The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1912-09-28
Liquidation OF
State Debt and

iiohI ny me boaIu OF Liquidation OF
the State Debt in New Orleans. Chi,
cage and Me- York; and in ease
said bonds cannot be sold they NAV
&c exchanged at par by the Board of
Liquidation OF the State Debt for the
bonds due January LIST, 1914 The ex.
cess OF Three Hundred Dollars of the
bonds due January LIST, 1914 over the
bonds authorized by this article. shan
be paid in cash out of the current
interest funds of the State The cos
CT engraving and advertising said
bonds shall also be paid out OF the
said fund.
"In all other respects not herein
specified, the Board Of Liquidation Of
tie State Debt is hereby given fun
power and authority to carry ont the
provisions Of his amendment.
Beginning with January ISL. 1914.
| there shall be and there is hereby
levied on all property on which gen
eral state taxes are levied an annual
tax 1t one and two-tenths mills, the
net proceeds of which shall be deyot-
ed to the payment Of the interest
due on said bonds, to the payment
of the interest due On the indebted
ness OF the State to the Free school
Fund, to Seminary Fund and the Az
ricultural and Mechanical COLLEGE
Fund, 10 the payment Of the prom ?
expenses of the Board Of I.irut4
ton Of the State Debt. and lha rae-
idue to the constitution Of O. SINKING .
tuaa to be applied annually except
as hereinafter provided. to In pr-
chase Of said bonds bw said T0=r.. .- .
a Hcl1e not to eTcec OG- rsE- g.d-
ana Three aud accrued i.Jar 3D..
bonds cannot be purcAaa d as Il oc
said, the s.gi-iE- fund shall L, -u- .
vested h| the Ecag5 o. liquidation .
d the SJala BELT "a sound inter
bearing securities, producing not Ics
than four per ee-lum per aunuu IN .
terest on the amount 80 invested, or /
deposited in solvent banks furl5Sling /
adequate security to the STATE, to be /
approved by the said Board. at a /
rate Of interest not less than four Dsr|
centum per annun Said tax shall /
be levied until all Of said bonds shall
have been retired but after tho as-'
sasslhents Of tn State reach The sum
II Six Hundred and Fifty Million Dol
lars, said tax shall be rcluc d 10
one mill ana sulH thereafter b. ra-
duced tWO-tenJhs Of one mill for
each One Hundred MI1iol Dollars n
crease in asses meujs until Tia sad
tax shall re reduced 70 siX-taHths al
one mill. The said tax SHAH cooslt- !
tute a part Of the Six mills Of taEa-i
ton permitted to be I}i-d b. the
Constitution
In case the present system of tax
alton shall be changed before yha /.
said bonds shall have been paid.
there shall be levied annually a tax
sufficient to produce a GToss sum Of
not less than Six Hundred and Fifty
Thousand Dollars to take the place Of !
said tax Of one and tWote1ths mills
and its reductions.
The Board OF Liquidation OF the /
State Debt shall heye power to set ,
til under the conditions and Iimita-
tions hereinafter provided, the fol I
lowing claims of Indebtedness made {
by various persons agafnst the State. Y
to-Wit: !
~ The outstanding bonds known
as Baby Bonds excluding all Baby |
!. 2nds fraudulently issued by any of !
fetal of the State"
(2) Auditors Warrants issued for !
school, certificates OF indcbtedn SIS
IlQer Act lZ6 OF 1880.
90 Certificates issued under AIT !
% Of 1880 for costs and fees dua
% the officers Of Ne State. e
(D Warrants drawn prior to 1850 | e
md fundab1e but not funded into t
Baby Bonds. 4
i 1880 against 1878 and previous l
ears. d
Provided, however, that the own !
rs Or the duly authorized trustees .
If the owners of said claims may .
,rior to January LIST, 1915, but not =
hereafter, proceed against the Board =
: Liquidation Of the State Debt by =
ule, solely and exclusively in the dis =;
riot court of the PariEh of East -
eaton Rouge, to have the said claims 7
and their validity and the .
Indebtedness due thereon determined, q
Which court is hereby given jurisdic !,
ion for that purpose. ~
This jurisdiction shall extend not
My to the determination Of the mere S
egal liability of the State on any Of
aid claims, but also to the determi-
alton of any equitable liability Of I.
he State thereon and the extent of
uch equitable liability, Appeal shall 4
e in all cases, Irrespective of the
mounts involved, on the original G
ecord, to the Supreme Court Of The 4
tate Of Louisiana. The definite de-
rees of said courts shall not have
he effect Of judgments against the
tate or the Board of Liquidation Of
le State Debt The Board OF Ii
uldation of the StaIe Debt shall
ave the exclusive power to settle 9,
le claims. thus approved by the "
ourts of the State, out of the sink
lg fund above provided for as funds
re available, but they shall not be Pl
aid otherwise or out Of any other
Ind.
Nothing in this amendment shall
e construed as a recognition BY the
tate of any liability, whether LEGAL
equitable, to the owners or the
olders of any of the said above des- r..
mated bonds, warrants or claims,
i'd the burden of proof shall rest ~