Year: 1873

lblIiuS tuc MlJulu SIX ulOnIllS,
which coupons he shall pay from
the sum SO withheld at the time
and place so designated on said
coupons; and a sum equal TO a
per cent. of the principal of said
bonds so issued shall also be re-
tanned by the State Treasurer;
which sum shall be sufficient
only to fully retire the bonds at
their maturity, The State Treas
urer shall ANNUALLY advertise for
a period Of thirty days, in the
official paper of the Estate and in
at least one daily paper in the
city OF New York, for sealed pro-
poSalS for the same to said Treas.
urer of an amount of said bonds
sufficient to absorb the aforesaid
accumulated sinking fund for
the year. On the first Monday
after the expiration of said pub
licatiOn he shall open his bibS in
his office, in the presence of the
Auditor of Public Accounts and
the president of the company;
and the awards shall be made
to the lowest bidder; provided,
that no bids shall be accepted for
more than the face of the bonds.
If there shall he no offer Of said
bonds at par or less it shall be
the duty ct the Treasurer, under
the advice Of the Auditor of Pub
lib accounts and the president of
this company, to invest said funds
III the bonds of this State or of
the United States for the benefit
OF the company, and hold the
saiIie as a portion of the sinking
fund for the retirement Of
the bonds issued by this compa-
ny. In his annual report to the
General Assembly, the Treasurer
shall give full statement of any
proceedings had by him under
this act, and it shall be the duty
of the State Treasurer, on the
first day OF each month, to com.
municate to the president of this
company u statement of the
amount received during the past
month, and the disposition there
of. ...-. .... -. ..........


9. That whereas no tax as pro-
yided herein can be levied or col
lected during the year 1871, the
Governor of the State is hereby
authorized and required to issue
the bonds of the State to this com
pany to the amount Of one million
of dollars, said bonds to be de-
lIvered to the president Of the
company, upon said company
filing with the Secretary of State
and accept of this act, and Il reso


luton of its directors and inUor-
pOrators bending itself to perform
the obligations of this act. Said
bonds shall be of the denomina.
ton of one thousand dollars each,
shall be signed by the Governor
and cOuntesigued by the Secreta-
ry of State, and se;iled with the
seal Of State. They shall be da-
ted on the first of April, 1871, and
shall be payable to the President
or the Louisiana Leyee Company,
or bearer. They shall bear inter
est at the rate of eight per cent.
per annum, both principal and
Interest to be paid in
the legal money OF the United
States, at the time when the pay
mentS are due. Said bonds shall
be registered in the books of the
Auditor of Public Accounts and
OF the State Treasurer, and Shall
have coupons attacheds thereto
stamped with the facsimile of
the signature OF the State Treas


urer, and payable in New Orleans
or New Yerk, at the option of the
holder, on the first OF April and
October of each year. For the
!


payment of the principle and in
terest of the bonds aforesaid, the
faith of the State Of Logisiana is
Internationally pledged to the
holder, To provide for the
prompt payment of the principal
and interest of said bonds, an
annual tax OF one half mill on the
dollar shall be levied and collect


ed on all real and personal prop


erty i'll the State subject to taxa


tiOn, which tax shall be paid into


the State treasury, and shall be


placed to the credit Of a special


fund, to be entitled ''the Lou


iSiaua levee bond fund.-" which


fund shall be applied-frSt, t


the payment of the coupons o


said bonds, as the same shall fal


due, and any excess thereafter