The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1912-10-05
Liquidation Of the State Debt and

to the highest bidder at not less than
par after three months of advertise
ment by the Board of Liquidation of
the State Debt in New Orleans, Chi
cago and New York; and in case
said bonds cannot be sold they may
DC exchanged at par by the Board of
Liquidation Of the State Debt for the
bonds due January 1st, 1914. The ex-
cess of Three Hundred Dollars of the
bonds due January LIST, 1914, over the
bonds authorized by this article, 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.
''In all other respects not herein
specified, the Board Of Liquidation of
the State Debt is hereby given full
power and authority to carry out the
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 Cf 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 fhe indebted
ness of the State to the Free School
Fund, to Seminary Fund and the Ag-
riCultural and Mechanical College
Fund, to the payment Of the proper
expenses of the Board Of Liquida-
ton Of the State Debt, and the res
idue to the constitution Of a sinking
fund to be applied annually except
as hereinafter provided, to the pT-
chase Of said bonds by said Board at
a price not to exceed Orq 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
than four per centum per annun in
terest on the amount SO invested, or
deposited in solvent banks furnishing
adequate security to the State, to be
approved by the said Board, at a
rate of interest not less than four per
centum per annum. Said tax shall
be levied until all of said bonds shall
have been retired, but after the as
sass1hents of the State reach the sum
Of Six Hundred and Fifty Million Dol
lars, said tax shall be reduced to
one mill and shah thereafter be re-
duCed tWO-tenths of one mill for
each One Hundred Million Dollars in
crease in assessments until the said
tax shall re reduced to siX-tenths of
one mill. The said tax shall consti-
tute a part Of the six mills of taxa
ton permitted to be levied by the
Constitution.
In case the present system Of tax
alton shall be changed before the
said bonds shall have been paid,
there shall be levied annually a tax
sufficient to produce a gross sum of
not less than Six Hundred and Fifty
Thousand Dollars to take the place of
said tax Of one and tWO-tenths mills
and its reductions.
The Board of Liquidation of the
State Debt shall have power to set
tie under the conditions and limita-
tons hereinafter provided, the fol-
lowing claims of Indebtedness made
by various persons against the State,
to-wit:
Cd The outstanding bonds known
al Baby Bonds excluding ali Baby
B?nds fraudulently issued by any Of
fetal Of the State"
(2) Auditors Warrants issued for
school, certificates OF indebtedness
under Act 126 Of 1880.
(3) Certificates issued under Act
So of 1880 for costs and fees due
to the officers Of The State.
(4 Warrants drawn prior to 1880
and fundable but not funded into
Baby Bonds.
60 Warrants drawn after January
81 1880 against 1S7S and previous
years.
Provided, however, that the own
ers Or the duly authorized trustees
Of the owners of said claims may
prior to January LIST, 1915, but not
thereafter, proceed against the Board
o. Liquidation Of the State Debt by
rule, solely and exclusively in the dis
trict court Of 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 jurisdic
ton for that purpose.
This jurisdiction shall extend not
only to the determination of the mere
legal liability of the State on any of
said claims, but also to the determi-
nation 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 Louisiana. The definite de-
crees of said courts shall not have
the effect Of judgments against the
State or the Board of Liquidation Of
the State Debt, The Board of Ii
quotation of the STATE Debt shall
have the exclusive power to settle
the claims, thus approved by the
courts Of the State, out Of the sink
ing fund above provided for as funds
are available, but they shall not be
paid otherwise or out Of any other
fund.
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