페이지 이미지
PDF
ePub

vs. Board, 40 An. 379; Buckingham vs. Board, 39 An. 343; Id. 327; Id. 654; Charles vs. Board, 41 An. 240; Hope vs. Board, 43 An. 783; State ex rel. Board vs. Pickett, 46 An. 7; see also Klein vs. Pipes, 43 An. 362; State ex rel. New Orleans Canal and Banking Co., and Louisiana National Bank vs. Heard, Auditor, 47 An. 1679; Wright vs. Board of Liquidation, 49 An. 1213. The decisions are too long to be briefly summarized, and the whole subject will soon be very ancient history, if it is not so already.

Act 4, 1874, p. 42, proposed to submit an amendment to the Constitution, declaring that the issue of the consolidated bonds provided for in Act 3 should constitute a contract between the holder and the State. This amendment was adopted. Act 11, E. S. 1875, p. 110, supplemented Act 3, 1874, in various ways; prohibited the funding of certain bonds, and provided that the validity of others should be passed on by the Supreme Court.

See Charles vs. Board, 41 An. 240; Adams vs. Board, 39 An. 689; Jardet vs. Board, 40 An. 379.

66

Act 28, E. S. 1878, p. 10 of Acts 1879, provided for reimbursement of the Fiscal Agent" for the loans made under Acts 58 and 77 of 1877, amending Act 3, 1874. Const. 1879. "State debt ordinance.'

[ocr errors]

The interest on consolidated is fixed at 2 per cent. for five years, 3 per cent. for fifteen years and 4 per cent. thereafter. Holders of bonds are, however, given the option to exchange "Consolidated Bonds" for another class of bonds to be issued at the rate of 75 cents on the dollar-the new bonds to bear 4 per cent. net from date of issue.

See cases supra.

Act 76, 1882, p. 96, submitted an amendment, adopted at the election of 1884, by which the rate of interest for five years, from January 1, 1880, was fixed at 2 per cent., and 4 per cent. thereafter. In the original ordinance, and in the amendment, it is provided that not exceeding three mills shall be levied as an annual tax to meet the interest on the bonds; provided, that the bonds shall have the changed rates of interest stamped on them, etc.

Act 121, 1880, p. 154, contains provisions to carry into effect the "State Debt Ordinance" of the Constitution.

Act 65, 1892, provides for the issue of newly engraved bonds, their exchange for valid consolidated bonds, "the object of the act being to provide a bond free from alterations stamped thereon, and to exclude from circulation" certain invalid bonds. A board of audit is created to carry into effect the provisions of the act. See Act 16, 1875, p. 47.

For the payment of interest various provisions have been made from time to time in the following acts:

Act 16, 1879, p. 31.

AN ACT to provide pro rata payments of the interest tax fund to the holders of all coupons of consolidated bonds, in cases where said interest tax fund is insufficient to pay said coupons in full.

Act 3, E. S. 1882, p. 50.

AN ACT relative to the interest on Consolidated State Bonds, and providing for the payment thereof, from the first day of January, one thousand eight hundred and eighty, to January first, one thousand eight hundred and eightyfive, inclusive, as the same matures.

Act 77, 1882, p. 98.

AN ACT to provide for the funding of the Interest Fund now in the hands of the Fiscal Agent of the State, and to accrue, into bonds of the United States government, and to provide for the payment of the reduced interest due or to become due on the bonds of the State.

Levy of tax for payment of interest and transfer of remaining balances to-
Act 77, 1880, Sec. 4, p. 88, to "Free Public Schools."

Act 96, 1882, Sec. 87, p. 144, to "General Fund."

Act 107, 1884, Sec. 5, p. 138, to "Current School Fund."

Fisher vs. Steele, 39 An. 447.

66

Act 98, 1886, Sec. 92, p. 161, to General Fund."

Act 89, 1888, Sec. 89, p. 140, to "General Fund."

Act 178, 1894, Sec. 1, p. 221, amends Sec. 89 of 1888.

See also Act 75, 1882, p. 96, transferring excess of tax to pay interest collected for certain years shall be transferred to the general fund of those years, "to be used in the payment of unpaid warrants drawn on the general fund" for those

years.

In General.—Bonds fraudulently issued and put into circulation by the State Treasurer do not impose liability on the State (Pugh vs. Moore, 44 An. 209; Herwig vs. Richardson. Id. 703), even if it be in the hands of an innocent purchaser (State vs. Hart, 46 An. 40 [cases supra], and purchaser must refund interest collected on such bonds). Id.

BOARD OF LIQUIDATION, AUTHORITY TO CONTRACT, ETC., WITH FISCAL AGENT.

