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session.

Interest on bonds.

FLOATING DEBT BONDS FUND.

56. [SEC. 4.] The Auditor of Public Accounts shall, once in 1870-153, extra each year, estimate the amount of the annual interest on all the bonds issued under the provisions of this act, together with a sum equal to one-fortieth part of the bonds issued, and calculate as nearly as practicable what rate of tax on the total assessed real or personal property of the State will be required to produce the sums aforesaid; and he shall add the said rate to the rate of tax already assessed for general purposes, and the tax so calculated and assessed shall be collected in currency, and paid into the treasury of the State, at the same time and in the same manner as other general State taxes are required to be collected and paid, and the money so collected shall be credited on the books of the Auditor and Treasurer to a special fund, to be known and designated as the Floating Debt "Floating Debt Bonds Fund," and the amount so credited, from year to year, is hereby annually appropriated for the payment of the interest and part of the principal of the bonds authorized by

Bonds Fund.

1870-63.

etc., for resale of bonds to State.

this act.

REDEMPTION OF THE LEVEE BONDS OF EIGHTEEN HUNDRED AND SEVENTY.

57. [SEC. 7.] It shall be the duty of the Auditor of Public Accounts and State Treasurer, once in each year, to give public

Advertisments, notice by advertisement for thirty days, in one or more newspapers published in the cities of New Orleans and New York, of the amount of money in the treasury applicable to the redemption of the bonds issued under the provisions of this act, and to invite sealed proposal for the sale of said bonds to the State of Louisiana, which sealed proposals shall be opened on the day and at the hour, named in the advertisement, in presence of the Governor, Secretary of State and President of the Board of Public Works, and the lowest bids then made shall be accepted to the extent of money in the treasury applicable to the purchase; and the bonds thus purchased shall be defaced and canceled by the officials above named, and their proceedings made public through the official journal of the State, and also reported to the General Assembly at its next session; provided, that no bid shall be accepted which demands more than the face of the bond and the interest accrued since the last preceding coupon.

Cancellation of bonds.

1870-12, extra session. Treasurer to withhold the payment of school funds from District Directors in

certain cases.

APPORTIONMENT OF SCHOOL FUNDS.

58. [SEC. 53.] In the years eighteen hundred and seventy and eighteen hundred and seventy-one, whenever, in any parish, any or all of the school districts shall fail to levy a sufficient tax, and make suitable provisions for at least one schoolhouse in the district and for the payment of a teacher for at least two months, or when, in

any or all of said school districts, the District Directors shall have failed to qualify and enter upon the duties of their offices before the first day of December in each or either of said years, the State Superintendent may, upon the written report of the Parish Board of School Directors, setting forth the facts above named, direct the State Treasurer to withhold the apportionment of the State school fund from said district or districts, and direct him to pay the same to the Treasurer of the Parish Board of School Directors of such parish, and such Parish Board shall proceed to establish and conduct and maintain public schools in such district or districts, and may expend the funds from the State or parish school taxes of the district for that purpose.

DUTY OF TREASURER RELATIVE TO ANNUAL REPORTS.

1855-300.

The contractor

how paid.

59. [SEC. 3226.] It shall be the duty of the Reporter, on the completion of every volume, to deliver to the Treasurer a detailed for printing, bill of cost of printing one thousand copies, and of binding four hundred copies thereof.

be sold in

60. [SEC. 3227.] Any person who shall desire to obtain the Reports before the completion of the annual volume, may, by Reports to depositing with the Treasurer the amount which the latter may pamphlet. deem sufficient to cover the probable cost of the volume, to be calculated from such information as he may receive from the Reporter, obtain an order directing the Reporter to furnish him with the volume for the current year in pamphlets of about one hundred pages, as soon as the same shall be issued from the press. Any volume so furnished shall be considered as forming part of the six hundred copies in sheets; and the person, advancing any sum for the purpose aforesaid, shall be entitled to receive from the Treasurer, as soon as the cost of the volume shall be ascertained, the difference between the amount so advanced and the price at which the volume may be sold.

61. [SEC. 3228.] It shall be the duty of the Treasurer to add to the sum so paid for printing and binding four hundred copies of any volume the cost of binding the remaining six hundred copies, calculated at the rate at which the first four hundred were paid for, and the further sum of two thousand five hundred dollars for the compensation of the Reporter, which shall be considered as the whole cost of the edition; and each volume shall be sold at such a price, to be fixed by the Treasurer, as will insure to the State the reimbursement of the whole cost thereof.

The price at

which the Re

ports shall be

sold, to be

fixed by the

Treasurer.

1867-53.

Books, papers, etc., to be

turned over to the State Treasurer.

BOARD OF CURRENCY.

62. [SEC. 350.] All the books, papers and records of said Board of Currency shall be turned over to the State Treasurer, and for the services of an additional clerk the State Treasurer shall be allowed the sum of one thousand dollars per annum, to be paid to him monthly, pro rata, by the banks.

For the duties of Treasurer respecting Bankers and Banking Corporations, see "BANKS," sections 29, 30, 31, 37. See "BOARD OF CURRENCY."

