The Era-leader. [volume] (Franklinton, La.) 1910-current, 1912-10-03


OF, 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 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
be exchanged at par by the Board OF
Liquidation OF the State Debt for the
bonds due January list. 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 t
interest funds Of the State The cost .
OF engraving and advertising said |
bonds shall also be paid out of the !
said fund.
ON 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 - this amendment.
beginning with January LIST, 1914,
there shall be and there is hereby
levied on all property on which gen
eral state taxes are levied an annual
tax of one and twotenths 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
Fund. to Seminary Fund and the As-
ricultural and Mechanical College
Fund, to the payment Of the proper
expenses of the Board Of Liquida-
tion of the State Debt, and the res
idue to the constitution of sinking
fund to be applied annually except
as hereinafter provided, to the pur-
chase of said bonds by said Board at
a price not to exceed One Hundred
and Three and accrued interest If
bonds cannot be purchased as atore-
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 annum 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 pei
centum per annum. Said tax shall
, be levied until all of said bonds shall
: have been retired. but after the as
sessments of the State reach the sum
Of Six Hundred and Fifty Million Dol
lars, said tax shall be reduced to
!, one mill and shall thereafter be re-
duced two-tenths of one mill for
, each One Hundred Million Dollars N
, crease in assessments until the said
, tax shall re reduced to six-tenths OF
one mill The said tax shall constl
F., tute part OF the six mills Of taxa
! ton permitted to be levied by the
Constitution.
In case the present system of tax
5 alton shall be changed before the
S said bonds shall have been paid
: there shall be levied annually ia,
sufficient to produce gross sum O
not less than Six Hundred and Fifty
Thousand Dollars to take the place o
said tax of one and two-tenths mill!
and it's reductions.
+ "The Board of Liquidation of tn
State Debt shall have power to set
tt. under the conditions and limita
tons hereinafter provided, the fol
lowing claims of Indebtedness mad
by various persons against the State
to.wit:
~ The outstanding bonds know
as Baby Bonds excluding all Bah
Bonds fraudulently issued by any o.
fetal of the State"
(2) Auditors Warrants issued fo
y school, certificates of indebtedness
- under Act 126 of 1880.
(3) Certificates issued under AZ
SO of 1850 for costs and fees du
4 to the officers Of the State.
l. (4) Warrants drawn prior to 1875
le and fundable but not funded int
d Baby Bonds.
II (5) Warrants drawn after Januar
- Ut 1880 against 1878 and previou
- years.
70 Provided, however, that the owl
H. ers or the duly authorized trustee
to Of the owners Of said claims ma
o. tprior to January LIST, 1916. but NJ
), thereafter, proceed against the Boar
u Of Liquidation of the State Debt b
to rule, solely and exclusively in the di
Mt trict court of the Parish of Ea'
IL Baton Rouge. to have the said claim
- examined and their validity and tt
le Indebtedness due thereon determine
Mt which court is hereby given jurisdi
of ton for that purpose.
te This jurisdiction shall extend n
y, only to the determination Of the me-
legal liability of the State on any
ne said claims, but also to the detern
nation of any equitable liability
he the State thereon and the extent
-, such equitable liability. Appeal sht
~ lie in all cases, irrespective of tt
NJ amounts involved, on the origin
IT. record, to the Supreme Court of Il
II. State of Louisiana. The definite d
~ crees of said courts shall not ha'
'ie the effect of judgments against Il
ID State or the Board of Liquidation
he the State Debt. The Board of !
Of quidation of the State Debt sh'
- have the exclusive power to set
II. the claims, thus approved by t
at courts of the State, out of the sin
be ing fund above provided for as fun
YRS are available, but they shall not
~ paid otherwise or out of any 9th