The herald. [volume] (New Orleans, La.) 1905-1953, 1912-10-10
ACT NO. 2O3.

\ JOINT RESOLCIlON
Proposing an amendment to the Con-
stituIion of the state of louisiana,
amending Article 40 OF the Sonstl-
tuition OF 1898, as amended py Ac'
No. 303 of the Acts OF 1917, ral-
fed by the people at the November
election of 1910, so as to authorize
the Board of Liquidation OF the
State Debt to issue new ponuS 70
retire or refund the state Bonueu
Indebtedness due January lst, 1914;
to provide for a tax for the pay
ment of the interest on said bonds
and a sinking fund to retire the
out of the said sinking fund OF an
Indebtedness due by the state 70
the United States. and OF certain
other claims against the State.
General Assembly of the State OF Lou
isiana, two-thirds of all the members
elected 10 each house concurrlng, Ihat
an amendment to Article 40 OF the
CONSTITUTION of the State of Louisiana
of 1898. as amended by Act No. SO3
of the Acts of the General Assembly
of the State of Louisiana at its ses-
sion held in the year 1910, ratlheo py
the people at the November election OF
1910 be submitted TO the qualihed
electors of the State for their approval
ton to be held on the first Tuesday
next following the first Monday in No
vember of 1912, said proposed amend
ment to read as follows:
shall have no power to contract or TO
authorize the contracting of any debt
or liability. on behalf of the state, OF
to issue bonds or other evidences OF
Indebtedness thereof, except for the
purpose of repelling invasion or for the
suppression of insurrection. Provided,
that for the purpose OF retiring, IL
Quidating or refunding the present state
Bonded Indebtedness of Eleven Mil
lion, One Hundred and Eight Thousand,
Three Hundred Dollars. maturing jan
uarY 1st, 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
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
due and paid in fifty years from jan
Iuary 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. the
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
New Orleans. Chicago and New York!
and in case said bonds cannot be sold
they may be exchanged at par by the
Board of Liquidation of the State DEBT
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 advertisins
said bonds shall also be paid out Of
the said fund.
| I'm all other respects not herein spe
Gifted. the Board of Liquidation Of th'
State Debt is hereby given full powel
and authority to carry out the provi
sions of this amendment
| beginning with January 1st, 1914
there shall be and there is hereby lev
led on all property on which genera
State taxes are levied an annual tai
of one and two-tenths mills. the ne
proceeds of which shall be devoted 4
the payment of the interest due oil
said bonds. to the payment OF the In
terest due on the Indebtedness Of tn
State to the Free School Fund, to Sem
mary Fund and the Agricultural ant
Mechanical College Fund. TO the pay
Board of Liquidation of the state Debt
and the residue to the constitution o
a sinking fund to be applied annual,
except as hereinafter provided; to tn
at price not to exceed One Hundre.
and Three and accrued interest.
bonds cannot be purchased as afore
said. the sinking fund shall be invest
ed by the Board of Liquidation of tn
State Debt in sound. interest bearing
securities. producing not less than fou
lper centum per annum interest on IN
amount so invested, or deposited Il
solvent banks furnishing adequate sc
curity to the State. to be approved b
the said Board. at a rate of interes
not less than four per centum per an
mum. Said tax shall be levied unit
all Of said bonds shall have been re
. tired. but after the assessments Of tn
State reach the sum OF Six Hundre
: and Fifty Million Dollars. said tax shaI
be reduced to one mill and shall there
after be reduced two-tenths of one mi
for each One Hundred Million Dollar
increase in assessments until the sal
tax shall be reduced to siX-tenths O
one mill The said tax shall constitut
a part of the six mills Of taxation per
I mitted TO be levied by the Constitution
: an case the present system OF taxa
ton shall be changed before the sal
! bonds shall have been paid. there sha
be levied annually a tax sufficient {
, produce gross sum OF not less ina
: Six Hundred and Fifty Thousand Do
: lars to take the place of said tax
! one and two-tenths mills and its re
E auctions
= "The Board Of Liquidation Of N
o state Debt shall have power to settl
under the conditions and Limitation
E claims of Indebtedness made by var
Gus persons against the State. to-wit:
= ID The outstanding bonds known 2
Baby Bonds excluding all Baby Bone
7, fraudulently issued by any official
= the State.
! t2) Auditors warrants issued II
school. certificates of Indebtedness VI
der Act 1875 of 1880
t3l Certificates issued under Act