deficit occurs, and mode of applying funds accumulated. Counts to be and expendi tures. of the State and such other papers as may be selected by the Action when board, which notice shall be given whenever said redemption fund shall amount to one hundred thousand dollars. If any deficit occur in the collection of the interest tax of any year, leaving interest coupons of said year unpaid, then, and only then, that portion of the surplus revenue deposited in conformity to this act at credit of the redemption-of-the-public-debt fund which may be derived from sources other than the interest tax may be Separate ac applied by the board of liquidation to the payment of such unkept of income paid coupons with a view of maintining the credit of the State. In conformity to the constitutional amendment number three, of 1874, it is hereby made the duty of the Treasurer to keep separate accounts of the income and expenditures of each fund in each year, and, after setting apart or paying out an amount thereof equal to the appropriations and warrants lawfully made against each of said funds, the surplus, if any remain, shall be immediately deposited by the Treasurer at the credit of the reStatements demption-of-the-public-debt fund, and the board of liquidaTo be furnished. tion is hereby authorized to require from the Treasurer or fiscal agent at any time a statement of the condition of any such fund or funds. No bid shall be entertained for any bond to an amount Bonds not to exceeding par; and the board shall always have reserved to itbe purchased above par. Excessive portioned. Payment; Treasurer. self the right and privilege of rejecting any and all bids, but shall publish in the official journal the result of its proceedings concerning such redemption or refusal to accept any of the bids bids; how ap made. If bids are offered in excess of the surplas on hand, they shall be reduced to correspond with such surplus, and the award be made in favor of the lowest bidder or bidders. For all bonds redeemed and retired in conformity to law payment shall be made how made by by the State Treasurer on the order of the board, attested by its president and secretary. Notice of such payment, with descriptive lists of the bonds and coupons redeemed and retired, shall be filed by the board with the Auditor. When purchased, such Cancellation bonds, with the coupons attached thereto, shall be separately of bonds paid. cancelled and defaced by the Treasurer so that they cannot pos sibly be used again, and by him filed in the office of the board of liquidation for reference and inspection, for which the secretary of said board shall give proper receipt, countersigned by the president. When paid by the Treasurer, all coupons for interest shall be canceled and defaced by him so that they cannot possibly be used again, and be by him filed with the said board for refer ence and inspection, for which the secretary of the board shall give proper receipt, countersigned by the president. 1877-77. Anditor and his duties. Separate ac egants to be kept. AUDITOR. First-In addition to the duties already prescribed, whenever the Auditor shall have audited and adjusted a collection of the revenues, he must, within a delay of twenty-four hours thereafter, notify the Treasurer by a detailed statement thereof, showing the fund to be credited, the source of the revenue, the year of the tax or license, and the name of the collector, so that the proper and corresponding entries may be made on the books of the Treasurer. Second-In conformity to section 61 of these revised statutes the Auditor shall open and keep separately, and in proper form, formation. all the accounts comtemplated by this act, and be prepared at To furnish board of liquid. any time when called upon by them, to furnish the board of ation with inliquidation with any and all information regarding the actual condition of the moneys, funds, assets and obligations of the State, of whatsoever description, contained in his office and under his charge and supervision. Auditor to be board. Third-It shall be the duty of the Auditor in his next annual Detailed го report to give a detailed account of the proceedings had under port to be made of proceedings. this act, including the amount of new bonds issued, the amount of old bonds and valid warrants cancelled, the amount of the same outstanding, and the cost of the exchange, and annually thereafter a full and exact statement of the condition of the public debt under the operations of this act. The Auditor shall be ex officio secretary of the board of liquidation. Should the said secretary of Auditor violate any of the provisions of this act, he shall be deemed guilty of a misdemeanor and malfeasance in office, and on conviction thereof, shall be punished by imprisonment not Penalty for exceeding five years and not less than one year, and by a fine violating pronot exceeding five thousand dollars and not less than one thou- visions of this sand dollars, at the discretion of the court; provided, That this clause shall not impair nor affect other prosecutions under the penal statutes of the State, nor such civil remedies as may be instituted to recover such damages or losses as may have been sustained by the State, growing out of such misdemeanor and melfeasance. act. ance of official duty. SEC. 2476. Any judge, tax collector or any officer of the Penalty for