Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1912-10-25

House Bill No 433. BY Mr.. Fontsnol
JOINT RESOLUTION

tios-of 1898. as amended by Act No.
sos 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 1T to
issue new bonds to retire or refund
the State Bonded Indebtedness due
January list. 1914: to provide for q
tax for the payment OF the interest
on said bonds and 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
each house concurring. That an amend
ment to Article 46 OF the Constitution
of the State OF Louisiana of 1898, as
| amended by Act No. 30S Of the Acts OF
the General Assembly of the State OF
Louisiana at its session held in the year
1910. ratified by the people at the Mo-
vemoer 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
Mondsv In November of 1912. said pro-
posed amendment TO read as follows:
Article IS. The General Assembly
shall have no power to contract or 20
authorize the contracting of any debt
or liability. on bahalf 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.
that for the purpose of retiring. liq-
uidating or refundfng the present State
Bonded Indebtedness OF Eleven Mil
lion. One Hundred and Eight Thousand.
Three Hundred Dollars. maturing jan
uary list 1914, and bearing four per
centum per annum interest. the Board
of Liquidation OF the State Debt Of
Louisiana is given authority to issue
Eleven Thousand. One Hundred and
Eight new coupon bonds of the State
of Louisiana of One Thousand Dollars
11.10S, bearing a rate of interest not
exceeding four per centum per an
mum. payable semi-annually and TO be-
due and paid in fifty years from jan
shall be prescribed by the Board Of
Liquidation of the State Debt and they
shall be signed by the Governor. the
Auditor and the Treasurer of the State
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;
they may be exchanged at par by the
Board of Liquidation of the State Devt
for the bonds due January LIST, 1914.
The excess of Three Hundred Dollars
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
the said fund
Tn all other respects not herein Spec
fled. the Board Of Liquidation OF the
state Debt is hereby given fun power
and authority to carry out the provi
sions or this amendment.
beginning with january 1st, 1914,
there shall be and there 10 hereby lew
led on all 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 70 the Free School Fund. to SEM
mary Fund and the Agricultural and
Mechanical College fund. to the pay
ment of the proper expenses of the
Board of Liquidation of the State Debt,
a sinking fund fund to be ' applied '1 annuaIiy
except as hereinafter provided, to the
purchase OF said bonds by said Board I
at price not to exceed One Hundred
and Three and accrued interest. II
bonds cannot be 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 So
curity to the State. TO be approved by
the said Board, at a rate OF interest
not less than four per centrum per an
mum. Said tax shall be levied until
all of said bonds shall have been re-
tired. but after the assessments Of the
state reach the sum of SIX Hundred
and Fifty Million Dollars. said tar shall
be reduced to one mill and shall there
after be reduced two-tenths of one mill
increase In assessments until the said
tax shall be reduced TO six-tenths OF
one mill The said tax shall constitute
a part of the six mills OF taxation per-
In case the present system OF taxa-
ton shall be changed before the said
bonds shall have been paid. there shall
be levied annually tax sufflcien. to
Six Hundred and Fifty Thousand DOL
lars to take the place of said tax or
one and two-tenths mills and its re-
auctions.
The Board Of Liquidation of the
State Debt shall have power TO settle
under the conditions and limitations
provided. the following
claims OF Indebtedness made by vari-
Gus persons against the State. to-wit:
% The outstanding bonds known a.
Baby Bonds excluding all Baby Bonds
fra s.l issued by any official Of
S25 AUDITORS warrants issued for
school certificates OF indebtedness un-
der Act 1875 Of 1880.
(3) Certificates issued under Act -
OF 1880 for costs and fees dua to the
officers OF the State.
90 warrants drawn prior to 1889
Bonds.
(5) Warrants drawn after January
of $50 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 thereafter.
proceed against the Board Of Liouida- !
ton of the State Debt by rule sulely
and exclusively in the district court OF
have the said claims examined and !
their validity and the indebtedness due |
thereon determined. which court 10
hereby given Jurisdiction for that pur~
pose.
This Jurisdiction shall extend NOT
only to the determination OF the mere |
legal liability OF the State on any OF
said claims. but also to the determine
ton Of any equitable liability OF the
equitable liability. Appeal shall lie in |
all cases. Irrespective OF the amounts |
involved. on the original record, to the |
Supreme Court of the State OF Louisi- |
ana. The definitive DEGREES of said |
courts shall not have the effect OF judg- |
Of Liquidation OF the State Debt The !
Board OF Liquidation OF the state Debt /
shall have the exclusive power to set |
tie the claims. thus approved by the |
fund above provided for as funds ars |
available. but they shall not be paid |
otherwise or out OF any other fund.
Nothing in this amendment shall be |
as recognition by the State |
Of any liability. whether legal or equi- |
table. 20 the owners or the holders OF |
any of the said above designated bonds. !
warrants or claims. and the burden OF |