The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1912-09-07

at q price not to exceed One Hundred 1
and Three and accrued interest; II
bonds cannot he purchased as afore- |
said, the sinking fund shall be invest |
ed by the Board of Liquidation of the
State Debt in sound. interest bearing
securities. producing not less than four
per centum per annum interest on the
amount SO invested or deposited IN
solvent banks furnishing adequate Sc
curity to the State. to be approved by
the said Board, at a rate of interest
not less than four per centum per an,
mum. Said tax shall be levied until
all OF said bonds shall have been re-
tired, but after the assessments or the
State reach the sum of Six Hundred
and Fifty Million Dollars. said tax shall
be reduced to one mill and shall there
after be reduced two-tenths of one mill
increase in assessments until the said
Tux shall be reduced to six-tenths OF
one mill The said tax shall constitute
n part of the six mills of taxation per-
mitted TO be levied by the Constitution
In case the present system of taxa.
ton shall be changed before the said
be levied annually tax sufficient 10
produce a gross sum of not less than
Six Hundred and Fifty Thousand Dol
lars to take the place of said tax of
one and two-tenths mills and its re-
.aThe Board of Liquidation of the
State Debt shall have power to settle
under the conditions and limitations
claims of indebtedness made by yari-
Gus persons against the State, to-wit;
% The outstanding bonds known as
Baby Bonds excluding all Baby Bonds
fraudulently issued by any official or
(2) Auditors warrants issued for
school. certificates of indebtedness I'M
der Act 126 of 1880.
go Certificates issued under Act 80
of 1880 for costs and fees due to the
officers of the State. ooo
Drov af,fu Arox yn
and fundable but not funded into Baby
Bonds
% Warrants drawn after January
of 1880 against 1878 and previous years.
Provided however, that the owners
or the duly authorized trustees of the
owners of said claims may prior to
January LIST. 1915, but not thereaIter'
ton of the State Debt by rule. solely
and exclusively in the district court OF
the Parish of East Baton Rouge, TO
have the said claims examined and
their validity and the Indebtedness due
thereon determined which court is
hereby given jurisdiction for that pur-
pose.
This jurisdiction shall extend 10,
only to the determination of the mere
legal liability of the State on any OF
said claims but also to the detern ina
ton of any equitable liability OF tht
equitable liability. Appeal shall lie IN
all cases, irrespective of the amounts
involved. on the original record. to th'
Supreme Court of the State of Louisf
ana. The definitive DEGREES of sale
courts shall not have the effect OF tudg
ments against the State or the BoarS
of Liquida ton of the State Debt. TIL
Board of Liquidation of the State Deb
shall have the exclusive power to set
tie the claims. thus approved by tn
courts of the State, out of the sinSin'
fund above provided for as funds ar
available, but they shall not be pai'
otherwise or out of any other fund.
Nothing in this amendment shall b.
construed as a recognition by the Stat
of any liability, whether legal or equi
table, to the owners or the holders o
any of the said above designated bonds
warrants or claims, am the oaroeh
proof shall rest throughout on each o
such claimants to show such liability.
Out of the first surplus accruing 4
the sinking fund, there shall be paid 4
est due on the bonds OF the State. tn
face values of which aggregate Thirty
Seven Thousand Dollars. and whlc
are held by the United States as trus
This article. as amended. shall b
deemed to be self-acting and directl
to confer the power and authorit
herein granted without an enabling &C
of the General Assembly"
Section 2. Be il further resolves
by the General Assembly of the. Stat
members elected to each house COZ
curing That the official ballot to
used at said election shall have printe
thereon the words:
For the proposed amendment to A
ticle 46 OF the Constitution of the Sta
of Louisiana. relative TO the refundir
ana settlement of the indebtedness
the State"
And the words:
Against the proposed amendment
Article 46 of the Constitution of Il
State of Louisiana. relative to the r
funding and settlement of the indeb
edrees of the State"
And each elector shall indicate
said ballot, as provided in the Gener
Election Law of the State. whether
votes for or against the proposed amen
ment
Speaker of the House of Representative
THOMAS c. BARRETT
lieutenant Governor and President
-.- the Senate.
Approved: July 18th. 1912.
l. Z. HALL.
Governor of the State of Loulsiar
A true copy:
ALVIN E. HEBERT.
Secretary of State.