State obstructing the execution of this act, or any part of it, or non-perform failing to perform his official duty thereunder, shall be deemed guilty of a misdemeanor, and on conviction thereof shall be punished by imprisonment not exceeding five years, and by fine not exceeding two thousand dollars, at the discretion of the court; provided, That this section shall in no wise prejudice or affect the criminal proceeding under section 5 of this act. vision a con SEC. 2477. Each provision of this act shall be and is hereby Each prodeclared to be a contract between the State of Louisiana and tract. each and every holder of the bonds issued under this act. State aid ro nulled. SEC. 2478. All grants of State aid heretofore made, whether of bonds, indorsements, subscriptions of stock or otherwise, pealed and anwhich have become lapsed or forfeited, are hereby repealed and annulled, nor shall the State hereafter modify, novate or extend any contract heretofore made for the giving of State aid in any form or under any pretext. SEC. 2479. No court or judge thereof shall have power to enjoin the payment of principal or interest of any bond issued under this act, or the collection of the tax therefor. No court or judge to enjoin. session. SEC. 2480. Section 4 of said act number 58, approved March 1877-113, extra 12, 1877, is not intended to repeal section 3 of act number 11, Construction approved May 17, 1875, so far as said section constitutes the given to act No. 58 as regards president of the cotton exchange a member of the board of effect on section liquidation, and that the president of the cotton exchange in the 3 of act 11 of city of New Orleans shall be and continue to be a member of the said board of liquidation; provided, That the discontinuance or non-existence of the said office, or the non-acceptance of said officer, shall not affect or impair the validity of the board, and 1875. When fiscal agent is interested, not to participate in proceedings. Construction given to act 58 regards effect on sections 1 and 2 of act No. 11 of 1875, and act No. 86 of 1876. four members of said board shall constitute a quorum and perform any and all official acts. SEC. 2481. In all matters relating to the election, removal, or re-election of the fiscal agent, or the investigation of the accounts of the same or reports thereon, the president of said fiscal agent shall have no vote, and shall not, in any other manner whatever, act in such matters as a member of the board of liquidation, except to be present and participate in the discussions relating thereto, and furnish any information within his knowledge. SEC. 2482. Neither the provisions of act No. 58, approved and this act as March 13, 1877, nor those of this act shall in any wise affect, impair or abrogate sections one and two of act No. 11, approved May 17, 1875, pages one hundred and ten, one hundred and eleven and one hundred and twelve, statutes of 1875, nor act No. 86, approved April 17, 1876, pages one hundred and thirty and one hundred and thirty-one, statutes of 1876; on the contrary, said sections one and two of said act No. 11, of 1875, and said act No. 86 of 1876, remain in full force, are in no manner repealed, and must be observed and be complied with by the board of liquidation. 1875-110. Bonds not to be exchanged for questionable rants till le gality estab lished. SEC. 2483. The board of liquidation provided by act No. 3 of 1874, approved January 24, 1874, shall hereafter consist of the persons mentioned in the first and second sections of said act, and in addition thereto the president of the cotton exchange, in the city of New Orleans, shall be a member of said board, and the president of the board of trade in the city of New Orleans shall also be a member, in case such board of trade be established by statute and not otherwise provided; that any delay, refusal or inability of either or both of said last named persons to qualify as members of said board, or the non-existence of either, shall not affect the validity of the said board and its acts, and a majority of said board, shall be required in order to perform an official act. SEC. 2484. The board of liquidation is hereby prohibited bonds or war from issuing any bonds in exchange for any outstanding bonds of the State or warrants drawn previous to the passage of said act by the respective Auditors of Public Accounts of the State on the treasury thereof forming items of State indebtedness, the legality or validity of which may have been, or may hereafter be, questioned, until said bonds or warrants shall first, by final decree of the Supreme Court of the State of Louisiana, have been declared legal and valid obligations against the State of Louisiana, and that the same were issued in strict conformity to law, and not in violation of the constitution of this State or of the United States, and for a valid consideration. Any person assessed for State taxes is hereby authorized, in his own name, to institute suit, or to intervene in any suit which may now or hereafter be instituted in a court of competent jurisdiction in the parish of Orleans against said board of liquidation, to test the legality and validity of any issue of bonds of the State or warrants drawn previous to the passage of said act No. 3 of 1874, by the Auditor of Public Accounts on the State treasury, the legality and validity of which may have