The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1912-10-12
Liquidation OF the State Deb, amt

VI lAc SlEte D0bt and
Ihey shau be signed by The Govern.
me state. Said bonds shall be sod
to the highest bidder at NOT 1ass tha
par after three months of aTvarfi,~
ment by the Board of IIquidation If
the State Debt in New Orlears cbil
cago and Me- York; and in caea
said bonds cannot b. sold tha, NOV,
NC exchanged at par by the Board Of
Llqu-datl0n OF the State Debt for The
DolaS que January LIST, 1919. The ex-
cess of Three Hundred Dollars Of the
ponGS que January LIST. 1914, over the
bonds authorized by this article, shaII
pe PAD IN cash out of the current
interest funds Of the State The cost
OF engraving and advertisine said
bonds shall also be paid out OF the
said fund wig
IN all other respects not herein
specified, the Board Of Liquidation of
tie State Debt is hereby given fuIi
power and authority to carry out inc
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 Il one and two-tenths mills. the
net proceeds of which Shall be devot.
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
f,und, to Seminary Fund and the AZ
rlcultural and Mechanical College
Fund, to the payment Of the proper !
expenses of the Board of Liquida- !
tlon OF the State Debt, and the res !
ldue to the constitution of a sinking /
1und TO be applied annually except |
as hereinafter provided, to the pur- |
chase of said bonds by said Board at !
price not to exceed One riurdred |
and Three and accrued interest. If |
bonds cannot be purchased as afore-
SAID, the sinking fund shall be IN
vested by the Board Of Liquidation |
OF the State Debt in sound interest
bearing securities, producing not less
IMAM TOUR per centum per annurl in
.terest on the amount so invested or
deposited in solvent banks furnishing
adequate security to the State. to he
approved by the said Board at a
rate OF interest not less than four per
centum per annum Said tax shall
De levied until all of said bonds shall
nave been retired, but after the as
3essldents OF the state reach the sum
Y Six Hundred and FIT! Million Dol
As, said tax shall be reduced to
ane mill and SHAH thereafter BE- re-
Nced tWo-tenths Of one mill for
IGN One Hundred Million Dollars IN
b case in assessments until the said |
"a shall re reduced to six-tenths Of :
M mill. The said tax shall consti-
}, + a part OF the six mills of taxa :
edn permitted to be leyied By the =,
M stitution
\; case the present system Of tax !
as shall be changed before The r
US I bonds shall haYo been paid, ;
ST. e snail be levied annually a tax G
;. Client to produce a gross sum Of !
less than Six Hundred and Fifty =
n isand Dollars to take the place of t
tax of one and two tenths mills {
its reductions. c
Mt he Board of Liquidation Of the t
Debt shall heye power to set a
nder the conditions and limita- e
= hereinafter provided. the fol t
"a. ~ claims of Indebtedness made O
Tlous persons against the State, "
The outstanding bonds known S
by Bonds excluding all Baby Il
Extraordinarily ISSUED by any Of T
Fcof the State h
lAuditor's Warrants issued for d
ct r. certificates OF indebtedness y
n4ct 126 of 1880. II
0tCertfficates issued under Act Ii
n 20 $50 for costs and fees due
" 'fficers Of tie State 81
t4Varrants drawn prior to 1880 ell
ne ana liable but not funded into I'll
cd Babynds. m
Of .t9earrants drawn after January Ct
9 81 aoEainst 1878 and previous II
- Prog however, that the own 70 70
-iiEers o duly authorized trustees 81
TO u thaers Of said claims may ~ ~
e- prior muary LIST, 1915, but not 81
4. t.eIed proceed against the Board w w
O Llqion of the State Debt by 81 81
rue sand exclusively in the dis IL
nj ITlct csof the Parish OF East - ~,
Dis eaton to have the said claims To
ne examined their validity and the sh
=. lnueDtetsdue thereon determined, az
" MAlcl cis hereby given jurisdic- e.,
of ton for, purpose. a.
te MS fiction shall extend not
r. only 10 Termination of the mere SD
10 leeal lla9of the State on any of
~ said claAut also to the determi-
nauon or equitable liability Of Ii,
ne Inc otateeon and the extent of
Of such eqM liability. Appeal shall Ap
y. lie IN abs, irrespective of the
amounts red, on the original Go
II record, toSupreme Court Of the A
IL state OF l4na. The definite de- .
le crees OF sourts shall not have
Il. the effect pigments against the
State or tArd of Liquidation of
ie the state The Board of Ii
Of quotation 9 State Debt shall
le nave the i've power to settle Co,
~ the claims approved by the 'e'
= courts of THE, out of the sink
'e ing fund abrovided for as funds
rs are availabt they shall not be Pro
q. paid otherw'f out of any other