIlh1 uHN6 DtSu cDtItCttu anu Dblu lEUO
the State treasury, the Auditor OF Public
Accounts shall give public notice of the
same through the official journal OF the State,
and shall, upon the surrender OF said coupons,
stamp the same half paid and issue to
the holder thereof his warrant on the State
Treasury for the one-half OF said coupon.
and In lieu of and In exchange for the remain
ing unpaid half, the Auditor shall issue q GER
tfficate, signed by him and countersigned by
the Treasurer Of the State, setting forth
bnraip nj nf ha dor
ed, the number, maturity and amount of each
coupon, which, however, shall be a charge
against the interest fund only. and not other
wise debt or claim against the State.
Sec. 2. BE ii further enacted etc. That
whereas, the collection of interest tax fund
for the year 1878, during the balance of the year
1879, will not, as indicated by the collections
OF past years, be sufficient to pay but small
traction OF the certificates to be issued under
this act; and Whereas the issuing of coupon
annexes would involve large amount OF
labor and expense; 1t Is, therefore, enacted
that whenever there shall be in the treasury
an amount sufficient to pay ten per cent on
said certificates, and applicable thereto, the
Auditor shall give public notice of the fact, |
through the official journal of the State, and
shall pay to the holders Of said certificates
the said ten per cent, and indorse same on
the back OF the certerficates and take a re-
ceipt for the amount as voucher.
SEC. 3. BE ii further enacted, etc, That the |
provisions of this act shall apply to the cou-
pons OF the said consolidated bond, which fell |
due on the first OF January, 1879, as well as to
any coupons hereafter falling due in any year, |
and sum not exceeding five hundred $500
dollars is hereby appropriated to be paid out
OF the interest fund for the purposes of this |
act.
SEC. a. BE 1t further enacted, etc., That this
act shall take effect from and after It's pas |
sage and that all laws, or parts OF laws, In
conflict with this act be and the same are
hereby repealed.
JOHN G. MONCURE
Speaker of the House of Representatives
LOUIS A. WILT
Lieutenant Governor and President Of the
Senate.
Approved February 6, 1879.
FRANCIS r. NICHOLAS,
Governor of the State OF Louisiana.
a true copy:
WILL A. STRONG,
Secretary of State