been or may here. Suit; precedence of. by State. after be questioned, and to inquire into the consideration for which said bonds or warrants may have been issued, and in his own name to prosecute such suit or suits to a final termination; and until the legality and validity of each and every issue of bonds and warrants as aforesaid shall have been finally passed upon and determined by the Supreme Court of the State of Louis- Costs; berne iana, and in order to facilitate and bring to a speedy determination all matters in controversy, as provided for in this act, every suit hereby instituted shall have precedence in all courts over all other cases, and to be fixed by motion of either party; the day of trial to be named in the motion, and all other cases fixed for the day named in the motion fixing such cases for trial to give way thereto; and all costs incurred in any suits under this act, to the extent of one suit carried to a final issue, as to each separate issue of bonds or warrants, the legality, validity or consideration of which are questioned, if the court shall so determine, shall be borne by the State of Louisiana, and which costs, on approval of the court, shall be warranted for by the Auditor of Public Accounts on the State Treasurer, to be paid out of any funds in the treasury not otherwise appropriated; provided, That any holder or holders of bonds or warrants whose legality, validity or consideration is questioned in any suit or suits brought under the provisions of this act may intervene in said. suit or suits, and that the costs of such interventions shall abide the result of the suits in which such interventions shall be filed. SEC. 2485. The following issue of bonds and warrants, so far as the same may be now outstanding, are declared questioned and doubtful as to their legality and validity, and said board of issuing until I liquidation are hereby prohibited from issuing bonds authorized lished. by section 1 of act number 3 of 1874 in exchange therefor until the legality, validity and consideration of the same shall have been tested under the provisions of this act, and a final decree rendered as to their legality, validity and consideration, to-wit: First-The following bonds, considered and held as belonging to the redemption of the State debt funds and the free school funds, being bonds of the State of the various issues which had been redeemed or never issued, and which have been reported by the Auditor of Public Accounts as missing, or which were sold under act No. 81, approved May 25, 1872, and issued or reissued, namely: The New Orleans and Nashville Railroad Company... Certain bonds; board prohibited from ality estab $18,000 3,000 The New Orleans, Opelousas and Great Western Railroad Company. The New Orleans, Jackson and Great Northern Railroad Company.. 270,000 79,000 The Vicksburg, Shreveport and Texas Railroad Company..... 50,000 The Baton Rouge, Grosse Tete and Opelousas Railroad Company.. 30,000 The bonds for the relief of the State treasury. 65,000 The bonds issued for the free school fund.. 529,000 Total, one million forty-four thousand and five $1,044,500 Bonds under act No. 35, approved December 22, 1865, Bonds under act No. 115, approved March 26, 1867, Bonds under act No. 32, approved February 25, 1870, The bonds issued to the New Orleans, Mobile and 1,000,000 4,000,000 2,960,000 750,000 2,500,000 1,122,000 Bonds issued to the North Louisiana and Texas Rail- 480,000 Bonds issued for the relief of P. J. Kennedy, under 134,000 250,000 1876-130. bile R. R. Bonds purporting to have been issued for redemption 80,000 SEC. 2486. The board of liquidation is hereby prohibited Consolidated from issuing any consolidated bonds of the State in exchange bonds; issue of prohibited to for the second mortgage guaranteed bonds of the New Orleans, N. O. and Mo- Mobile and Chattanooga Railroad Company, or any of said bonds, it being hereby declared and proclaimed that said bonds were endorsed by the Governor of this State illegally and without authority under the act, and that therefore said unlawful indorsement could not and did not create a debt of the State which is fundable. And, also, the said board of liquidation is hereby prohibited from funding, and from issuing any consolidated bonds of this State in exchange for any portion of the two and a half millions of bonds issued for stock in said railroad company, under act No. 95, approved April 20, 1871, it being hereby declared and proclaimed that the State received no consideration whatever for said issue of bonds; that the obligation of the State to indorse bonds in favor of the said company had ceased to exist before the passage of said act No. 95 of 1871; that said act could not and did not create a debt of the State which is fundable, and that the funding of said unlawfully issued bonds would violate the letter and spirit of said act No. 3, approved January 24, 1874, impair the State's credit, and thereby lessen the value of State securities to the prejudice of the holders thereof. 1884-124. Additional powers con. ferred on the board of liquidation. SEC. 2487. In addition to the authority conferred by existing laws the board of liquidation is 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, constitutional officers of the State, public and charitable institutions of the State, and warrants for the general expenses of the State Gov |