The Colfax chronicle., 1904-08-13

Mr.. Hyams, Chairman Committee Oh
Public Education; substitute lot
House Bill No. l76:
An act to carry into effect the pro-
nosed5 amendment to article 40 OF the
ennsfitution providing for the issue
ri n 600 200 of the bonds OF the State
~ louisiana for the promotion OF
nu,lic education, and providing for
tho sale of said bonds and the ex-
,s,nditure of the proceeds thereon.
Section I. Be It enacted by the
General Assembly of the State OF Lou
isiana- That the Governor ID hereoy
authorised to have prepared bonds
of the state of Louisiana TO the
amount Of $1,000. 600, OF the denomi-
nation of 81 900 each, payable IN
twcuty-iive years from the date Oh
issue. bearing 3 per cent per annum
interest. which shall be payable out
~ the interest tax fuEd on the hrst
dnv ri .Panuary and July OF each
vesr Mt the offices of the State tiscai
n upnts In the cities OF New orleans
md New York, or elsewhere.
SEQ. 2. BE It further enacted, etc..
That the said bonds. after thirty
day.' advertisement In New Orleans
and New York. shall be sold 70 tne
hlphest bidder by the Board OF lAqui-
dnfiou of the State Debt ut not less
than mar. and the proceeds Thereon
shall he deposited with the State
Trensurer to the credit OF the state
Board of EducatiOns
Sec. 3. Be it further enacted, etc.,
That said bonds when sold shall con.
stifnte n contract between the stare
ri I.ouisiana and the holder or hold
ers thereof, which shall never be I'M
hatred, and for the payment OF tns
, nrincipal and interest of said bondi
the faith and credit Of the state Q
lLouisiana is hereby invioiaDil
Sec. 4. Be 1t further enacted, etc.
IThnt said bonds shall beexempt IRON
lall taxation and the par value OF an;
such bonds shall be deducted Tor O.
Innrnoses of taxation from the aggrt
gate value of the capital or shares {
sny bank or other financial institt
tiOn or corporation holding sal
honds for a period of more than 81
months prior to the first day OF Jai
nary In the year for which any a
sessnent for taxation may ne maue
Ser. 8. Be 1t further enacted. etc
That all banks organized under u
laws of Louisiana are hereby autno
lied to compute as part OF their :
serve fund required by law any
yestInent held by them in said bons
mn to one-teuth of the % per cent
j serve now required by law. such Dol
investment to be appOrtioned 70 sa
FL reserve fund at the rate OF two-nftiet ~
n, thereof to the item Of cash on nan
I'll and three-fiftleths to the amount
!, uuired by law to be In other banks
~ Sec. 6. Be 1t further enacted, et
en- That the State Board Of Educau'
ne of Louisiana shall expend the pi
al ceeds of the sale of said bonds for {
- purposes set forth in the constitute
ri amendment authorizing this iss
"a q Of bonds, aud in accordance with
~ ~ ticle 24S of the Constitution. unt
Nv such rules, regulations ana con
tions as may I've fixed by the Sts
Board Of Education.
See. z. Be it further enacted, e.
THAT this act shall take effect only
the event of the adoption OF
ug- amendment to article 46 OF the Y
10y stitution proposed by the Gene
,aa- Assembly at this session 10 De 9
r lso mitted to the voters at the next pr
we Dental election to be held In Move
'er her, 1904. X. h. SNYDER,
OF Speaker of the House OF Represen
.os tives.
ug. P. NJ. LAMBREMoNT,
Sell President Pro Tempore Of the Sent
lsn, Approved June "a, A. ID. 1904.
ouy NEWTON g. BLANCHAR RD,
10 Governor Of the state OF Louisia
A true copy: JOHN I. NICHE
FER. Secretary Of St