The Natchitoches enterprise., 1912-10-10

Won said 6ef1SXzzS sAasund to
of an Indebtedness due by the STATE; to
the United States, and of certain other
claims against the State.
Section l. Be it resolved by the Cen
eral Assembly of the State of Louisiana.
two-thirds Of all the members elected to
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. 303 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 flrst
| Monday in November of 1912. said pro-
| posed amendment to read as follows;
Article 46. The General Assembly
| shall have no power to contract or 10
| 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.
that for the purpose of retiring, liq-
uidating or refunding the present state
Bonded Indebtedness of Eleven Mill
| lion One Hundred and Eight Thousand.
! 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
| Eight new coupon bonds of the State
| of Louisiana of One Thousand Dollars
each, to be numbered No. / to No
11,10s, bearing rate of interest not
| mum, payable semi-annually and to be
| due and paid in fifty years from jan
uary 1st 1914. The form of said bonds
| shall be prescribed by the, Board OF
| Liquidation of the State Debt and they
| shall be signed by the Governor. ths
| 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;
| and in case said bonds cannot be sole
| they may be exchanged at par by the
| Board of Liquidation of the State Deot
| for the bonds due January 1st 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
said bonds shall also be paid out OF
the said fund.
I'm 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 Prov.
sions of this amendment
| beginning with January 1st. 1914,
| there shall be and there is hereby lev
| 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
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 or the
Board of Liquidation of the State Debt:
and the residue to the constitution OF
| sinking fund to be applied annually
except as hereinafter provided 10 inc
purchase of said bonds by said Board
at price not to exceed One Hundred
and Three and accrued interest II
bonds cannot be purchased as atore-
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 'ns
solvent banks furnishing adequate So
curity to the State, to be approved by
the said Board, at rate OF interest,"
ING, Less thazs f0ssE .psE ans
] / mum. Said tax shall be levied until
! | all Of said bonds shall have besn re-
tired but after the assessments OF the
State reach the sum Of Six Eundreo
and Fifty Million Dollars. said tax shall
, be reduced to one mill and shall there,
after be reduced two-tenths of one min
for each One Hundred Million Dollars
| increase IN assessments uTLli the Sdiu
!, tax shall be reduced to six-tenths OF
| one mill The said tax shall constitute
: part of the six mills of taxation per
v mitted to be levied by the Constitution
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 sufficient tt
+ produce a gross sum of not less thar
l Six Hundred and Fifty Thousand Dol
! | lars to take the place of said tax OF
: one and two-tenths mills and it's re-
= auctions.
d THE Board of Liquidation of thu
n under the conditions and Limitations
v | hereinafter provided, the following
claims of Indebtedness made by vari
:, Gus persons against the State, to-w1t:
= % The outstanding bonds known al
f Baby Bonds excluding all Baby Bonds
: fraudulently issued by any official O.
e the State" , -
e school, certificates of indebtedness un
: der Act 1875 of 1880. -
l. ca Certificates issued under Act O.
of 1880 for costs and fees due to tn
e as Warrants drawn prior to 1873
d and fundable but not funded into Bah
It Bonds.
l. {5) Warrants drawn after Januar,
1t of 1880 against 1878 and previous years
o Provided, however, that the owner
!" or the duly authorized trustees of tn
J. owners of said claims may prior I
n proceed against the Board of Liquida
ton of the State Debt by rule. soiei
and exclusively in the district court o
:. the Parish of East Baton Rouge, t
. have the said claims examined an
| their validity and the Indebtedness du
If thereon determined. which court J
hereby given jurisdiction for that pun
This jurisdiction shall extend no
only to the determination Of the mer
d. legal liability Of the State on any Q
said claims, but also TO the determine
ton of any equitable liability OF Tn
State thereon and the extent of sue
equitable liability. Appeal shall lie
ali cases, irrespective Of the amount
q involved on the original record, to tn
Supreme Court of the State OF LOUIS
ana. The definitive DEGREES OF sal
n courts shall not have the effect OF Judl
IF ments against the State or the Boar
Of of Liquidation of the State Debt. Tn
Of Board of Liquidation Of the State Del
shall have the exclusive power to sci
lie tie the claims, thus approved by IN
L. courts Of the State, out of the sink1n
t. fund above provided for as funds ar
l. available, but they Shall not be pal
te otherwise or out of any other fund =
I'd Nothing in this amendment shall .
construed as q recognition by ths Stat
lg of any liability, whether legal or equ
al table to the owners or the holders c
lie any of the said above designated bond
re warrants or claims and the burden c
re proof shall rest throughout on each c
e. such claimants to show such liability
a Out of the first surplus accruing
lie the sinking fund, there shall be paid
in full the amount of principal and intel
Of est due on the bonds of the state tn
IN face values of which aggregate Thirty
X Seven Thousand Dollars. and whic
In are held by the United States as tru'
or certain Indian funds