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deposit fund, how applied....... 7 Floating debt bonds fund..

14

Restriction

upon the power of the Gen

to contract debts.

CONSTITUTIONAL PROVISION.

ART. 111.-Whenever the General Assembly shall contract a debt exceeding in amount the sum of one hundred thousand dollars, unless in case of war to repel invasion or suppress insurrection, it eral Assembly shall, in the law creating the debt, provide adequate ways and means for the payment of the current interest and of the principal, when the same shall become due; and the said law shall be irrepealable until principal and interest be fully paid; or unless the repealing law contain some adequate provision for the payment of the principal and interest of the debt.

Certain funds

priated to the

purchase of

bonds of State on certain conditions.

1. [SEC. 3806.] All moneys which may be received into the treasury from and after the first day of January, eighteen hundred 1855-393. and forty-nine, from the sale of any property belonging to the State, to be appro from the sale of any stocks, or from any dividends due or to become due from any bank or banks not otherwise appropriated; or from any taxes due prior to the first day of January, eighteen hundred and forty-seven; or from any money now in the treasury belonging to the seminary fund or free school fund, or any moneys which may hereafter be received into the treasury belonging to said seminary funds or said free school fund, which are by law required to be vested in a permanent fund arising from the ten per centum of the net proceeds of the public lands of the United States accruing to this State, or from any other source whatever; or any unappropriated surplus of the internal improvement fund, and any unappropriated surplus of the road and levee fund remaining in the treasury at the end of each and every fiscal year, commencing on the first of January next, eighteen hundred and forty-nine; any moneys in the treasury at the end of each and every fiscal year, exceeding by fifty thousand dollars the necessary expenditures and appropriations according to existing law, shall be employed in the purchase of the existing outstanding bonds of this State not due, provided the same can be purchased at the rate not above par.

which said

2. [SEC. 3807.] It shall be the duty of the Auditor and Treasurer to make up a correct statement of the balance and surplus provided Manner in for in the preceding section, at the end of each and every fiscal year; bonds shall be purchased. and after advertising thirty days for proposals, the said Auditor and Treasurer shall, with the Governor of the State, proceed to purchase such bonds as may be offered at the lowest rate, or on terms most advantageous to the State.

funds, how ap

3. [SEC. 3808.] An interest at the rate of six per centum per annum shall be allowed on all the moneys employed as stipulated in Interest on said the two preceding sections arising from the seminary fund, ten per plied. centum free school fund, internal improvement fund, and road and levee fund; and the same shall be carried to the credit of said funds respectively, and the interest so accruing to the road and levee fund and the internal improvement fund, together with the principal so employed, shall be reimbursed whenever the same may be required.

4. [SEC. 3809.] The proceeds of all lands heretofore granted by the United States to this State for the use or support of schools, 1855-422. except the sixteenth section in the various townships of the States Duty of Treas specially reserved by Congress for the use and benefit of the people therein, and of all lands which may hereafter be granted or be

urer in relation to Free School Fund.

queathed to the State and not specially granted or bequeathed for any other purpose, which hereafter may be disposed of by the State, and the ten per cent. of the net proceeds of the sales of the public land which have accrued and are to accrue to this State under the act of Congress, entitled "An Act to appropriate the proceeds of the public lands, and to grant pre-emption rights," approved September fourth, eighteen hundred and forty-one; and the proceeds of the estates of deceased persons, to which the State has or may become entitled by law, shall be held by the State as a loan, and shall be and remain a perpetual fund, to be called the Free School Fund, Interest on said on which the State shall pay an annual interest of six per cent., propriated. which interest, together with the interest of the trust fund deposited with this State by the United States, under the act of Congress approved the twenty-third of June, eighteen hundred and thirtysix, with the rents of all the unsold lands, except that of the six teenth sections, shall be appropriated for the support of public schools in this State, and donations of all kinds which shall be made for the support of schools, and such other means as the Legislature may from time to time set apart for school purposes, shall form a part of the fund, and shall, also, be a loan on which the State shall pay an interest of six per cent. per annum.

fund, how ap

Donations for support of schools, how disposed of.

1857-195. Certain account to be

of the treasury.

It shall be the duty of the Treasurer of the State to apply annually, and to receive from the General Government the said ten per cent. of moneys now due and to become due to this State, and to place the same when received to the credit of the proper fund, and to report thereon to each session of the General Assembly.

5. [SEC. 3810.] An account shall be opened on the books of the treasury, to be called the Current School Fund; such account shall be charged with the annual expenditures for the public schools, and opened in books credited with the net receipts for the special taxes laid by the General Assembly for the support of the public schools and with the receipts from such other sources as may be designated by law. It shall be the duty of the Auditor, in his annual report, to present a statement of the condition of said fund, and an estimate of the special tax needed for the support of the public schools during the ensuing year beyond the receipts for said support from other sources. It shall be the duty of the Superintendent of Public Education to furnish the Auditor with all the information he may require for his said report.

How the school fund and surplus shall be applied.

6. [SEC. 3811.] The Current School Fund shall be used for the support of the public schools, and the surplus receipts over expenditures for one year shall be appropriated to the support of the

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