to be appropri

bonds of State

ditions.

Sec. 3806. All moneys which may be received into the treasury from and after the first day of January, eighteen hun- Certain funds dred and forty-nine, from the sale of any property belonging to ated to the the State, from the sale of any stocks or from any dividends purchase of due or to become due from any bank or banks not otherwise on certain conappropriated; 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 into a permanent fund arising from the ten per cent. 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

Manner in which said

purchased.

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.

Act 1855, p. 393.

Sec. 3807. It shall be the duty of the auditor and treasurer to make up a correct statement of the balance and surpluses bonds shall be provided for in the preceding section at the end of each and every fiscal year; 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.

Interest on said funds,

Sec. 3808. An interest at the rate of six per cent. per annum shall be allowed on all the moneys employed as stipu how applied. lated in the two preceding sections arising from the seminary fund, ten per cent. 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.

Duty of treas

urer in relation

to free school

fund.

Sec. 3809. The proceeds of all lands heretofore granted by the United States to this State for the use or support of schools, except the sixteenth section in the various townships of the States specially reserved by congress for the use and benefit of the people therein, and of all lands which may hereafter be granted or bequeathed 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, on which the State shall pay an annual interest of six per cent, said fund, how 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 thirty-six, with the rents of all the unsold lands, except that of the sixteenth sections, shall be appropriated for the support of public schools in this State, and donations of all Donations for 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,

Interest on

appropriated.

support of schools, how

disposed of.

also, be a loan on which the State shall pay an interest of six per cent. per annum.

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.

D. Sec. 1313, 2957. Act 1855, p. 422.

accounts to be

books of the

Sec. 3810. An account shall be opened in the books of the treasury, to be called the current school fund; such account Certain shall be charged with the annual expenditures for the public opened in schools, and credited with the net receipts for the special taxes treasury. 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 conditions 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.

D. Sec. 214, 1326, 3799. Act 1857, p, 195.

fund and sur

Sec. 3811. The current school fund shall be used for the support of the public schools, and the surplus of receipts over How the school expenditures for one year, shall be appropriated to the support plus shall be of the public schools during the ensuing year; and the act num. applied. ber two hundred and twenty-one of eighteen hundred and fifty- repealed." four, and acts one hundred and eighty and two hundred and sixty-five, of eighteen hundred and fifty-five, which direct such surplus to be funded, be and the same are hereby repealed.

D. Sec. 215, 1327, 3800.

Certain laws

States deposit

Sec. 3812. The interest on the United States deposit fund The interest shall be appropriated to the annual support of the public schools, of the United as provided by the constitution; and it shall be the duty of the fund, how apauditor and treasurer annually to transfer from the general fund plied. of the treasury to the current school fund the sum of twenty- auditor and eight thousand seven hundred and ninety-five dollars and four- treasurer. teen cents, the amount of said interest.

D. Sec. 216, 1328, 3801.

Duty of the

the interest on

Sec. 3813. The interest of all the bonds which are now or may hereafter be held by or belonging to the free school fund, Disposition of which may remain in the treasury after the payment of the all bonds beinterest on the proceeds of the sales of the sixteenth sections longing to the to the various townships as provided by law, shall be annually fund. appropriated to the support of the public schools.

D. Sec. 217, 1329, 3802.

Sec. 3814. All moneys that have been or may be hereafter

free school

Interest on certain funds,

of.

received into the State treasury, and the interest that has or how disposed may accrue thereon from the sale of any sixteenth section of school lands or the school land warrants belonging to the vari ous townships in the State, shall be placed to the credit of the township, and should the people of any township desire to receive for the use of the schools therein the annual interest payable by the State on funds deposited to their credit, or the annual proceeds of the loans, the parish treasurer shall, on the petition of five legal voters in any such township, order an elec tion to be held in the township, as provided for the sale of township lands; and if a majority of any number of votes above seven be in favor of receiving annually the accruing interest as aforesaid, the same shall be paid to the treasurer of the parish for the use of the townships or districts, otherwise the interest shall be an accumulating fund to their credit until so called for. D. Sec. 1819, 2656, 2963. Act 1855, p. 422.

deposit certain

State treasury.

