Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1912-10-18
ACT NO. aus.
House Bill No. asa. BY Mr.. Fontsnot
A JOINT RESOLUTION

ton of 1S9S, as amended by Act No.
s0S 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 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 Gem
eral Assembly of the State of Louisiana
| two-thirds of all the members elected to
each house concurring. That an amend
| ment to Article as of the Constitution
| or the State OF Louisiana of 1893. a.
amended by Act No, SOS 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 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 1912. said pro-
posed amendment TO read as follows:
Article IS. The General Assembly
shall have 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
purpose OF repelling invasion or for the
suppression OF insurrection. Provided.
that for the purpose OF retiring. liq-
uidating or refunding the present State
Bonded Indebtedness of Eleven Mil
lion. One Hundred and Eight Thousand.
Three Hundred Dollars, maturing JAM
uary LIST. 1914. and bearing four per
centum per annum interest. the Board
Louisiana is given authority 10 issue
Eleven Thousand. One Hundred and
Eight new coupon bonds of the State
OF Louisiana OF One Thousand Dollars
each. to be numbered No. L to No.
l1.1os,'. 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 Jam
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
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
the said fund.
Tn all other respects not herein speo-
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 all property on which general
state taxes are levied an annual tar
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 pay
ment Of the proper expenses of tho
Board OF Liquidation of the State Debt
ana s,r The residue snS 70 the coIsstutIon Of
except as hereinafter provided. TO the
purchase of said bonds by said Board
at q price not to exceed One Hundred
bonds cannot be purchased as afore-
said, the sinking fund shall be invest
ed by the Board Of Liduidation Of the
State Debt In sound. interest bearing
securities. producing not less than four
amount so invested. or deposited Sn
solvent banks furnishing adequate Sc
curity to the State. to be approved by
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 Of the 1
and Fifty Million Dollars. said tax shall |
De reduced to one mill and shall there
AFTER be reduced two-tenths Of one MILL
for each One Hundred Million Dollars |
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- /
mitted to be levied by the Constitution.
ton shall be changed before the said |
bonds shall have been paid. there shall /
be levied annually a tax sufficien. TO |
PFoop T gross sun s. Of not less than
lars to take the place OF said tax Of
ductions.
The Board OF Liquidation of the
state state DEBT shall have power 70 settle
provided. the following
claims of Indebtedness made by vari-
ous persons against the State. to-wit:
% The outstanding bonds known a.
issued by any official Of
the State"
(2) AUDITORS warrants issued for
school certificates OF Indebtedness un-
(sl Certificates issued under Act %
Of 1880 for costs and fees due 70 the
officers Of the State.
60 Warrants drawn prior to 1850
md fundable but not funded into Baby
.(5) Warrants drawn after January
'f $50 against 1878 and previous years
Provided. however. that the owners
Dr. the duly authorized trustees OF the
owners OF said claims may prior TO
January LIST, 1915. but not thereafter.
proceed against the Board OF Liquida-
ton OF the State Debt by rule, solsiy
md exclusively In the district court OF
he Parish Of East Baton Rouge. to
heir validity and the Indebtedness dus
thereon determined, which court 10
Hereby given Jurisdiction for that pur-
This Jurisdiction shall extend ne&
,nly to the determination Of the mere
egal liability Of the State on any cf
aid claims. but also TO the determine
Ion Of any equitable liability OF the
state thereon and the extent Of such
q liability. Appeal shall lie IN
involved. on the original record. to the
supreme Court Of the State OF Louisi-
ina. The definitivs DEGREES OF said
courts shall not have the effect OF JudR.
v Liquidation Of the State Debt. The
3oard OF Liquidation OF the State Debt
mall have the exclusive power to set
lie the claims. thus approved by the
,ourts OF the State. out of the sinking
'und 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
construed as q recognition by the State
y any liability. whether legal or equi-
able. 20 the owners OF the holders OF
my or the said above designated bonds.
variants or claims. ana the burden OF