Act 97, 1884, p. 124.

AN ACT to authorize the Board of Liquidation to contract with and require the Fiscal Agent or Agents to pay the Warrants of the State and the interest upon the Consolidated and Constitutional Bonds of the State, and limiting the rate of interests to be allowed upon such advances.

SECTION 1. That in addition to the authority conferred by existing laws the Board of Liquidation be and are hereby authorized to contract with and require the Fiscal Agent or Agents of the State to advance such sums as may be necessary to pay all warrants issued for the expenses of the General Assembly, Constitutitional officers of the State, Public and Charitable Institutions of the State and Warrants for the general expenses of the State Government drawn against the General Fund for the first six months of each year. Also, such sums as may be required to pay the interest upon the Consolidated and four per cent. Constitutional Bonds of the State, maturing on the first of July and the first of January of each year. The rate of interest to be paid on said advances shall not exceed five per cent. per annum, and shall only be allowed upon such sums as may be advanced in excess of the cash balances at the credit of the respective accounts that may require said advances.

SEC. 2. The said Board is hereby further authorized, if found practicable. to extend the provisions of this act so as to provide for the prompt payment of all Warrants which may be issued for each fiscal year in conformity with law.

SEC. 3. That the Board of liquidation shall have power to select as Fiscal Agent one or more incorporated Banks in the State, not exceeding four in number, which should there be more than one such Bank selected, the State deposits shall be partitioned as near as may be by accounts. The proportion to the respective capital of Banks so selected and the obligations imposed by this act shall be assumed by said Banks in same proportion.

AUTHORITY TO CONTRACT WITH OTHERS.
Act 15, 1886, p. 23.

AN ACT to authorize the Board of Liquidation to contract with any bank or banks, or capitalist, to pay the interest on the Consolidated or Constitutional bonds of the State and the warrants drawn against the General Fund and expenses of the General Assembly.

SECTION 1. That, in addition to the authority conferred by existing laws, the Board of Liquidation be and is hereby authorized to contract with any bank

or banks, or capitalist, to advance such sums as may be necessary to pay the interst on Consolidated and Constitutional bonds maturing on the first of July and January of each year, and to advance such sums as may be necessary to pay the expenses of the General Assembly and warrants drawn against the General Fund. SEC. 2. That all laws or parts of laws in conflict with this act are hereby repealed.

AUTHORITY TO PURCHASE CERTAIN BONDS, ETC.
Act 150, 1894, p. 188.

AN ACT to authorize the Board of Liquidation, in its discretion, to use the surplus of the General Fund for the purpose of retiring any valid bonds and Auditors' warrants of the State and to prescribe the duties of said Board and of the State Treasurer in the premises.

SECTION 1. That the Board of Liquidation be and it is hereby authorized and empowered, at its discretion, to apply the surplus of the General Fund to the purchase or payment of such valid bonds and Auditors' warrants of the State as to it may seem to the best interests of said State, The Board of Liquidation is authorized to fix the time and manner in which the surplus aforesaid shall be used in so sinking and extinguishing the public debt, and shall give notice thereof, by advertisement, and said board is hereby vested with full power and discretion to determine what valid debt, if any, shall be so paid or purchased and extinguished, and at what rate, provided that said rate shall not exceed fifty cents on the dollar of the principal of any indebtedness other than new consolidated bonds and "Constitutional Bonds " of the State. The said Board shall keep a record of all indebtedness retired under the provisions of this aet and shall publish a list of all obligations so retired, and of the price paid therefor. The said Board shall cancel and deface all obligations retired by it, and keep a record of such cancellations; provided that the amount of baby bonds redeemed under this act shall not exceed the sum of one million two hundred and eighty-one thousand, four hundred and seventy-two and 52-100 dollars ($1,281,472.52), and the auditor's warrants redeemable under this act shall not exceed the sum of twenty-one-thousand and two and 37-100 ($21,002.37) dollars issued against the revenues of 1878 and previous years shown by the Auditor's report. Provided, also that nothing in this act shall be construed so as to bind the State for the payment of the baby bonds and warrants herein referred to, or make the State liable therefor in any way beyond the stipulations contained in House Bill 463 by Mr. Michel.

SEC. 2. That for all indebtedness retired by the Board of Liquidation under this act payment shall be made by the State Treasurer on the order of the Board, attested by the President and Secretary.

SEC. 3. That all laws or parts of laws in conflict with this act be and the same are hereby repealed, and this act shall take effect from and after its promulga

tion.

LIMITING TIME FOR FUNDING CLAIMS UNDER ACT 3, 1874.
Act 75, 1894, p. 88.

