The Donaldsonville chief. [volume] (Donaldsonville, La.) 1871-current, 1907-08-17
Attorney for Lafourche Levee Board.

New Orleans, La, July 90 1907
Mr.. F. A. Middleton. Attorney for Lafourche
LeyGe Board, City:
Dear Sir-I have your letter OF the 9th. which
reached me st Q time when was very busy with
pressing Official work and since which time
have not been able until now to renIy Won in,
ers OF the Lafourche basin levee district an opin.
ion advising them that the board cannot accent
for its notes, issued under the authority of Sec
OF Act No. OF the acts OF 1900 less than the
face value Of the said notes." and that you had
been requested to inform me of the opinion which
you had given and to ask that render an
opinion Tor the guidance OF the board of com.
missioners OF the Lafourche basin Ievee district
upon the subject matter referred to-"
assure you that regret being called upon for
an opinion IN this matter, since you are the
legal adviser OF the Lafourche basin levee board
and especially because OF the fact that my opin-
ion does not coincide with the one given by you
to the board Of commissioners Of that district
Sec. Of Act No. of 1900 would seem to indi-
cate that the general assembly OF this state con-
templsted the necessity of the issuance of notes
by the two Ieyee districts charged with the duty
fourche, and OF the further necessity of dis
posing OF these notes as advantageously as
possible.
That section does provide that in order to die
pose OF them adyantageously, In order to oh
tain ready funds with which to do the work nrr
vided by said act to be done. the notes SO is
sued should bear interest not in excess of five
per cent per annum. as would best suit for the
advantageous disposing of same" but itnowhere
declares That the notes may not be flisDnsad NJ
for less than their face value
On the contrary, it is my opinion that the
board OF commissioners of the Lafourche basin
eYee district may receive for the notes SO issued
by them less than the amount for which the
same may be executed. IL it be necessary In die
pose OF them in order to realize suf6cient r<1st
with which to prosecute the work OF consfrnct
ing locks as directed by Act No. of 1900.
That act does not prohibit the payment Of
more than five per cent for money with which IN
build the locks but, on the contrary seems To
authorize the giving Of higher rate Of interest
but with the proviso that the notes tbemse1ves
which may be issued shall not bear more thar
I'VE per cent This is directly in line with the
spirit ana letter OF Act No. 10 of 1892 creating
the Lafourehe Basin levee district Section "a a
whIch authorizes the Issuance Of bonds to hear
lnterest 81 a rate not to exceed six per cent and
which under Section IS thereof may he dis
counted by the board of commissioners of that |
llstr1ct at rate Of discount not to exceed fen |
per cent. y ~ooo0 sSH
To my mind. while the Language Of satior .
u Act No. OF 1900 clearly prohibits the notas
issued Hereunder from bearing more than fgs |
per cent interest," it does not prohibit fheir bs.
nG discounted. On the contrary If indicafoa - |
NY mind, by providing fer the interest who's |
hey may bear-not to exceed however a rate ~ |
i've per cent-that the legislature in4aDs5as7 ~ /
authorize the discounting OF these notes sinca #
distinctly provides for their bearing such p rate
4 interest IS may best suit for the advantaga-
ms dispoGing OF samen
Believing that have answered fully she opaa
ion which you have submitted TO me hes Ia /
ezzat1n, Yours very truly.
WALTER GUION.
Attorney GeneEal