collectable,

ing interest

Sec. 1889. The owner of any promissory note, bond or written obligation for the payment of money, to order or bearer, or trans- Promissory ferable by assignment, shall have the right to collect the whole notes, etc., amount of such promissory notes, bonds or written obligations, though bearnotwithstanding such promissory notes, bonds or written obliga- greater than tions may include a greater rate of interest or discount than eight per cent per annum; Provided, Such obligations shall not bear more than eight per cent. interest per annum after their maturities until paid.

D. Sec. 337, 2904. Act 1860, p. 41.

Sec. 1890. From and after the passage of this act, the bank

eight per cent.

ing institutions of the State of Louisiana be, and they are hereby Bank discount. authorized, to discount paper at the rate of eight per cent. per

annum interest.

D. Sec. 299, 316. Act 1855, p. 352. Act 1856, p. 130. Act 1866, p. 58.

Annual tax

levied to pay

terest on State bonds.

Sec. 1891. It shall be the duty of the auditor of public ac counts, at the end of each and every year, or as soon thereafter the annual in- as he shall have received the assessment rolls from the several parishes and the city of New Orleans, to determine, by accurate calculation, what rate of taxation on the total assessed value of all the movable and immovable property in the State will be suf ficient 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 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 twentysix, eighteen hundred and sixty-seven.

Provided.

Interest tax fund.

D. Sec. 208, 3803, 3820. Act 1869, p. 66.

Sec. 1892. The tax levied by the preceding section shall be known as the interest tax, and, when paid into the State 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 pur pose to provide by law for the interest upon all State bonds and to create one fund alone.

D. Sec. 209, 8804, 3821.

Sec. 1893. 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-six, eighteen hundred and sixty-seven, be and the same are hereby repealed.

D. Sec. 210, 3805, 3822.