The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1912-09-21

at . price not to exoeed One Hundred /
and Three and secrued interest III
bonds cannot De 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 |
:urity to the State. to 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, butr after the assessments of 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
for each One Hundred Million Dollars
increase in assessments until the said
tax shall be reduced to six-tenths or
one mill. The said tax shall constitute
a 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
bonds shall have been paid, there shall
be levied annually tax sufficient to
produce gross sum OF not less than
Six Hundred and Fifty Thousand Dol
lars to take the place of said tax or
one and two-tenths mills and its re-
.rhe Board of Liquidation of the
State Debt shall have power to settle
under the conditions conditions and hm 1a,5am9ns
claims of Indebtedness made by vari-
Gus persons against the State. to-wit:
"a The outstanding bonds known as
Baby Bonds excluding all Baby Bonds
fraudulently issued by any official of
(2) Auditors warrants issued for
school. certificates of Indebtedness I'M
(s) Certificates issued under Act SO
of 1880 for costs and fees due to the
officers of the State.
ca Warrants drawn prior to 1889
and fundable but not funded into Baby
Bonds.
(s) Warrants drawn after January
of 1880 against 1873 and previous years
Provided. however, that the owners
or the duly authorized trustees of the
owners of said claims may prior to
January 1st 1915. but not thereafter.
proceed against the Board of Liquida-
ton of the State Debt by rule, soleiy
and exclusively in the district court or
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-
This Jurisdiction shall extend not
only to the determination of the mere
legal liability of the State on any or
said claims but also to the detern ina
ton OF any equitable liability of the
State thereon and the extent of such
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 Loiiisi-
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
courts of the State, out of the sinking
fund above provided for as funds are
available. but they shall not be paid
otherwise or out of any other fund.
Nothing in this amendment shall be
construed as a recognition by the State
of any liability, whether legal or equi-
table. to the owners or the holders OF
any of the said above designated bonds
warrants or claims. and the burden OF
proof shall rest throughout on each OF
such claimants to show such liability.
Out of the first surplus accruing In
the sinking fund, there shall be paid in
full the amount of principal and inter
est due on the bonds OF the State. the
face values of which aggregate Thirty
Seven Thousand Dollars and which
are held by the United States as trus-
tee for certain Indian funds.
This article. as amended. shall bt
deemed to be self-acting and directly
herein granted without an enabling ac'
of the General Assembly"
Section 2. Be 1t further resolved
OF Louisiana, two-thirds of all tn,
members elected to each house con
curing. That the official ballot to b.
used at said election shall have printet
thereon the words:
For the proposed amendment to Ar
ticle as of the Constitution of the Stat
of Louisiana. relative to the refundin,
and settlement Of the indebtedness o
the State"
And the words.
against the proposed amendment I
Article 46 of the Constitution of tn
State of Louisiana. relative to the re
funding and settlement of the indebt
edness OF the State"
And each elector shall indicate o.
said ballot, as provided in the Genera
Election Law of the State. whether h
votes for or against the proposed amend
ment.
Speaker of the House of Representative
THOMAS c. BARRET.
lieutenant Governor and President o
~ THE Senate.
Approved: July 11th. 1912.
l. E HALL.
Governor Of the State of Louisiana
A true copy:
ALVIN F. HEBERT,
Secretary of State.