Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1912-09-27
ACT MO. 2oa.
House Bill No. 43S. BY Mr.. Fontenot
A JOINT RESOLUTION

House Bill No. 433. BY Mr.. Fontenot
A JOINT RESOLUTION
Proposing an amendment to the Con-
stitution of the State of Louisiana
amending Article 46 of the Constitu-
ton of 1898. as amended by Act NO.
303 of the Acts of 1910. ratified by
the people at the November election
of 1910, so as to authorize the Board
of Liquidation of the State L 1T to
issue new bonds to retire or refund
the State Bonded Indebtedness due
January LIST. 1914; to provide for a
tax for the payment of the interest
on said bonds and a sinking fund to
retire the same; to provide for the
payment out of the said sinking fun
of an indebtedness due by the State to
the United States, and of certain other
claims against the State.
Section l. Be ii resolved by the Gen.
eral Assembly of the State of Louisiana
two-thirds of all the members elected 10
each house concurring, That an amend
ment to Article AS of the Constitution
of the State of Louisiana of 1898, az
the General Assembly OF the State of
Louisiana at its session held in the year
1910, ratified by the people at the No
vember election of 1910, be submitted
TO the qualified electors of the State for
their approval or rejection at the con-
gressional election to be held on the
first Tuesday next following the first
Monday In November of 1919. said pro-
Article 46. The General Assembly
snail nave no power to contract or to
authorize the contracting OF any debt
or Liability, on behalf Of the State or
to- issue bonds or other evidences Of
Indebtedness thereof. except for the
purpose of repelling invasion or for the
suppression of instruction. Provided
I ,,ids 10, LOT tne purpose OF retiring, liq-
Bonded Indebtedness of Eleven Mil
lion, One Hundred and Eight Thousand.
Three Hundred Dollars. maturing jan
c uary dsI 1914. and bearing four per
or Liquidation of the State Debt Of
Louisiana Is given authority to issue
Eleven Thousand, One Hundred ana
Of Louisiana of One Thousand Dollar
each, to be numbered No. i to No.
1l,lOS, bearing rate of interest not
exceeding four per centum per an
due and paid in fifty years from Jam
uary LIST. 1914. The form OF said bonds
shall be prescribed by the Board OF
Liquidation OF the State Debt and they
snail be signed by the Governor the
Auditor and the Treasurer of the state
said bonds shall be sold to the highest
bidder at not less than par after three
months OF advertisement by the Board
OF Liquidation of the State Debt in
New Orleans, Chicago and New York:
ana In case said bonds cannot be sold
they may be exchanged at par by the
L'Odiu VI blquloatlOn or the State Deut>
Tor the bonds due January list 1914
The excess of Three Hundred Dollars
OF the bonds due January LIST. 1914.
over the bonds authorized by this ar.
ticle. shall be paid in cash out OF the
current interest funds Of the STATE
The cost of engraving and advertising
said bonds shall also be paid out Of
the said fund.
Tn all other respects not herein spec
fled. the Board of Liquidation of the
state Debt is hereby given full power
and authority TO carry out the provi-
sions OF this amendment.
Beginning with January LIST. 1914.
there shall be and there is hereby lew
led on ell property on which general
state taxes are levied an annual tax
OF one and two-tenths mills. the net
proceeds OF which shall be devoted TO
the payment of the interest due on
said bonds. to the payment OF the in
terest due on the indebtedness OF the
state TO the Free School Fund. TO Sem
mary Fund and the Agricultural and
Mechanical College Fund, to the paw
ment OF the proper expenses of the
Board or Liquidation Of the State Debt.
and the residue to the constitution OF
a sinking fund to be applied annually
except as hereinafter provided. TO the
purchase OF said bonds by said Board