AN ACT fixing the time when the funding of claims under Act 3 of 1874 shall

cease.

SECTION 1. That all persons holding claims against the State of Louisiana, fundable under Act 3 of 1874, shall present and file such claims with the Auditor of Public Accounts on or before the first day of January, A. D. 1896, and upon their failure to do so, the Board of Liquidation shall not have the right to fund any claim not presented and filed within the time herein prescribed."

It being the purpose and intention of this act to fix a time within which claims must be filed for funding under said Act 3 of 1874.

SEC. 2. That this act shall take effect from and after its passage and that all laws or parts of laws in conflict or inconsistent with the provisions of this act be, and they are hereby repealed.

STATISTICS.

3644. Commissioners of emigration to collect and publish, in English, French and German, etc., certain information, etc. See Sec. 1733.

3645. Annual publication by Commissioner of Emigration; contents thereof, etc. See Sec. 1735.

3646. Compilation of Map.-The Governor is hereby authorized to appoint a special engineer, whose duty it shall be, under his direction, to compile a geographical, historical and statistical map of the State; said map not to be less than five feet by three feet in size, to contain such information as the Governor in his judgment may direct, and before publication to receive his sanction and autographic approval (Act 166, 1868, 226).

3647. Copyright of Map-Compensation of Engineer.-The special engineer thus created shall receive no regular salary or compensation for his services, but shall be bound by the terms hereinafter to be made as a part of the provisions of this act.

3648. Copyright Vested in Engineer; His Compensation.— The copyright of said map shall be vested in the especial engineer, and he shall receive from the State, on the completion of the work, the sum of twenty dollars per copy for each map, to be furnished as per schedule to follow, and for the purpose of aiding in the expenses of engraving and publication. But the said engineer shall be required to enter into good and acceptable bond and security, in the full sum received, for the delivery to the State, without further compensation than that which is herein before and hereinafter provided and for the use and benefit of the State, of such number of the copies of said map as will carry out the following schedule for distribution, viz. the Secretary of the State, to whom the maps will be delivered, shall cause three copies to be furnished to each parish in the State, to become the property of said parish, and for use respectively in such offices as the parish authorities may direct; also shall furnish one hundred copies to the Superintendent of Public Education, to be distributed to the different public schools throughout the State as the Superintendent may order and direct. He shall also supply the different State offices at the capital each with a copy, and shall be furnished such additional copies as will enable the Governor to exchange for maps of the other States and Territories of the United States, and maps so received in exchange shall become a part of the property of the State Library.

:

3649. Parish Officers to Assist Engineer.-It shall be the duty of the different parish officers throughout the State to afford said

engineer every facility for obtaining such information as he may require in the compilation of said work.

3650. Manner of Payment for Work.-On the completion of the work the Governor shall authorize the Auditor to issue his warrant for the sum to be received under the provisions of this act.

STEAMBOATS, VESSELS AND OTHER WATER CRAFT.

3651 to 3653. Liability of owner and captain of steamboats for certain accidents; manner of carrying gunpowder; shipping gunpowder without notice. See Secs. 948 to 950.

3654. Tiller Ropes-Chains.-It shall be the duty of the captains and owners or the agent of every steamboat, under the penalties mentioned in the first section, to substitute an iron chain for the rope now used as a tiller rope (Act 365, 1865, 163).

3655. Liability for Wood Taken.-Whenever the captain or other person in command of any steamboat shall take, or cause to be taken from any woodyard, any cordwood or wood of any other kind, he shall pay for such wood the price demanded by the owner thereof. In case of refusal or neglect to pay the price so demanded, in the current coin of the United States, the owner of the boat shall pay the price thereof, together with fifty per cent. on such price, as damages resulting from the non-payment thereof; Provided, that such damages shall in no case exceed fifty dollars, unless on proof of damage to a greater extent.

3656. Affidavit of Owner as Evidence.-It shall not be necessary for the owner of wood to furnish proof of his claim against any steamboat for cordwood taken, other than his affidavit, setting forth all the material facts connected with the taking of such wood, and refusal to pay therefor, accompanied with a certificate of the judge, or of a justice of the peace, in case of the absence or death of the judge of the parish in which the affiant lives, that he is of good standing as to veracity, and is a citizen of that parish, which affidavit and certificate shall be prima facie evidence; and any person making such affidavit falsely shall be guilty of perjury, and shall, on conviction, be punished according to law.

2895.

3657. Claim for cordwood is first privilege on boat. See Sec.

3658. Lights to be Carried.-All captains or commanders of steamboats navigating lakes, rivers, or bayous within the jurisdiction

« 이전계속 »