Sec. 3815. The president and trustees of any institution of Institutions of learning established in the State of Louisiana, which is or may learning may be hereafter incorporated as a body politic, in conformity with noneys in the the constitution and laws of this State, who may wish so to do, can deposit in the treasury of the State of Louisiana all sums of money intended solely for the uses and purposes of such institutions of learning; and all sums so deposited shall be Said moneys, invested in the bonds or obligations of the State of Louisiana or of the United States, and the interest accruing thereon, as realized, shall be paid over to such corporation, or again invested as they may desire.

how invested.

urer relative to

or donations to

D. Sec. 1375. Act 1855, p. 330.

Sec. 3816. Should any endowment be made either by dona Duty of treas- tion, inter vivos or mortis causa, to establish a professorship in endowments any institution of learning in the State, duly incorporated, on establish pro- the principal being deposited in the State treasury, the same shall be invested, and the interest as realized shall be paid over as stipulated in the preceding section; and it shall be the duty of the auditor of public accounts and the State treasurer to make the investments to the greatest advantage and interest of said

fessorship.

Internal

improvement

fund.

Of what the said funds

institution.

D. Sec. 682, 1376.

Sec. 3817. A fund shall be created, to be denominated "the internal improvement fund," to be applied exclusively to the purposes of rendering navigable and uniting by canals the prin cipal water-courses, and of more intimately connecting by pub lic highways the different parts of the State.

Act 1855, p. 487.

Sec. 3818. This fund shall consist of the unexpended balance in the treasury, together with all that may hereafter be received shall consist. from the proceeds of the public lands granted to this State by act of congress, approved September the fourth, eighteen hundred and forty-one.

fund created

Sec. 3819. The unexpended balance, together with all that may hereafter be received from the five per centum of the net Road and levee proceeds of the sales of the public lands of the United States in of what it shall this State, appropriated by the fifth section of an act of con- consist. gress, approved February sixteenth, eighteen hundred and eleven, for roads and levees, is set apart for that purpose, to be called How said fund road and levee fund," to be expended for the sole purpose of plied. making roads and levees.

shall be ap

levied to pay

bonds.

Sec. 3820. It shall be the duty of the auditor of public accounts at the end of each and every year, or as soon there- Annual tax after as he shall have received the assessment rolls from the the annual inseveral parishes and the city of New Orleans, to determine, by terest on State accurate calculation, what rate of taxation, on the total assessed value of all the movable and immovable property in the State, will be sufficient to pay the interest becoming due annually on all the bonds issued by the State, or those that may be issued hereafter, and said tax so ascertained and fixed is hereby annually levied upon the movable and immovable property that may be assessed in the State, and it shall be the duty of said auditor of public accounts to notify the State tax collectors of the tax so ascertained and fixed, and direct them to collect and account for the same, in accordance with existing laws, or those that may hereafter be enacted; Provided, That nothing contained in Provided. this act shall be so construed as to conflict with the provisions of the act entitled An Act to provide means for the construction of levees by the issue of bonds of the State for four millions of dollars, and to provide for the redemption of said bonds, approved March twenty-six, eighteen hundred and sixty-seven.

D. Sec. 208, 1891, 3803. Act 1869, p. 66.

fund.

Sec. 3821. The tax levied by the first section of this act shall be known as the interest tax, and when paid into the State Interest tax treasury shall be credited on the books of the treasury department to a fund to be called the interest tax fund, and shall be held sacred for the purposes contemplated by this act. It shall be the duty of the auditor and treasurer, as soon as this law goes into operation, to transfer to the "interest tax fund," created under this act, whatever balance may remain in the treasury to the credit of the internal improvement tax fund, it being the intent and purpose to provide by law for the interest upon all State bonds and to create one fund alone.

D. Sec. 209, 1892, 3804.

Sec. 3822. All laws or parts of laws levying a tax for the purpose of meeting the interest on the bonds of the State, and all laws or parts of laws upon the same subject matter, except what is contained in the act entitled An Act to provide means for the construction of levees by the issue of bonds of the State for four millions of dollars, and to provide for the redemption of said bonds, approved March twenty-sixth, eighteen hundred and sixty-seven be, and the same are hereby repealed.

D. Sec. 210, 1893, 3805.